>Part of Related Cos.' Aspen Project Faces Foreclosure

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>New York developer Related Cos.’ $3 billion plan to redevelop the village at the base of the Snowmass ski mountain near Aspen, Colo., appears to have hit its final impasse, with lenders filing to foreclose on part of the stalled project.

A four-bank group led by German lender Hypo Real Estate Capital Corp. on Thursday filed a notice in Pitkin County, Colo., to foreclose on the first phase of the Snowmass Base Village project due to missed payments on a $386 million construction loan. Related retains ownership of parcels for the project’s second and third phases, where dated retail and office buildings now stand.

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