New York-based Related Co’s., which partnered with WestPac Investments to form Related WestPac, is suing Germany-based Hypo Real Estate Corp. along with Dekabank Deutsche Gironzantrale, Danske Bank Group and KBC Bank NV, alleging the lenders didn’t fulfill their financial commitments to Base Village. The lenders are suing Related, claiming they are owed $386 million. On Nov. 17, the properties could be auctioned off on the steps of Pitkin County Courthouse. Amidst all the finger-pointing over the unfinished project, the Wall Street Journal declared that the Snowmass Base Village “is turning out to be one of the worst wipe-outs in U.S. ski country.”

ASPEN SNOWMASS REAL ESTATE – Playing by the rules no guarantee of skirting economic downturn…With parts of the base still draped in plastic and the mall quieter than usual, Snowmass Village is at a crossroads as a mess of foreclosures wiped out investments and is shaking the community to its core. …Soon, it appears the Offices at Snowmass, which Related WestPac also owns, may see a similar fate. Related WestPac spokesman Steve Alldredge last week initially confirmed reports the building was going into foreclosure, before recanting and saying: “You can’t predict what will be or what might happen.”
By Troy Hooper, Sept. 22, 2010 Snowmass Sun

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