Most developers blame their plight on the national economy, with the recession having dried up construction financing just as these projects were getting under way. Realtors agree, and note that it will be hard to kick-start construction and sales because of the ongoing slump in those sectors of the economy. And if the holes in the ground and the scaffolding reaching toward the skies are any indicator, they are correct.
ASPEN REAL ESTATE – A look at where seven unfinished developments stand, and what the future holds.
Driving through the midvalley en route to Aspen, one can’t help but notice the giant construction crater at Willits that might someday be a new Whole Foods Market. Across Highway 82 stands another once-stalled development project in the Shadowrock townhomes. Farther upvalley is yet another delayed development, Basalt’s Snow River Lodge; the jury is still out on whether it will ever be built. Aspen is suffering a similar blight, with projects such as the Stage 3 redevelopment, Dancing Bear Residences’ phase two and the Boomerang Lodge dead in their tracks. And don’t forget about Snowmass’ Base Village, the massive base area redevelopment that was to bring the resort back to life but is now facing foreclosure…With that in mind, the Aspen Times Weekly decided to take an inventory of our valley’s craters and girders, and give a closer look to a few of the larger development projects still foundering.What follows is an update on where these would-be lodges, retail outlets, townhomes and more stand.
By Rick Carroll and Scott Condon, August 8, 2010. AT