Gainesville's Celebration Pointe Files for Bankruptcy

Bankruptcy filingPhoto byMelinda GimpelonUnsplash

Celebration Pointe is a mixed-use development in North Central Florida, with shops, residential communities, and restaurants. Now they have filed for chapter 11 bankruptcy proceedings due to mounting debts.

The development opened in 2018, featuring upscale amenities and apartments, and easy access to highways and the city center.

A spokesperson cited the Covid pandemic and rising interest rates and inflation as reasons for delays in development and income receipts.

Debts total over $130 million dollars to the largest creditors. Chapter 11 will allow the company to reorganize their finances, and, for now stay in business, with shops open and events proceeding as scheduled.