ASPEN, CO-A partially build mixed-use development that is inChapter 11 bankruptcy proceedings will be up for auction in August.Sheldon Good & Co., which is holding the auction, tellsGlobeSt.com that it is difficult to judge what the price thatauction will fetch at this point because “the auction is beingutilized to gauge the market as a price discovery technique.”

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The site—at one time the location of the Stage 3 MovieTheater—now contains a partially-built, three-story building which,when completed, will house 30,000 square feet of residential,retail and office space.

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The property will be sold absolute, regardless of price, with asuggested opening bid of $3 million, according to Jim MacDonnell,executive managing director of Sheldon Good’s Denver office, whichwill be managing the marketing and auction sale of theproperty.

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Sheldon Good tells Globest.com that interested parties wouldmost likely be investors/developers both locally and in other partsof the US looking to acquire a project and establish a presence inthe Aspen resort market.

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Because the development is a Section 363 sale in the BankruptcyCourt, title will be delivered to the successful bidder free andclear of all liens and encumbrances, says MacDonnell, pointing outthat it is an “important consideration for a developer or investorinterested in completing construction and selling or leasing theindividual commercial and residential units.”

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Located at 625 E. Main St. in the center of Aspen’s downtownbusiness district, this project was one of a handful of coredevelopment sites that the city approved within the last threeyears, says MacDonnell. “About 15% of the totalconstruction—including the basement and foundation, the mostdifficult and time-consuming portion—was completed before theowners suspended construction and declared bankruptcy.”

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When finished, the building will offer 10,573 square feet ofprime retail and office space, five penthouse residential apartmenthomes and five for-sale affordable housing units to satisfy Aspen’sAffordable Housing Program, according to a preparedstatement. Patio decks, valet space and below-grade, privateparking are also included.

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The penthouse homes, located on the building's second and thirdfloors, range in size from 1,228 square feet to 1,998 square feetof luxury living space and offer one or two bedrooms. Theground-floor retail space has visibility on Main Street and loadingdock access to an alley behind the building. Second-floor officespace will be accessed by a striking contemporary lobby entranceoff Main Street, with elevators leading from the parking garage toa rooftop terrace. The auction, which has been approved by thebankruptcy court, will be held at the St. Regis Aspen Resort inAugust.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.