Crown Village Farm LLC, a developer for the billion-dollar proposal for the Crown Farm — Gaithersburg's largest planned housing project — filed for bankruptcy.
Developers for the billion-dollar Crown Farm retail and residential project in Gaithersburg filed bankruptcy this month.
KB Home Maryland LLC and Centex Homes Crown LLC, which teamed to form Crown Village Farm LLC, tried selling the 181-acre property near interstates 270 and 370 at Fields Road last summer. Bidders offered barely half the $140 million they paid for the property in 2006.
A 2006 annexation agreement for the property requires a $1 million donation to Gaithersburg in 2010, said City Attorney Lynn Board.