ASPEN REAL ESTATE – The developer of the Residences at Little Nell still owes the general contractor on the project more than $11.5 million, according to a recent complaint filed in Pitkin County District Court. But the Residences at Little Nell issued a statement on Sunday disputing that claim, and said that the owners and Swinerton Builders are working out their differences. Swinerton and the Residences at Little Nell Development, LLC (RLND) have been at legal and financial odds since late September, when Swinerton filed a $12.6 million lien “for construction materials and services” against RLND, the RLN condo association and the individual owners of the 26-unit luxury fractional project at the base of Aspen Mountain. Swinerton filed a “partial release of lien” that same day, which brought the debt down to $6.7 million. On Oct. 29, RLND was released from the lien when it posted a surety bond in District Court. According to RLND’s statement, Colorado law required Swinerton to file the complaint “to preserve its claim against the surety bond. That was the only reason for Swinerton’s filing — it was a routine and necessary measure to preserve rights.”
By Catherine Lutz, Dec. 7, 2009 Aspen Daily News

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