Newspaper article St Louis Post-Dispatch (MO)

Downtown St. Louis Developer Craig Heller Files for Bankruptcy

Newspaper article St Louis Post-Dispatch (MO)

Downtown St. Louis Developer Craig Heller Files for Bankruptcy

Article excerpt

Craig Heller, an early leader of loft development in downtown St. Louis, has filed for bankruptcy.

Heller and his wife, Amy, filed a Chapter 7 bankruptcy petition in which they reported assets of between $500,001 and $1 million and liabilities of between $10 million and $50 million.

Chapter 7 bankruptcies are those in which the filer submits no debt repayment plan. A Chapter 7 bankruptcy trustee typically sells the filer's nonexempt assets, using the money to pay creditors.

In the petition filed Monday in St. Louis, Heller estimated that after exempt property is excluded and administrative costs are paid, no funds will remain to pay unsecured creditors.

An effort Tuesday to reach Heller for comment was unsuccessful.

In the 1990s, his Loftworks firm began converting old downtown office buildings into lofts. Among his early notable projects were the 10th Street Lofts, Printers Lofts and the Louderman Building, where Loftworks had its office.

For a time, Heller was a downtown grocer as owner of City Gourmet, which he closed after Schnuck Markets opened its Culinaria store downtown in 2010. …

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