Asked to describe the mood of the talks, DeFrancia said the tone was “generally optimistic” that the project could be salvaged by the Feb. 23 foreclosure date.

SNOWMASS REAL ESTATE – There is a 50-50 chance that the stalled Snowmass Base Village development will be sold in a foreclosure sale on the steps of the Pitkin County Courthouse later this month, the project’s receiver said Wednesday.Jim DeFrancia spoke about Base Village after his talk on China, the United States and their navies during the Aspen Business Luncheon at the Hotel Jerome…A district judge in July 2010 appointed Destination Services Snowmass, a subsidiary of DeFrancia’s Lowe Enterprises, as receiver of the 1 million-square-foot development. The construction of Base Village has essentially been on hold since 2009, when a subsidiary of the developer, Related Companies, defaulted on a $520 million construction loan.The loan was issued by four European banks, and the involvement of the banks and their lawyers has helped add to the complexity, DeFrancia said.
By Chad Abraham, Feb. 10, 2011 Aspen Daily News

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2/14/10 ADN