Four more buyers challenge contracts for Aspen Residences | AspenTimes.com

Four more buyers challenge contracts for Aspen Residences

ASPEN ” Four additional buyers of units at The Residences at the Little Nell have filed a lawsuit to try to terminate their contracts.

The arguments in the latest lawsuit are similar to those made in three other lawsuits involving eight plaintiffs. The latest lawsuit contends The Residences at Little Nell Development LLC breached its contract with the buyers because it wasn’t in a position to close on the purchases by Dec. 31.

The luxury, fractional-ownership condominium project at the base of Aspen Mountain received a conditional certificate of occupancy from the city of Aspen on Nov. 30. The contracts said the developer must be in a position to close on the sales within 15 or 30 days of getting a certificate of occupancy. (Different contracts specified different amounts of days for closing.) However, the plaintiffs claimed the certificate of occupancy was issued for the condos only, not a restaurant, retail areas and other amenities associated with the project. Therefore, they claim the developer couldn’t close by Dec. 31 because the firm couldn’t deliver possession of the project as a whole by that date.

In addition, the plaintiffs claimed the contract was breached because the developer declared a “casualty” that delayed construction. A “casualty clause” in the contract said damage associated with a casualty had to be repaired within 90 days after the problem was discovered or the buyers could bail. The lawsuit alleged the problem took more than two years to repair.

Representatives of the developer have refused to discuss the lawsuits. They said they believe they honored the contracts.

The latest lawsuit was filed by IED Aspen LLC; IEB Roaring Fork LLC; JSP Investments limited partnership; and Steven Jonas and Steven Weinstein. They want their purchase contracts nullified and their earnest money returned.

The lawsuit was filed in Pitkin County District Court on their behalf by the Aspen firm of Brandt and Feigenbaum.

scondon@aspentimes.com


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