Receiver: ‘We appreciate that everyone is frustrated’

ASPEN SNOWMASS REAL ESTATE – Amid mounting frustration from town leaders in Snowmass Village, today’s scheduled foreclosure of the $500 million Base Village development has again been postponed — this time until September.The previous six delays had essentially pushed the pending foreclosure sale on the steps of the Pitkin County Courthouse to the following month, making the latest postponement longer than usual.“We appreciate that everyone is frustrated by the month-to-month rollover,” said Jim DeFrancia. His Aspen-based firm, Lowe Enterprises Community Development, is the court-appointed receiver for four European banks expected to take over the project from The Related Cos. of New York.“This was just a realistic assessment in saying, ‘Let’s move it to September and really try to get all these things done in the next 90 days,’” he said.
By Chad Abraham, June 1, 2011 ADN

Link to article

Snowmass Base Village is located at the base of the Snowmass Ski Resort