Hilco Real Estate Announces Bankruptcy Sale Of Partially Completed, 80-unit Condominium Development In Dillon, Colorado
Hilco Real Estate, LLC announces the qualified bid deadline of September 12, 2023, for the bankruptcy sale of this highly-anticipated multifamily development located in the heart of downtown Dillon, Colorado, just minutes from four world-class ski resorts.
Known as Uptown 240, this partially completed development offers the potential for 80 luxury condominiums with gorgeous views of Lake Dillon and the Rocky Mountains. Situated within the most desirable area of Dillon, this site offers future residents a superb living experience with easy access to quaint community amenities, awe-inspiring natural beauty, outdoor recreational activities and world-class ski resorts. This centralized location makes it an ideal destination for residents seeking an active lifestyle and access to year-round leisure activities. With its prime location, robust market demand and exceptional quality of life, this development presents a strategic opportunity for those developers and investors seeking to capitalize on the thriving real estate market.
The building will ultimately feature parking and retail on its first two levels, while the upper four levels will consist of high-end residential units boasting both water and mountain views. The units will feature open floor plans ranging from 574 SF to 1,427 SF in size, sophisticated finishes with upgraded counters in the kitchens and baths, as well as private balconies for enjoying the spectacular Colorado landscape. The current architecture plans capture the casual vibe of mountain living combined with chic modern design and authentic local notes, setting the new standard of quality for high-country residences. Building amenities will include an oversized hot tub, two fire pit lounge areas, exercise room, locker rooms, expansive outdoor community courtyard, available storage space for skis, snowboards and bikes, on-site restaurants and so much more.
Located at the eastern edge of Summit County, Dillon serves as a gateway to Colorado's most popular tourist areas, including Breckenridge, Keystone, Arapahoe Basin, Copper Mountain, Vail and Beaver Creek. The town is the logical choice for lodging accommodations with its strategic position at the intersection of Interstate 70 and State Highway 9 (SH9), each of which offer easy transportation to countless destinations throughout Colorado. Given its convenient location, Dillon experiences a high influx of skiers passing through during Colorado's 140-day winter tourist season, making it one of the state's most visited communities. In addition to winter activities, Dillon attracts tourists throughout all seasons. Visitors are drawn to the area's scenic lakes, forests and outdoor activities, including golfing, camping, hiking, fishing, kayaking, paddleboarding and sailing. In addition to endless things to do, the adjacent National Forest provides yet another year-round playground for various recreational pursuits.
Steve Madura, senior vice president at Hilco Real Estate, stated, "Set in one of the strongest resort markets in the nation, this project represents an opportunity to benefit from the strong population growth and market appreciation that Colorado has experienced in recent years by completing the existing development plans and implementing an aggressive sales strategy to efficiently sell out the residential units. In a very literal sense, the foundation has been laid for investors and developers to take advantage of the tremendous upside potential offered by Uptown 240."
Terry Rochford senior vice president of business development at Hilco Real Estate stated, "This property could not be better located to take advantage of the city's constant influx of snowbirds and sun seekers flocking to the area year-round for its proximity to endless outdoor activities. Whether the proposed plan is seen through, or the site is totally reimagined, this area should see continued demand and desirability for the foreseeable future."
Rochford continued, "The site was recently appraised "As-Is" at $30,000,000. We see the bankruptcy sale as an opportunity to acquire this property at an aggressive price, pick up construction right where the last developer left off, and move forward towards completion and sell-off."
The sale is being conducted by Order of the U.S. Bankruptcy Court District of Colorado (Denver) Petition No. 23-10617-TBM, In re: UPTOWN 240 LLC. The qualified bid deadline is scheduled for September 12, 2023. Bids must be delivered to the offices of Hilco Real Estate on or before 6:00 p.m. (CT) on the day of the deadline to be considered. Interested buyers should review the detailed sale terms for requirements in order to participate in the sale process available on Hilco's website.
For more information regarding the sale process, please contact Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com or Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com.
For further information on the properties, an explanation of the sale process or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
