Aspen – The latest addition to Pitkin County’s growing foreclosure list is Aspen’s first high-profile commercial project on that list. The partially built mixed-use development on the site of the former Stage 3 movie theater, at 625 E. Main St., entered into foreclosure proceedings on Monday for an unpaid debt of $4.72 million, according to public documents.Construction on the project stopped last fall when the economic crisis hit hard and the project’s owners decided that suspending construction over the winter would be a smart financial play. The partners, Aspen Main Street Properties LP, were also faced with changing terms on their bank loan.
By Catherine Lutz, August 11, 2009 Aspen Daily News

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