The prior owner and developer of Willits Town Center, Joseph Freed & Associates (JFA) lost control of a major portion of the project in a foreclosure in 2010 by its lender, Bank of America. The remainder of the property, including the foundation of the building where Whole Foods was prepared to go, was tied up in a lawsuit over contractors’ liens.
ASPEN AND BASALT REAL ESTATE – The Willits Town Center in Basalt, a development project opposite El Jebel in the Roaring Fork mid-valley that was to be home of a brand new 40,000 sq ft Whole Foods market but stalled due to the economic crisis in Sept. 2008, was sold on Thursday for $9MM. The purchaser was Willits Town Center LLC, a company connected to Mariner Wealth Advisors of Leawood, Kan. The seller was as Special Services Asset Management Co., which was appointed as receiver for Willits Town Center after a foreclosure last year. It is not clear from a special warranty deed filed at 4:51 p.m. Thursday if the transaction involved the entire Willits Town Center property.
By Scott Condon, May, 6 2011, AT
Photo courtesy of AT: Stalled foundation for planned site of a Whole Foods Market in Willits Town Center, Basalt, CO