Foreclosure proceedings have begun on a high-profile building in downtown Aspen. Aspen Public Radio’s Carolyn Sackariason has the details.
Alpine Bank has started foreclosure proceedings against the owners of a downtown Aspen building that has been the subject of several lawsuits, including one brought by the city government.
JW Ventures LLC is the developer of the building on Hopkins Avenue. Court papers show the company defaulted on a 5.3 million dollar loan from the bank. A hearing has been scheduled on September 2nd for a judge to consider authorizing the sale. If approved, an auction on the building will take place in the fall on the courthouse steps.
The building is home to a nightclub, an art gallery, affordable housing apartments and a penthouse. The penthouse is not subject to the foreclosure. The building is well known because of a lawsuit brought by the city, where a judge ruled JW Ventures must pay the condo owners $1.3 million dollars. That figure represents the property value loss for having to share their elevator and door with locals who live in the affordable apartments.
Carolyn Sackariason, Aspen Public Radio news.