In November, Bald Mountain Development decided the lodging concept on South Aspen Street was financially not feasible. The property owners will likely revert back to a townhomes and affordable housing project in the spot, which City Council approved in 2003….they want to remodel the 14 units in the Park Avenue building and convert them to affordable housing apartments to earn credits, which would mitigate [affordable housing requirements for other development projects, said the developer’s attorney, Jody Edwards.]

ASPEN REAL ESTATE – After six years of failed attempts to develop the housing project known as Aspen Walk, a local company is under contract to purchase a portion of it. Aspen-based Bald Mountain Development, which had been working to build a new hotel at the base of Ajax on South Aspen Street, is the company behind 404 Park Avenue LLC and currently is under contract with the Bank of America to purchase 404 Park Ave. The company entered into the contract in December and representatives said they hope to close by March, according to Jody Edwards, a local attorney representing 404 Park Avenue LLC.
By Dorothy Atkins, Feb. 7, 2013

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Proposed site of Aspen Walk affordable housing redevelopment project at 404 S. Park Ave, Aspen.