#colorado #breckenridge #realestate #summerinthemountains
A bankrupt and unbuilt condo complex in Dillon that would-be residents have sunk millions of dollars into is slowly wasting away, worth far less than what its developer claims and likely cannot be completed, according to a company that wants to take it over.
Michigan-based Porritt Group, which purchased the debt of Uptown 240 last year and estimates it is now owed about $9.5 million and counting, is painting a bleak picture of the distressed project’s present and future as it asks the U.S. Bankruptcy Court to let it foreclose.
Cheered on by Dillon town leaders, Uptown 240’s developers broke ground on the 80-unit complex in 2019, but it floundered financially for several years before they declared bankruptcy in February. Only the foundation has been built and that will need to be replaced.
“There has been no significant work on the project since March 2020. Today, the project is nothing more than a partially completed parking structure,” Porritt Group said.
Uptown 240’s developers — brother and sister Danilo and Chantelle Ottoborgo — have “made repeated assurances that refinancing was imminent, but nothing ever materialized,” so current refinancing plans “should be met with great skepticism,” Porritt Group told a judge April 7.
