Development That Features P.F. Changs Files For Bankruptcy

Posted at 12:24 PM, Aug 29, 2013
and last updated 2013-08-29 18:09:31-04

knapps crossingGRAND RAPIDS, Mich. — The development on the northeast corner of the East Beltline and Knapp Street, known as the Village at Knapp’s Crossing, has filed for bankruptcy protection.

The only business operating in the development is P.F. Chang’s. The D&W store at the same corner is owned by Spartan Stores and is not part of the filing.

Steve Benner, owner of the development, has encountered a rough road since he proposed the so-called lifestyle center. When he bought the land, then occuped by an orchard, he became embroiled in a race with another developer who wanted to build on the southeast corner of the East Beltline and Three Mile.

Benner won the race for approval from the Grand Rapids Planning Commission, but complications continued, including delays in the opening of the P.F. Changs, which was considered an anchor for the development. The 60 stores in the plan have not materialized.

As late as April 2013, Benner’s company was promoting the property for refinancing.