Real Estate Development Sold (Again) Near Aspen
The 289-acre property that has been known by several names over the last decade, including Sanders Ranch, Bair Chase, Cattle Creek Crossing and Cattle Creek Colorado, has a new owner and name as of last week. The property is now called “Riverbend” and was purchased by Carbondale Investments LLC, for $15 million from the Garfield County Public Trustee. The previous owners, Riverbend LLC, let the property go into foreclosure by not making payments on the $12.5 million note that was securing the property. Carbondale Investments LLC was the only bidder for the property.
This is the second time this project has been put on the public auction block due to foreclosure. In 2006, the property was supposed to become an exclusive golf course and high-end residential community named Bair Chase, but it fell into foreclosure after failure to make payments on a $14.4 million loan. Related WestPac, the developers behind many new Snowmass Village developments, bought the land out of foreclosure for a reported $18.5 million.
Located halfway between Carbondale and Glenwood Springs off of Highway 82, the property has a development plan that includes 1,000 residential units consisting of single family homes, townhomes and apartments, as well as 30,000 square feet of commercial space and a school site. There has been no public discussion of any future construction yet.
