The developer of The Chadwick luxury condominium project in Steamboat Springs issued a release late Wednesday saying he has taken on new partners and expects construction to resume this summer.
Richard Friedman said Mountain View Development LLC has joined Steamboat Ventures Ltd. as the managing partner for The Chadwick.
Friedman's release did not address more than $500,000 in liens filed against Steamboat Ventures by local and regional contractors. A person at Friedman's office said he was traveling Thursday. Attempts to reach him were unsuccessful.
Construction on the 23 units at The Chadwick began in August 2003 at the corner of Apres Ski Way and Village Drive, across the intersection from the Steamboat gondola. Construction came to a halt in February, and Friedman cited unexpectedly high construction costs. Work on the project has not proceeded beyond the foundation phase.
Now, Friedman said, the new partners have made provisions for a new construction loan.
"With Mountain View Development comes new limited partners, one new general partner and additional capital," Friedman said.
The liens do not offer a legal barrier to the resumption of construction. However, they encumber the title to the property. If the real estate were to serve as collateral for a new loan, traditional lending institutions typically would require a clear title before releasing any funds.
The liens against Steamboat Ventures were filed in March, April and May. The filers and the corresponding amounts include: Mountain West Environments Inc., $2,617; Routt County Concrete LLC, $231,795; Colorado Concrete Pumping, $5,407; Native Excavating, $36,184; Patent Construction Systems, $29,689; Lafarge West Inc., $41,005; Vaught-Frye Architects, $167,248; and Dalco Industries, $31,427.
Ed MacArthur of Native Excavating said he met with Friedman two weeks ago and received indications that a solution to the liens might be forthcoming.
"That would be welcome news if it's true," MacArthur said of the press release. "That's an awful nice site over there. It would be a shame if it sits there much longer. This has to get under way."
Friedman is involved in three projects at the Eagleridge subdivision at the base of the ski area, which share the word "Chadwick" in their names but are separate from one another. Friedman, who is president of Chadwick Real Estate Group Inc. and general partner for Steamboat Ventures, said that the involvement of Mountain View in The Chadwick means he will focus his attention on the 16-single family home project Chadwick Estates and the Chadwick Place townhomes.
Friedman previously had said he has firm contracts on all 23 units at The Chadwick, and the contracts gave him 24 months, beginning late last winter, to complete the project. The condos were advertised at prices ranging from $600,000 to $1.2 million.
The original general contractor is Drahota Construction. Steamboat Ventures' contract with the contractor was in two phases, with the second phase comprising the core and shell of the six-story building. The revised construction figures for phase II caught him by surprise, Friedman said, and with sales contracts locked in, the cost of construction no longer fit his business model.
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