Construction of Downtown 240 at Dillon has been stagnant for over a year. Development of 80-unit luxury condominiums on Lake Dillon Drive began in the summer of 2019 and progress halted in April 2020, when the project lost financial support amid the COVID-19 pandemic.
When a September 30 deadline to complete various public improvements – such as sidewalk and pavement repairs on Lake Dillon Drive and West Buffalo Street – passed, the city issued a notice of default to the developer on October 1 and has filed a lien on the property to secure payment of the unpaid fees.
At a special meeting on Tuesday, November 23, Dillon City Council approved a second amendment to the Uptown 240 agreement that moves the improvement deadline to October 31, 2022. The city’s notice of default also been withdrawn.
that of the city staff summary states that Uptown 240 chairman Danilo Ottoborgo plans to close a bridge loan as well as a construction loan soon in the first quarter of 2022. Ottoborgo must notify the city within seven days if the bridge loan fails end no earlier than December 15 and must pay the liens within 10 days of receipt of the bridge loan.
“It’s a bit of a tough thing for all of us to go through, and I’m just hoping here that Danilo and his group can get through that bump, so to speak, and move on,” said board member Brad Bailey. . “… We are here to do it. Just hope this.
Under the agreement, the city has the right to remove all building materials and related items from city-owned rights-of-way if the bridge loan is not closed by December 31. A plan to remove the crane from the site will also be provided to the city if the loan is not closed, or the crane will be removed if construction has not resumed by August 30, 2022.
Council member Renee Imamura wondered why the crane would potentially stay until August if construction had not resumed. City attorney Nick Cotton-Baez said the city wanted to give Ottoborgo a stamp and the crane would likely have left much sooner if there were no loans.
“We tied it to construction instead because we’re hoping Danilo will kick off his project,” Cotton-Baez said. “And the reality is, if that bridge loan doesn’t close, then the crane is probably going to come out of there pretty quickly.”
The agreement states that construction on the development, including public improvements, will resume as soon as possible after receiving the loans and when weather conditions permit.
If completed, the complex will include one, two and three bedroom units, a heated two-story parking garage, hot tubs, yoga studio, gym, conference room and more. Again. There will also be a restaurant and retail business. Adriano’s Bistro & Deli, a restaurant owned by the Ottoborgo family, previously occupied the space.
After the amendment was approved, Mayor Carolyn Skowyra thanked Ottoborgo for working with the city and said she hoped he would continue to work closely with them as things progressed. Ottoborgo thanked the advice in return.
“Thank you all very much for your patience and willingness to help us get through this,” he said, adding later that 13 years ago he made his first presentation to city council. “It really means a lot. It means everything.