Bloomington developer's financial problems reflect nationwide banking crisis

By Bill Strother, Herald-Times

bstrother@heraldt.com

For the first year, the project to restore and renovate one of the largest industrial buildings in Tennessee was on schedule, remembers Bloomington-based developer Peter Dvorak.

Tenants - along with the jobs they brought with them - were moving into the 2.6-million-square-foot factory in Lawrenceburg, a small town in the southern part of the state, even as renovation continued in other parts of the plant.

Dvorak had launched the project in 2006, and "for the first year or so, things went well," he said.

"But the banking world started changing in late 2007," Dvorak said. "The subprime meltdown happened in August of 2007."