In a strategic move meant to push construction forward, the developer of the Liberty Harbor complex in Jersey City, Peter Mocco, has filed for Chapter 11 bankruptcy, according to GlobeSt.com. They Jersey City Redevelopment Agency slammed Mocco for the move, saying it would have “tragic consequences” for contractors who are among the biggest debtors in the bankruptcy filing.
“This is not a failure of the Jersey City redevelopment market,” JCRA chief Antonicello said. “It’s not the economy … [and] it is certainly not the fault of the many business operators who worked on this project, believed in it, and now, with this bankruptcy action, will not be ‘made whole’ for what they are owed.”
But Mocco blames Antonicello’s organization for his decision, saying the way it handled the eminent domain process that was necessary to build the development left him with no choice. The family previously that owned the lot is owed $21 million, and the JCRA and Mocco are disputing who is liable for that debt.