The development arm behind a luxury condo complex planned for Barton Springs Road, across the street and about 200 feet west of the Palmer Events Center, filed for bankruptcy protection this month after its lender decided not to renew its loan.

Despite the setback, PPT Development LP principal Steffen Waltz said the $40 million development called 1155 Barton Springs is merely in hibernation, not dead.

PPT Development is seeking Chapter 11 protection, filed at the end of May, claiming its assets and debts each range from $1 million to $10 million, according to records that did not include a complete list of creditors.

The company’s largest creditor is San Antonio-based Overland Partners, the lead architect on the project, which is owed about $1 million, according to court records

Read more: Planned Austin condos go into Ch. 11 – Austin Business Journal