New owner preparing construction application for Whole Foods building…Mariner Real Estate Mgmt purchased a major portion of Willits Town Center last month from Bank of America. It gained control of other portions of the massive project by acquiring the loan note Bank of America held on the property. The former owner and developer of the project, Joseph Freed & Associates (JFA), lost control of the project in a foreclosure action. JFA ran out of funding at the start of the recession. The company poured the concrete foundation and completed much of the infrastructure of the Whole Foods building.
ASPEN BASALT REAL ESTATE — Construction at the Willits Town Center project in Basalt — stalled since Labor Day 2008 — could resume as soon as next month, according to Basalt Town Manager Bill Kane.The new owner of the project, Mariner Real Estate Management, has indicated in meetings with town government officials that it will seek a building permit to resume construction on what was once known as the Whole Foods Market building. “They’re moving ahead pretty aggressively,” Kane said. “We anticipate a building permit application in the next week or so.” He added that Mariner appears to be in a position to meet its stated goal of getting work under way in early July.
By Scott Condon, June, 16 2011, AT
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06/16/11 AT Photo credit – The Willits Town Center site of once proposed Whole Foods Market stalled at the beginning of the economic crisis.