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University's plaza developer reports financial difficulties

Mar 8, 2012 - The Associated Press

LARAMIE (AP) -- The developer of the University of Wyoming Plaza is in financial trouble.

Grand Avenue Land Partners LLC, of Fort Collins, Colo., formed in 2005 to manage and develop commercial and residential property in the UW Plaza on the east side of the campus on Grand Ave. But parts of the plaza are unfinished and some original tenants have closed.

Tenants complain that the developer has not followed through on promises and charged excessive rent.

UW spokesman Chad Baldwin says Grand Avenue Land Partners is more than $130,000 in arrears in rent payments to the university. It is also facing the foreclosure sale of more than $4 million in property later this month.

Baldwin said UW hopes the situation results in a renewed effort to make the UW Plaza successful.

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