Developer needs to secure financing after city extends vested rights
ASPEN – Citing financial hardship, the developers of the Boomerang Lodge on Monday were granted a three-year extension by the Aspen City Council so they can secure the money to finish the project. The approval to build 47 hotel rooms, five free-market condos and two affordable housing units was going to run out in October. But upon the request of Steve Stunda, owner and developer of the Boomerang, the council gave him and his partners more time to secure financing, which dried up when the economy collapsed. Stunda’s Delaware-based development company bought the property for $13.5 million in 2005. The condo-hotel received the city’s approval in August 2006 to develop 44,915 square feet at 500 West Hopkins Ave.
By Carolyn Sackariason, August 11, 2009 Aspen Times
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