- Michael Barajas
- The former Lone Star Brewery has changed hands several times since ceasing operation in 1996.
The owner of the near-Southtown property, Lone Star Brewery Development Inc., filed for Chapter 11 bankruptcy reorganization this week — a move that appears to have halted a pending foreclosure auction.
In its Chapter 11 filing, LSBD — a subsidiary of Houston's Parkview Capital Credit — lists liabilities of $27 million, much of that owed to creditors BridgeInvest and Princeton Capital Corp.
The brewery property itself is valued at $30 million, according to court documents. The ownership company lists just $30 in its bank account.
Developers have made several unsuccessful runs at turning the facility — which stopped beer production in 1996 — into a mixed-use development akin to the Pearl.
Parkview purchased the 35-acre site in 2017 with plans for a $300 million overhaul. However, that deal fell apart after one of its partners withdrew.
In December, a fire caused extensive damage to one of the buildings on the property.
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