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July 23, 2009

U.S. Bank sues parent of Shoppes on Maine developer

092607shoppes onmainelampsjk OK, it looks like U.S. Bank has filed suit against Opus Corp. of Minnetonka, Minn. "to recover from Opus and related entities $78.8 million plus interest and fees that it says it is owed," according to the always astute Sam Black @ the Minneapolis- St. Paul Business Journal.

This is the latest is kind of a run of not-so-great news for Opus. 

"Three of its five independent operating companies filed for bankruptcy this year; Opus South based in Atlanta and Opus West based in Phoenix filed for Chapter 11 and Opus East based in Rockville, Md. filed for Chapter 7 bankruptcy," according to Black's article.

How does this relate to Rochester?

Opus Northwest, an Opus offshoot, is one of the main developers, along with Rochester-based Hexum Cos., of the Shoppes on Maine massive shopping complex in south Rochester.


However, the elder Opus has said that it doesn't "expect" Opus Northwest or Opus North to file for bankruptcy.

Add it all up and there might be not impact to Shoppes on Maine or Rochester. Or there could.

The way things play out these days, it seems impossible to guess.

Comments

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Hey Jeff

I live in that direction so it will be interesting how this, works out. As I am the Broker for Rochester Premier Realty, LLC. And looking for an office out currently out in this neck of the woods.

Business is picking up!

Michael Carter

Shameless advertising much? This doesn't exactly have much to do with the article

I agree, Michael Carter seems like he might be quite full of himself...

Probably in protest to the name "Shoppes on Maine". What a dumb name...I like to call it "Shoppies on Mainey" because that's what it looks like.

Seriously, get over the spelling thing. It's Olde English spelling. I have seen you post this before. We get it.

Shoppes might be Olde English, but Maine is the name of a state. Even in Old English it was still just Main St.

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