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SHELDON GOOD & COMPANY TO HOLD AUG. 17 AUCTION

Wednesday, June 23, 2010 / Sheldon Good & Company

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Sheldon Good & Company, a Racebrook Portfolio Company, will conduct a real estate auction on August 17th for a mixed-use development in the heart of Aspen, CO, that is in Chapter 11 bankruptcy proceedings.

The site -- at one time the location of The Stage 3 Movie Theater -- now contains a partially-built, three-story building which, when completed, will house 30,000 square feet of  residential, retail and office space. 

The property will be sold absolute, regardless of price, with a suggested opening bid of $3 million, according to Jim MacDonnell, Executive Managing Director of Sheldon Good's Denver office, which will be managing the marketing and auction sale of the property.  What's more, because this is a Section 363 sale in the Bankruptcy Court, title will be delivered to the successful bidder free and clear of all liens and encumbrances, an important consideration for a developer or investor interested in completing construction and selling or leasing the individual commercial and residential units.

"Located at 625 E. Main Street in the center of Aspen's downtown business district, this project was one of a handful of core development sites that the city approved within the last three years," Mr. MacDonnell notes.  "About 15% of the total construction -- including the basement and foundation, the most difficult and time-consuming portion -- was completed before the owners suspended construction and declared bankruptcy.

625 E. Main Street represents an ideal, one-of-a-kind opportunity for an investor/developer based locally or anywhere else to acquire an outstanding project in one of the most exciting resort destinations in the country."

When finished, the building will offer 10,573 square feet of prime retail and office space, five penthouse residential apartment homes and five for-sale affordable housing units to satisfy Aspen's Affordable Housing Program.  Patio decks, valet space and below-grade, private parking are also included.

"This project provides one of the few opportunities to own new-construction, state-of-the-art penthouses in Aspen's core," Mr. MacDonnell points out.  "The oversized patios feature  some of the best views in the city, with 360-degree vistas of Aspen Mountain, Red Mountain, Smuggler Mountain and Independence Pass."   

The penthouse homes, located on the building's second and third floors, range in size from 1,228 to 1,998 square feet of luxury living space and offer one or two bedrooms.    The ground-floor retail space has great visibility on Main Street and loading dock access to an alley behind the building. Second-floor office space will be accessed by a striking contemporary lobby entrance off Main Street, with elevators leading from the parking garage to a rooftop terrace.

The absolute auction, which has been approved by the bankruptcy court, will be held at the St. Regis Aspen Resort.  In addition, Internet bidding will be offered for those who are unable to attend the auction in person.  The suggested opening bid on the property will be $3 million.  Buyers will be required to show up with a $300,000 cashier’s check.

For more information, call Sheldon Good's auction line at 800-374-4881.  You can also FAX the company at 303-740-6124, or visit its 625 E. Main St. auction webpage at www.sheldongood.com/mainstaspen.php

 

 

About Sheldon Good & Company

Sheldon Good & Company (www.sheldongood.com) is the nation’s premier real estate auction firm. Founded in 1965, the company has sold over 40,000 properties in all asset classes via real estate auction.  Our innovation is widely acknowledged by prestigious publications such as Forbes, Fortune, The Wall Street Journal and others.  Owned by Racebrook Capital, a private equity firm, Sheldon Good & Company's headquarters are located in New York City, with primary offices in Chicago, Denver, Scottsdale and San Francisco -- and strategic locations nationwide.  



Published by : George Cahn
George M. Cahn
President
CAHN Communications
gcahn@cahncomm.com
www.cahncommunications.com This article has been viewed 1362 time(s).

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