Lone Star Brewery project has new developer GrayStreet Partners
A failed project to turn the Lone Star Brewery into The Pearl of the South Side may rise from the ashes. A local developer is buying the former Lone Star Brewery complex in a last-minute deal reached days before the property was set to be sold to one of the current owner’s lenders.
U.S. Bankruptcy Judge Craig Gargotta on Thursday approved Lone Star Brewery Development Inc.’s proposed sale to an affiliate of GrayStreet Partners for $14.45 million.
The sale is set to close Friday, meeting a deadline stipulated in court orders and providing bankrupt Lone Star with the funds to pay off BridgeInvest, a Miami lender to which it owes more than $12 million.
GrayStreet Partners wants to turn the roughly 32-acre property into a mixed-project, though it is too early for details, said managing partner Kevin Covey.
“We’re very confident we’ll be able to set it on the right path,” he said. “We’re excited.”
For more on how the deal came together see the full story on the .