“Is Related (WestPac) bankrupt?” That was the question posed to the firm’s management team this week by a member of the Part-time Residents Advisory Board, concerned not only with foreclosure proceedings on seven of its local properties but also by the work slowdown in much of Base Village.
The answer, given by Snowmass Base Village.Vice President of Development Scott Stenman, was an emphatic “no.” But that doesn’t mean there’s money available to finish key projects such as the Little Nell, Viceroy, phase 2, and the Arrival Center and six other hotbed residential buildings, either. Jim D’Agostino, who is in charge of construction for Related WestPac noted that, “Most developers work with lending institutions.” And it’s no secret that the credit market is as tight as it’s ever been.
By Madeleine Osberger, May 12, 2009 SS
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