The late-2008 credit crisis virtually halted construction at Base Village when developer Related WestPac was unable to draw on its loan from Hypo, a nationalized German bank. The Viceroy hotel was completed and opened for business in November 2009, but other buildings under construction were left as skeletons.
ASPEN SNOWMASS REAL ESTATE – The receiver in charge of Snowmass Base Village, which is now in foreclosure proceedings, has a number of issues to deal with, from maintaining a decent appearance of the stalled construction site to helping determine the fate of Viceroy hotel rentals.Jim Pavisha and Jim DeFrancia, representing the court-appointed receiver, or manager for Base Village, came before Snowmass Village Town Council on Monday to discuss the various items they were working on and answer questions. They are in continuing discussions with town officials, they said, about issues of concern to the village.“We share the concern of the general construction site, which we will be talking to the bank, Hypo, about before the snow flies,” said Pavisha of Destination Snowmass Services, who is the official receiver. A receiver reports to the court and essentially replaces the owner in a foreclosure proceeding.
By Catherine Lutz, July 21, 2010 Aspen Daily News
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