The sale should settle a feud between the bankrupt developer, Aspen Main Street Properties L.P., of Dallas, and Alpine Bank, which is reportedly owed $12 million. Alpine Bank filed for foreclosure on the property last August, but soon after was sued by Aspen Main Street Properties, which claimed the bank had violated the terms of the loan. The developer then filed for bankruptcy to stave off foreclosure.
ASPEN REAL ESTATE – The old Stage 3 theater property (on Main St in Aspen – editor) — with its partially built steel and concrete structure that some refer to as the “Main Street climbing wall” — will be sold at auction today to the highest bidder.The 1 p.m. auction at the St. Regis is open to anybody who can immediately produce a $300,000 cashier’s check if they win, plus 10 percent of the purchase price the next day. A federal bankruptcy court in Dallas in early June ordered the sale of the property, which is approved for a 27,000-square-foot mixed-use building including ground level retail and office space, affordable housing, and five free-market luxury condos.
By Catherine Lutz, August 17, 2010, Aspen Daily News
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08/17/10 Aspen Daily News, Stage 3 Main Street aborted redevelopment site