STEAMBOAT SPRINGS — One Steamboat Place, the mountainous luxury condominium project adjacent to the Steamboat gondola that broke ground in 2007, went into foreclosure Wednesday with $100 million on its original construction loan owed to seven lenders.
The developers said they and two large investors have been in the middle of negotiations with the banks to restructure the outstanding construction debt.
Reached during a business trip to San Francisco, Timbers Resorts CEO David Burden said the news of the foreclosure took him by surprise.
“If this is standard procedure, it’s a tactic,” he said. “I’m sorry; the standard procedure doesn’t make sense. At least give us a few ski seasons.”
Routt County Trustee Jeanne Whiddon confirmed late Wednesday afternoon that she had filed a notice of election and demand against SV Timbers LLC, the development entity related to Timbers Resorts based in Carbondale. The date of a foreclosure sale has not been set, but Whiddon estimated it would be in mid-March. Timbers would have until within 15 days of the sale date to formally file its intent to cure or redeem the foreclosure.
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