Auction canceled as Lake District owner files for bankruptcy

LAKELAND, Tenn. (WMC) - The owner of a multi-million dollar development in Shelby County has filed for bankruptcy.

The move comes on the same day the Lake District was supposed to be auctioned off.

If completed, the $300 million mixed-use project located off of I-40 and Canada Road, where the Lakeland Mall once stood, would create a hub that includes homes, hotels, stores, restaurants, and even a man-made lake.

The first phase of the project is still incomplete, although some homes are standing along with a few businesses and eateries.

The developer, Yehuda Netanel, says he is exploring financing and equity investment options and expects to file a reorganization plan with the court within 90 days.

He says for now, The Lake District will operate as usual.

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