Steve Stunda, representing a Virginia-based partnership that bought the property in 2005, received a permit to demolish the lodge in the spring of 2007 and proceeded with the tear down, but didn’t get a permit to actually build the new structure until the following November. During that time, the initial loan on the project expired. With the financial crisis looming, Stunda was not able to get a new construction loan for the condo hotel project and has not been able to since.
ASPEN REAL ESTATE – Developers of the Boomerang Lodge condominium hotel project in Aspen, which lost their financing and therefore couldn’t begin construction, are seeking to change the would-be building from lodging into affordable housing. Steve Stunda submitted an application on Friday to the city planning department seeking a change in use amendment to the Boomerang Lodge approval, granted by City Council in 2006.That approval allowed for the demolition of the 1960s lodge at Fifth Street and Hopkins Avenue, and the redevelopment of a 45,000-square-foot building with 47 condominiumized hotel rooms, five free-market condos and two affordable housing units.Stunda is now seeking to convert the entire project into category three and four for-sale affordable housing.
By Curtis Wackerle, Sept. 22, 2010 Aspen Daily News
Link to article