Developer files for bankruptcy

March 30, 1991|By Edward Gunts

Martin P. Azola, a Baltimore developer who is one of the heroes of the local preservation movement and a nationally known expert on renovation of historic buildings, has filed for protection from creditors under Chapter 7 of the U.S. Bankruptcy Code.

In documents filed in Bankruptcy Court earlier this month, Mr. Azola and his wife, Lone, listed assets of less than $300,000 and liabilities of about $10 million. The liabilities apparently are the result of personal guarantees Mr. Azola signed on real estate loans that are now in default.

Mr. Azola was the developer for such projects as the Federal Park Condominiums on Warren Avenue; the conversion to offices of the Hotel Junker at 22 E. Fayette St.; the Devon Hill condominiums; the Oregon Ridge General Store; the building at 209 E. Fayette St. that now houses Catholic Relief Services; and the conversion to offices of the former St. Paul's Church parish building on Cathedral Street.

He was named the "Remodeler of the Year" in 1990 by the Remodeler's Council of the Home Builders Association of Maryland.

He also has received numerous awards from the National Association of Home Builders, including the prestigious Renaissance Award three consecutive years, and a professional achievement award from Professional Builder & Remodeler magazine.

Under the Chapter 7 process, a court-appointed trustee will take control of the Azolas' properties and liquidate them to satisfy creditors.

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