The project must contribute $910,000 to underpass, but developer is facing foreclosure…Owner and developer Joseph Freed and Associates ran out of financing in September 2008 and put construction of the Willits Town Center project in Basalt on hold. Freed’s lender, Bank of America, successfully sought a court order last month to get a receiver appointed to run the project, essentially wrestling control away from Freed.Bank of America also started foreclosure proceedings in April, contending Freed’s Willits Town Center Partners defaulted on a loan with $36 million still due.“Is the Willits Town Center in any position to make a commitment?” Councilman Freedman asked.
ASPEN BASALT REAL ESTATE — The uncertainty surrounding the ownership and future of the stalled Willits Town Center project in Basalt is starting to affect public policy in the midvalley.The Roaring Fork Transportation Authority wants to build a new bus stop at Willits as part of its bus rapid transit project. But it will only construct the bus stop if there is an overpass or underpass to get pedestrians safely across Highway 82.
By Scott Condon, May 27, 2010 Aspen Times