Construction frozen at Shadowrock as developer scrambles to pay $1.2 million in liens
By Scott Condon Nov 17, 2008, The Aspen Times, Aspen CO
El Jebel — A luxury townhouse project that signified the go-go development scene in the midvalley two years ago has become a poster child for how the national credit crunch is now impacting local projects.
Construction stopped earlier this year at the Shadowrock project in El Jebel and the developer is scrambling to pay more than $1.2 million in liens filed by the general contractor and subcontractors.
Shadowrock is located across from the El Jebel City Market, upvalley from the El Jebel mall that includes Bella Mia restaurant and the Short Stop bar. It was approved by Eagle County for 100 luxury units. Thirty have been built and 22 have been sold. Sales have been closed as recently as Sept. 29 for close to $1 million, according to deeds filed with the Eagle County Clerk and Recorder’s office.
But after a booming start, the project crashed to earth this year. All construction activity stopped. A handful of poured foundations haven’t been touched for months. At least some of the firms that have worked on the project haven’t been paid for months.
R.A. Nelson, the general contractor on the project, filed 10 mechanics’ liens on and around Oct. 31 for a total of $1,139,128, according to lien statements filed with the clerk and recorder’s office.
Eight other liens have been filed by subcontractors on the project who say they are owed $119,605. Those subcontractors include Mountain Terrascape Inc., an excavating firm in Carbondale; Insulvail of Vail; and Western States Fire Protection. A ninth subcontractor’s lien for $29,548 was filed and released by Wind River Trees, either because it was paid or the parties came to an agreement. All liens are filed against Blue Ridge Investments Ltd., a Dallas firm developing the El Jebel project.
A source familiar with the project said the mechanics’ liens represent only a portion of the unpaid bills. Other subcontractors haven’t been paid but haven’t filed liens yet, a source said.