A developer with major plans in Dillon has closed on the purchase of a property in the town core where an 80-unit condominium project is planned, according to Dillon Town Manager Nathan Johnson.

JGJP Dillon, LLC, closed on the stalled project — once known as Uptown 240 — on Feb. 26, almost five years after the development first broke ground. JGJP Dillon is owned by Jake Porritt, the developer proposing a major redevelopment of the town core, including along the Dillon Reservoir waterfront.

Johnson said during a Town Council meeting last week that the new owners plan to complete the proposed condominium project the town had previously approved for the 240 Lake Dillon Drive property.

“(The new owner’s) goal — or at least the goal they told me individually — is they want to show a good faith effort to remedy the site and clean up all the safety issues,” Johnson said. “They’re also going to rebrand it, too. So it’s not going to be Uptown 240.”

JGJP Dillon has plans to hire a general contractor to demolish the existing structure with the aim of starting reconstruction shortly after demolition, Johnson said. He said the new owners are attempting to mobilize crews within the next 60 days.

Uncertainty has hung over the property for years but only intensified after Uptown 240 filed for bankruptcy last year. The local restaurateurs-turned-developers behind Uptown 240 had promised for years to complete the condominium project themselves, including as recently as this past spring.

Twists continued throughout last fall as the bankruptcy sale of the condo project in downtown Dillon was vacated then reinstated. In January, a last minute tiff halted the sale again — but it finally went through in February.

A federal bankruptcy judge last month approved the sale of the property to JGJP Dillon LLC for $12,750,000, court documents state. The property was set to be sold free and clear of any and all liens, claims and other interests, according to court documents.