The Willits Town Center in Basalt is a partially developed project that includes approvals for another 150 residences and 281,000 square feet of commercial space. Whole Foods Market has an agreement to open a grocery store there once a new building is constructed. It is uncertain how the dispute between the lender and developer will affect construction of the Whole Foods building.
ASPEN REAL ESTATE – MID-VALLEY BASALT EL JEBEL — Joseph Freed and Associates lost control of the Willits Town Center project in Basalt last week when a judge appointed a receiver to oversee the property while a bank attempts to foreclose on the developer.Bank of America started foreclosure actions last week, claiming that Willits Town Center Partners LLC has defaulted on two loans and owes nearly $36 million, according to court documents. Willits Town Center Partners is a company controlled by Chicago-based developer Joseph Freed and Associates (JFA).An Eagle County district judge approved the lender’s request to appoint the receiver to oversee the day-to-day operations and make financial decisions regarding Willits Town Center.“The immediate appointment of a receiver is necessary because Borrower’s inability to fulfill its loan obligations raises the concern that the Borrower cannot afford to maintain, manage and staff the Property,” the bank’s complaint says.
By Scott Condon, April 26, 2010, Aspen Times
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04/26/10 Aspen Times, Since Sept. 2008, partially completed foundation work was stopped for planned Whole Foods Market in Willits Town Center, Basalt, CO