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    GRG55's Avatar
    GRG55 is online now iTulip High Commissioner, Select Premium Member, Canada and Persian Gulf
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    May 2007

    Default Altitude is no escape...

    ...from the real estate bust.
    Work stops on Snowmass Little Nell

    by Catherine Lutz, Aspen Daily News Staff Writer
    Tuesday, March 31, 2009

    The credit crunch has once again impacted Snowmass Base Village, this time putting a halt to construction on the luxury Little Nell Residences at Snowmass.

    Developer Related WestPac, which has been using its own equity to finance the 100,000-square-foot building, has not been able to secure a loan to continue construction. The building is about 15 percent done, with just the precast superstructure up, and was scheduled to open in early 2010...

    ...“They said it could be a month, or it could be six months, they really didn’t know,” said Snowmass Mayor Bill Boineau, who met with Related WestPac CEO Dwayne Romero and Town Attorney John Dresser to discuss the situation yesterday.

    Last fall, Related WestPac laid off a quarter of its staff and announced it would be delaying construction on three buildings in the next phase of the million-square-foot Base Village after a financing commitment fell through.

    Then, in December, company officials told Snowmass Village Town Council they needed approvals to changes on their two hotel buildings, the Viceroy and the Little Nell, in order to have a better chance to secure loans. The 27-unit Snowmass Little Nell got its final approvals in mid-February.

    “I was surprised because we were led to believe all through the hurried-up process that they needed the approvals fast-tracked,” said Councilman John Wilkinson. “So we hurried through the review and put a couple other applications out of the way, moved them up on the calendar. Why couldn’t they have been straight up with us?”...

    ...Some 16 of the 27 residences, which will on average sell for a record $3,000 per square foot, are under contract...

    ...“The implication of shutting this down and having workers leave their jobs, there’s more to this than meets the eye,” he said. “There are forces that are lurking.”
    Ya think? :rolleyes:

    And if you, like Mega, were hoping to gleefully monitor the ongoing decline of the ecologically-aware, studio-tanned, personal-trainer-sculpted, globally-connected, uber-wealthy citizens of Aspen through their daily newspaper, I have bad news for you. Fresh off the press this morning...
    Aspen Daily News to fold next week

    by Anonymous Daily News Slave Report Wednesday, April 1, 2009

    Dave Danforth, owner of the Aspen Daily News, announced the paper would publish its last issue on Sunday, April 12.

    “We tried to do all we can but there are just too many forces arrayed against the success of the paper,” Danforth said, referring primarily to the precipitous drop in real estate sales...

    ...The closing of the Daily News would have left The Aspen Times as the community’s only daily newspaper, except the Times recently stopped publishing its daily edition on Sunday...

    ...The Aspen Daily News in the last few years became heavily dependent on revenue from real estate advertising and suffered a case of financial shock when the Aspen market froze up last fall...

    “When life hands you lemons, squirt them in the eyes of your staff as a diversionary tactic and flee.”
    — Aspen Daily News Publisher David Cook on the recession and his decision to leave the paper for arguably greener pastures
    Hey, maybe Kunstler is right after all...:eek:
    Last edited by GRG55; 04-01-09 at 03:17 PM.

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