MEMPHIS, Tenn. — A major retail and residential development in Lakeland filed for bankruptcy Friday, heading off a foreclosure sale.

The Lake District LLC, the corporation behind the namesake 160-acre development, filed for Chapter 11 reorganization, documents show. The property had been scheduled to be sold at auction at noon Friday after a lender filed a default notice for a debt.

For now, The Lake District is operating as normal, with new banners and flags set to be installed this week and new tenants including a Mexican restaurant and upscale grocery coming, according to the development’s Facebook page.

“We’re excited to move forward and have some great announcements you can expect to hear soon. Thank you for supporting The Lake District and our great tenants!” The Lake District wrote on its Facebook page Friday.

The development near Canada Road and Interstate 40 contains more than a dozen retail and restaurant tenants with a Chick-fil-A set to open, developers say.

Last week, developer Nehuda Netanel told WREG he was confident the property would not be sold on March 24 as planned.

He said the The Lake District, which he called the biggest development in Shelby County, went through a similar notice of default filed by a lender six or seven years ago, and this one would ultimately be resolved before the sale happens.