Cordes & Company

Development secured, anchor tenant retained

The project is a 500,000 mixed-use project near Aspen, Colorado, anchored by a Whole Foods Market.  But it almost didn’t happen.  Whole Foods twice canceled its lease due to construction delays.  The bank replaced the troubled developer with Cordes & Company, acting as receiver, to clean up the project, modify lapsed development and construction approvals, sell off completed condominiums, address tenant concerns, and support a national marketing effort to find a suitable buyer.  The property was acquired by a new owner in 2011.  Whole Foods signed a new lease and construction resumed – much to the satisfaction of tenants and the city.  The bank was able to recover $12 million.

California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
Colorado
5299 DTC Boulevard
Suite 815
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
220 South 6th Street
Suite 2125
Minneapolis, MN 55402
Telephone: 612.455.6027
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