The Uptown 240 project has failed to make significant progress since breaking ground in 2019 and is on the road to foreclosure.
According to Dillon Town Manager Nathan Johnson, the town recently received notice that the project’s current lender, JGJP Dillon, LLC, has filed paperwork to begin the foreclosure process.
Jake Porritt recently spoke on behalf of JGJP Dillon LLC at the final Dillon Town Council working session on Tuesday, November 15th.
If the requirements to avoid foreclosure are not met, the Uptown 240 property, currently owned by Danilo Ottoborgo, will be sold at a public auction on February 24 at 10:00 am. Similar to the foreclosure process, Otto Borgo has a “healing period” in which he has the opportunity to repay past due debts.
“It has to get to the point of sale,” Johnson said. to see the construction and completion of your project, whoever it is, we’re here waiting for you.
Otto Borgo issued the following statement following the news that the project was headed for foreclosure.
“As owners and developers of Uptown 240, three generations of Dillon students, neighbors and business owners, we look forward to realizing the dreams of our community and completing Uptown 240 as planned. Our team, the lender and Porritt are in communication to finalize the payment and release of Porritt at the upcoming loan closing and to settle any further mutual debts or obligations.”
Uptown 240 has faced considerable challenges since its inception.After construction June 2019development was put on hold after it lost financial support due to the pandemic.
According to previous reportsthe financial group that backed the project faced difficulties due to COVID-19 and was unable to continue developing the project.
Since then, the project has been in constant flux. In August, Summit Daily News reported that the project is close to securing a loan.MeSeptember, JGJP Dillon, LLC has purchased the debt of Uptown 240.
By purchasing debt, JGJP Dillon, LLC gave Ottoborgo the opportunity to seek the capital needed to complete Dillon’s 80-unit luxury condominium project. Ottoborgo probably failed to secure the necessary capital, leading to the move to foreclosure.
Ottoborgo has a personal connection to the project. The family demolished the restaurant — Adriano’s Bistro — to build a condominium project on top of the old site.
at the beginning of a recent October, Danilo canceled the dev update meeting an hour before it was supposed to start. The meeting prompted members of the Dillon community to seek answers on projects aimed at helping revitalize the downtown core of Dillon.
Dillon and the town of Otto Borgo want to move on from the challenges surrounding the project over the past few years.
“There are a lot of frustrations with this project,” Johnson said. “Not only do I want to make sure this is built and completed, but I also want to relay information to people who have made a down payment on the possibility of purchasing one of these units. I hope there will be a lot of communication and that this project will be a success.”
Ottoborgo declined an interview with the Summit Daily News.