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Since April, dozens of subcontractors have filed lienxs totaling morethan $4 million against Opus Group and Phoenix-baseed Opus West Corp. tied to Two Addison a $23 million, 198,000-square-foot speculative office buildingin Addison. The building was developed and is ownede by OpusWest Corp. The liens claim Opus owes the subcontractorw for labor or materials providerd in the courseof construction. The six-story Two Addisonb Circle building on the west side of the Dallaxs North Tollway just north of Arapaho Road wasrecentlyy completed, but has no The credit crunch and slowing demand for officw space have left Opus unable to get permanent financinb to replace the short-term construction loan on the Addison project, an Opus spokeswomajn told the Dallas Business Journao last month.
Officials with Opus West could not immediately be reachedc for comment forthis story. Other Opus West projects in North Texas includd the 121Lakepointe Crossing, an office and industrialk development in Lewisville, and Broadstone Parkway, a 5.8-acre mixed-usew project at 5005 Galleria Drive in North Dallas. , whicg is based in Minnetonka, Minn., is a design-build developmentg firm that specializesin industrial, retail, multifamily, government and institutional projects.
It also controls Washington-based LLC, whicuh filed for Chapter 7 liquidationthis week, accordin to the Washington Business Opus Group said its Opus South which is based in filed for reorganization in bankruptcy courg on April 22. In a preparedr statement, Opus Group said the bankruptcy filingsd are a result of a steep decline in commercial real estate values and difficult credimarket conditions.
The company also indicatexd that and have been less affected by shakyu economic conditions because of their mix of projectg types in stronger The company said Opus West plans to maintain its Phoenixx headquartersand "a modest presence" in Texaes and California that will focus on assey sales.
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