The online bidding for the combined Clock Tower Square and Xanadu condominium properties located at the entrance of Ski Time Square started on Tuesday and was supposed to end by 11 a.m. today. Three bidders had made online bids. The first one set the ball rolling by offering a price of $3.8 million on Tuesday afternoon itself. Soon after, a second bidder made a bid for 4.025 million and then by Tuesday evening, the third bidder increased the bid by $25,000, with a bid of $4.05 million.
But none of these bidders could meet the reserve price, which is the amount being withheld in the auction process. This property was supposed to be redeveloped into a project consisting of 201 luxury condominiums and 49,000 square feet of commercial space. Developers Jamie Temple and Colgate Holmes had listed the property for $15million in 2009.
According to records at the Routt County Assessor’s Office, the Ski Time LLC paid $2.8 million for eight condos and land at Xanadu in March 2006. Then in May2006, Westboat LLC Development, bought the Clock Tower property for $3.05 million. This online bidding for the Clock Tower Square and Xanadu condominium properties was being conducted by www.commercialbid.com.