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Aspen's Park Avenue Apts Get New Owner Post-Foreclosure

The Park Avenue apartments, which have been slated for redevelopment into a mix of free-market and affordable housing units for years, may come down yet now that a local development firm is buying into the project. Bald Mountain Development is now stepping into the fold and planning to remodel the property into 14 affordable housing units in order to win points for another other projects they're pushing for. The Park Avenue apartments went into receivership with Bank of America in 2011 when some of its Minnesota-based owners, including businessman Tom Petters, were convicted in a $3 billion Ponzi scheme and their Park Avenue property went into foreclosure. Bald Mountain is hoping close on the building by March.

The Park Avenue apartments are notorious as one of the oldest buildings in Aspen, a "ramshackle" and affordable set of apartments that have been a beloved slum for low-wage ski bums since the 60's. In 2007 it sold to the Minnesota-based PFG Aspen Walk for $12.67 million.

· Local company under contract to purchase Aspen Walk property [Aspen Daily News]

Park Avenue Apartments

404 Park Avenue, Aspen, CO 81611