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ST. LOUIS — A bankruptcy filing from a leader of Green Street Real Estate Ventures reveals the tangled financial problems of the prominent development company and offers a glimpse into its stunning fall, with more than $400 million of debt.

The filing by Green Street Principal Kevin Morrell details the depths of the company's issues, which have led to stalled projects, dozens of lawsuits and the closure of the Armory entertainment venue in St. Louis' Midtown neighborhood.

Morrell filed for Chapter 7 bankruptcy in the Eastern District Court of Missouri for his business debts; a trustee will liquidate Morrell’s shares of various Green Street entities to pay creditors.

Morrell had $5.5 million of assets with $432.2 million in debts and 63 creditors, according to the filing. It also lists personal financial details, such as $90,000 in credit card debt and $48,000 in monthly expenses, including $5,100 for entertainment.Ìý

An attorney for Morrell did not respond to a request for comment.Ìý

Phil Hulse, founder of Green Street, said Morrell's bankruptcy will not affect the company or its business relationships. Hulse said he has no intention of filing for bankruptcy.Ìý

"We intend to be here for the long haul," Hulse said.Ìý

Green Street's fortunes crumbled in just a few years.

The company, founded in 2008, became known for myriad St. Louis projects, including craft brewer Urban Chestnut's home in the Grove commercial district and business parks in south St. Louis and the North Riverfront neighborhood.Ìý

Green Street soon expanded into St. Louis County and elsewhere in the Midwest, building new apartments, pitching hotels and "town center" projects and launching a senior living division. It acquired several architecture and design firms and started its own construction arm.Ìý

It opened the Armory — a redevelopment of the historic 1938 Missouri National Guard armory building — in 2022, billing it as the "The biggest bar in STL." 

But the pandemic undercut the company's ambitions.

Hulse said COVID "disrupted everything," while inflation and high interest rates have continued to hold back the company.Ìý

By 2023, Green Street laid off most of its employees and owed $1.2 million in real estate taxes across the city and county. Dozens of companies sued, alleging the developer stopped paying its bills.Ìý

Banks and other investors began suing last year, and the Armory shuttered.Ìý

Morrell's bankruptcy filing underscores how complicated Green Street's holdings became, with more than 35 related companies.

The largest claims from creditors include: 

• $61.2 million from the Bank of Washington for Green Street's new apartments The Rail in Forest Park Southeast in 2022.Ìý
• $59.5 million from real estate investment firm Acre Originator of Atlanta for Green Street's Terra at the Grove apartment project in 2023.
• $35 million from Wells Fargo Commercial Mortgage in 2019 related to the developer's Chroma apartment complex in the Grove.

Banks comprise the majority of Morrell's creditors, with secured claims or debt secured by collateral. One is Festus-based Midwest Regional Bank, which has 11 separate claims totaling $20 million, including $1.3 million it loaned a Green Street company last year for an industrial project in north St. Louis.

But there are 17 companies and individuals whose claims aren't backed by collateral, making the likelihood of repayment slim. They include the leaders of architecture firms Green Street acquired in recent years; Jack Holleran provided $120,000 in 2024, and Michelle O’Toole provided $1 million in 2021. Their firms spun off from Green Street in 2024.Ìý

“No one goes into business expecting it to fail," said O'Toole, whose interior architecture firm is now called ODA studio. "Obviously, this is a terrifically unfortunate event and will be catastrophic for many who will never be repaid. I pray that Kevin will do what he can to make this right.�