Two more developers in SLO file for bankruptcy protection
It’s not just prominent hotelier John King who’s struggling in San Luis Obispo County. Smaller developers and real estate investors are having a hard time, too.
San Luis Obispo-based Barkwood Development filed for Chapter 11 bankruptcy protection in late July, listing $2.4 million in liabilities and $7.5 million in assets. In an unrelated case filed shortly afterward, San Luis Obispo real estate broker and investor Patrick Aurignac filed for Chapter 7 personal bankruptcy.
Barkwood is developing 5.5 acres at the corner of Pine Ave. and Los Osos Valley Road in Los Osos for the construction of 26 single-family homes. The vacant lot is slated for 10 two-story Spanish-style houses with a remainder parcel that could hold 16 houses, according to Richard Friedman, managing member of Barkwood Development.