Alpharetta’s Prospect Park sits on a pile of dirt. Its developer, Fourth Quarter Properties XLVII, sits on a pile of debt.

The Park might get a makeover one day. The developer won’t –they filed bankruptcy last week to reorganize their finances- to avoid bank foreclosure.

“Wachovia was advertising that they were going to [foreclose], but we prevented them from doing that by filing Chapter 11,” said Stan Thomas, CEO of the company that got the contract to develop the property.

Thomas insisted he was still planning to move forward with his mammoth mixed use project once the economy got going again, but he promised no timeline.

Alpharetta city officials said they were waiting for a full review of the bankruptcy filing before they made any recommendations.