Uptown 240 development in Dillon prepares to resume construction after 7-month pause
DILLON — Uptown 240, an 80-unit condominium development, is on its way to resuming construction after a seven-month pause.
Danilo Ottoborgo, president of the development, which is on Lake Dillon Drive, said the stop in construction had to do with a financing issue.
One of the development’s capital providers, or financiers of the project, was negatively impacted by the novel coronavirus pandemic and was no longer able to help finance the project, Ottoborgo said. Because of this, construction was halted as the developers looked for new financing.
“The capital provider we were working with had an impact (by COVID) so great they were no longer able to be providing our capital,” he said.
The development has since been able to work with a new financier, which allows for construction to begin again in early November. The goal is for owners of the units to be able to move in as early as fall 2021 but no later than spring 2022 — six to nine months behind schedule.
Ottoborgo would not say which company originally financed the project nor would he name the project’s new financier, as the final details of the partnership are being worked out.
Despite the setback in construction, Ottoborgo said he believes the project is on track to comply with Uptown 240’s development agreement with the town of Dillon. The development agreement gives Ottoborgo and his team until Sept. 30, 2021, to complete the development and all public improvements related to it, Town Planner Ned West wrote in an email. If the project is not completed by fall 2021, Ottoborgo said he would apply for an extension.
“I really appreciate the city and town and county support as we all face the COVID impact,” Ottoborgo said.
Ottoborgo wouldn’t comment on how much the pause in construction has cost the development.
Creating a development like Uptown 240 has been a dream of Ottoborgo’s since he was a teenager, he said. Prior to Uptown 240, the spot on Lake Dillon Drive was occupied by Adriano’s Bistro & Deli, a restaurant that Ottoborgo’s family owned for years.
Ottoborgo and his family lived below the restaurant throughout his childhood. He said he first presented the idea for Uptown 240 to the Dillon Town Council when he was about 16 years old. In 2018, the Ottoborgo’s closed Adriano’s to pursue the development project.
“We’re so excited to see what Uptown is going to be at the end of this and how we’re going to be a part of Dillon for so many generations going forward,” he said.
An increase in demand for mountain properties during the pandemic has helped the developers sell units. Currently, the development has 36 units under contract with a few more in negotiation, Ottoborgo said.
“We did not anticipate an explosion of the market as we’ve seen it, which has aided us in our realignment of getting our capital structure positioned again in a more founded state,” he said.
Throughout the entire pause in construction, no owners dropped out of the sale, he said.
“We try to maintain as transparent and honest an approach as we can,” Ottoborgo said. “We set up Zoom meetings and conference calls with every single buyer in the building to explain to them exactly what’s been going on, how we were impacted uniquely in comparison to other projects and our path forward.”
The units range in price from $399,000 to $1.24 million, according to Uptown240.com. The development also features five deed-restricted units, two of which remain available for $299,500 and $339,000.
When complete, the development will feature one-, two- and three-bedroom units, a two-story heated parking garage, an amenity deck with hot tubs, a yoga studio, gym, board room and more.
“It’s a truly luxury product that I don’t think has been seen in the area in some time,” Ottoborgo said. “Our family has been part of the community for three generations, and it means so much to us to have been able to bring something like this to the community.”
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