Vestavia Hills City Center has now been brought to such a pass that its fate is now in the hands of the courts. This is because Vestavia Hills City Center which is owned by the AIG Baker Vestavia LLC has opted for Chapter 11 bankruptcy so that it may not be foreclosed and liquidated. The Vestavia Hills City Center is a 378,000 square foot large shopping center on the U.S. 31 highway. The problem occurred because Vestavia Hills City Center owed around $40 million on the property which was sold to Propst Properties by BBVA Compass earlier in the month. The legal counsel for Vestavia Hills City Center has said that the bankruptcy process has been engaged in after all negotiations with the tenants and all those it owes money to, fell through and did not yield any results at all.
Vestavia Hills City Center is a property that was on the brink of a sale which did get halted just in the nick of time and this happened because AIG Baker defaulted on its loan payments. This was a aloan that had been taken in 2002 by AIG Baker in 2002 from BBVA Compass which was taken to refurbish Vestavia Hills City Center.