Wagar and D'Anna Sell Out
Obermeyer Place
March 25, 2004
Rich
Wagar and Sonny D'Anna announced that all 18 free-market
condos in the Obermeyer Place development went under contract
on Monday, March 22, 2004, at a total cost of $48 million.
The
project will redevelop one of Aspen's last light-industrial
neighborhoods, located along Rio Grande Place, with a
combination of housing, offices and service and commercial
shops. It was spearheaded by Klaus Obermeyer, founder
of Sport Obermeyer and owner of much of the property that's
slated for redevelopment.
Fifty
prospective buyers lined up to purchase one of the units
late last year and early this year, and on Monday developers
offered the units to 18 people, selected by a reservation
system that included a random drawing.
"We
hadn't run through the complete list yet, so unfortunately
we had a half dozen or so reservation holders who couldn't
purchase units because our inventory was completely contracted,"
Wagar said.
"But
nonetheless, we placed several reservation holders on
a list for backups. It's a good indication of the strength
of the project."
The
sales are an encouraging sign for developers who are depending
on the presale of units to make a project happen.
The
existing buildings between Sprint Street, Rio Grande Place
and East Bleeker Street will be demolished to make way
for the new development. Wagar said demolition should
begin in late April.
The
18 buyers of the Obermeyer condominiums herald from all
over the United States. Three are from Colorado. Others
are from Minnesota, Florida, Delaware, New York, Louisiana,
Pennsylvania, Alabama, Maryland, Georgia and California.
The
free-market units range from 2,000 square feet to 3,720
square feet, and prices ranged from $1.75 million to $3.87
million. The purchasers get two parking spaces in the
project's underground parking structure.
Rich Wagar
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