"Creditors say that Wilson is looking for a new, major source of funding because he may lose the backing of one of the largest financial investors and property holders in the project. They also say that Wilson is far behind on payments owed them for services associated with the development and that Wilson has fired or laid off most of his office staff because of financial problems."
"I think the matters are quite serious. I don't know where John expects to get his financing. I think if he doesn't have his financing in place in two or three weeks, the whole deck of cards may begin to crumble. It is a subject of much concern to the city board."
"One creditor, who built a replica of the marketplace, has sued Wilson over a $16,000 bill outstanding since July."
John Patrick Wilson, a 46-year-old developer, has become unusually silent about his $42-million Pasadena Marketplace project, a 350,000-square-foot shopping mall planned for downtown Pasadena. Multiple creditors and business associates report the project is experiencing severe financial problems, including cash shortages, unpaid bills dating back months, and significant staff reductions. Wilson allegedly faces potential loss of backing from a major financial investor and property holder. City officials express serious concern about the project's viability, noting that without secured financing within weeks, the development could collapse. The marketplace was previously promoted as a flagship redevelopment project for the Old Pasadena district.
Read at Los Angeles Times
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