Bank of America officials want to keep Whole Foods as a tenant. Having an anchor tenant enhances the value of the rest of the development and guarantees income. The lease is for 20 years with six options of five years each.

ASPEN AND BASALT REAL ESTATE — There are renewed signs of life for the Whole Foods Market building at Willits Town Center in Basalt. Bank of America, which has initiated a foreclosure on the project, has agreed to two important steps necessary to keep the project intact until ownership issues are resolved.“There’s value there. They’re interested in protecting that value,” said Mike Staheli, project manager at Willits Town Center for Cordes & Co., a court-appointed receiver that is overseeing the project.Bank of America officials authorized Staheli to seek amendments to the original approval of the Whole Foods building from Basalt town government. The approval needs to be tweaked because the grocery chain wants a smaller space than originally contemplated.
By Scott Condon, July 19, 2010 Aspen Times

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