The Boomerang was a 34-room lodge run by the Paterson family for nearly 50 years, before real estate investors tied to Alex Brown Realty group paid $13.5 million in 2005 for the 27,000-square-foot parcel.The new owners demolished the building in the spring of 2007 after securing council approval.

ASPEN REAL ESTATE – A proposal to amend the Boomerang Lodge approval to convert the financially stalled project into affordable housing has unleashed a wave of opposition from neighbors. In one hearing on the use change before the city’s Planning and Zoning Commission in November, Steve Stunda, a developer representing East Coast investors, agreed to remove the building’s fourth floor, taking the height from 38 to 32 feet and reducing the building’s mass from 45,000 square feet to 40,000 square feet. This takes the number of proposed housing units down from 54 to 46. The Boomerang, located at Fourth Street and Hopkins Avenue, would have 33 underground parking spaces and the rights to 14 on-street spaces that are currently used by the general public.The change in use proposal comes back before the planning commission Tuesday with an approval recommendation from Aspen’s Community Development department. Granting the change in use would rezone the property from a residential/lodge designation to a “multi-family” designation. According to city staff, seeking this type of amendment to a prior approval is like seeking a new approval, meaning everything is back on the table.
By Curtis Wackerle, Dec. 14, 2010 Aspen Daily News

Link to article