Uptown 240 reviewing bids amid bankruptcy sale of Dillon condo project
Uptown 240, the company behind the stalled condominium project in Dillon’s town core, is reviewing bids amid a bankruptcy sale, according to a status report filed in U.S. Bankruptcy Court on Tuesday, Sept. 19.
Keri Riley, the company’s lawyer, wrote in the status report that Uptown 240 has continued to consult with the bidding parties since the bid deadline last week and is “working through complexities related to the proposed sales terms.”
Instead of an auction, which had been provisionally scheduled for Sept. 15, Uptown 240 has requested that the bidding parties make their best and final offer on or before Sept. 22, the status report states.
After receiving the best and final offers, Uptown 240 will select a successful bidder and a backup bidder and file a sales motion the same day, Riley wrote.
Riley did not respond to emailed questions sent Monday. A representative of Hilco Real Estate, the company conducting the bankruptcy sale, also did not respond to emailed questions sent Wednesday.
Uptown 240 told the Dillon Town Council earlier this month that the town would be consulted in the bidding process as would the committee of unsecured creditors, which represents 41 individuals who put a combined $6 million down on Uptown 240 units.
Maximizing the market price for the 80-unit condominium project on Lake Dillon Drive is the best route to getting those who put deposits down on units repaid, at least in part, Riley and a lawyer for the unsecured creditors said at a Sept. 5 meeting.
The Dillon Town Council discussed Uptown 240 during an executive session Tuesday but did not mention it publicly during the regular meeting or work session. Dillon Town Manager Nathan Johnson and Mayor Carolyn Skowyra did not return requests for comment placed by phone Wednesday.
The local restaurateurs turned developers that are behind Uptown 240 promised for years to complete the condominium project themselves. But earlier this month, Uptown 240 abandoned the possibility of refinancing and completing the project itself, moving ahead with the bankruptcy sale.
The Dillon Town Council at the Sept. 5 meeting voted to renew the development agreement for the condominium project if it is sold through bankruptcy sale.
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