During the construction of the Dancing Bear’s second phase, located across the street from phase one at the site of the former Charthouse restaurant, financing dried up and movement on the partially built project ground to a halt.
ASPEN REAL ESTATE – Dancing Bear, the luxury fractional project, is now officially in the hands of the Sunrise Company. The sale of the downtown Aspen development closed Feb. 28 for a price of “just over $27 million,” confirmed Sunrise’s chief operating officer Randall Bone. “Today is the day! It’s been a while to get here,” said Bone, a mixture of jubilation and relief evident in his voice. Sunrise, a nearly 50-year-old company which has active projects in California, Nevada, California and Colorado, purchased the Dancing Bear from German bank West LB. The bank had reclaimed it out of foreclosure during the summer of 2011. Located on Durant Ave. and Monarch St. just west of Wagner Park, the Dancing Bear opened in 2009 with nine three-bedroom units plus attractive amenities including a gym, theatre, expansive wine room and the piece de resistance, a snazzy rooftop deck offering unmatched views of Ajax, Independence Pass and Red Mountain.
By Madeleine Osberger, Feb 28, 12 ABJ
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