The Aug. 12 auction of the financially troubled Colorado Crossing mixed-use project in Colorado Springs appears to be drawing plenty of interest.
Colorado Crossing’s sale listing on LoopNet, an online commercial real estate listing service, has been viewed 516 times over the last 30 days — No. 1 among LoopNet’s top 10 listings in the Pikes Peak region. That’s according to an on-line newsletter sent out by LoopNet on July 10.
Colorado Crossing was envisioned as a roughly 150-acre residential and commercial development southeast of Voyager and InterQuest parkways on the Springs’ far north side. However, its developer ran into financial problems after construction began, and the project has sat idle since 2008. The developer sought Chapter 11 bankruptcy protection two years later.
As part of the bankruptcy, five partially completed buildings on nearly 10 acres and another 134 undeveloped acres are being auctioned by NRC Realty & Capital Advisors of Chicago. The deadline for bids is Aug. 12. More information: www.nrc.com/1404/properties.html.
As spelled out in a June 12 story in The Gazette, the auction is part of a process to end the bankruptcy by one of two means: a sale to a winning bidder, or an alternate plan by Colorado Crossing creditors to set up a trust to complete construction on the buildings, find tenants and sell the rest of the land for future development of apartments, town homes, stores and office buildings. The winning bid at the auction must top the $15 million estimated value of the creditors’ plan, which calls for transferring the property to a new limited liability company controlled by creditors.