EL JEBEL — An El Jebel townhouse project that has been stalled for about 18 months was purchased by an Eagle Valley developer who said he intends to restart construction this month.
Dave Forenza, a developer and contractor from Edwards, purchased the Shadowrock project March 31 for $16.5 million, according to a deed filed with the Eagle County Clerk and Recorder.
Forenza said the purchase price was for the undeveloped portion of the project — about 70 townhouses. He also bought seven units that the former developer constructed but wasn’t able to sell. That boosted the purchase price to about $22 million, Forenza said.
When the market was humming, sales of townhouses at Shadowrock topped out at $1.1 million. Forenza said he will drop the price of the seven unsold units to between $650,000 to $750,000.
He said Shadowrock’s remaining 70 units could be built out within 36 to 40 months. Scott Condon, Aspen Times
