Dancing Bear Fractional Development is Under Contract, AT

The completed Dancing Bear Phase I of the proposed two phase project is located at the Brexi Restaurant corner where North Mill Street and Durant Avenue intersect. The planned DB Phase II, at the former site of the old Chart House restaurant, remains partially built ever since financing dried up in 2010 for then-owner DB Capital Holdings. The spot had been intended to house an 11-unit condominium project. The property's development rights expire in June 2014.

ASPEN REAL ESTATE — The Dancing Bear luxury fractional-ownership [timeshares] development has gone through receivership, bankruptcy and foreclosure proceedings and now, finally, it is under contract to be purchased by an unnamed buyer from the German bank West LB, which had injected $53 million into the project in 2006 and foreclosed on the property in July 2011...The pending sale comes after Chicago-based real estate firm Jones Lang LaSalle began marketing the property for sale in September 2011 and had had 14-16 bid proposals.
By Rick Carroll, Dec. 16, 2011 AT

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