A site plan for The Residences at Saddle Creek in Boulder. (Saddle Creek Boulder)
The developer of spacious duplexes at the entrance to Boulder Canyon has declared his project bankrupt just five days before the units were to be sold at a foreclosure sale.
Curtis McDonald, who co-owns the rental firm Juniper Holiday + Home, is developing The Residences at Saddle Creek at 90 W. Arapahoe Ave. in Boulder. When built, the four-story homes will range from 2,451 square feet to 2,713 square feet, according to online listings. Four duplex buildings are being constructed and one of them is under contract, its website states.
The duplexes are going up near the site of the former Silver Saddle Motel, which operated from the 1940s until 2015 and later became a city historical site at McDonald’s request.
“The property has been around a long time and gone through many changes,” Adrian Sopher, a Boulder architect who worked for the motel’s former owners, told the Boulder Daily Camera in 2017. “The owners are not able to keep it up. They need to make a change.”
Initial plans called for 52 units of duplexes, triplexes and a fourplex spread across 6 acres.
But 18 mechanic’s liens totaling $1.1 million have piled up at The Residences at Saddle Creek since July, along with four lawsuits seeking to foreclose. The most threatening of those was filed in January by Tebo Properties, which claims to have lent $3.1 million to the project in 2023 and not been repaid.
In February, a judge in Boulder ruled that Tebo can foreclose on 90 W. Arapahoe Ave., and a sale was scheduled for April 2. Last week’s bankruptcy filings stopped that sale.
“We are hopeful for a resolution that works for everyone in a timely manner,” Tebo CEO James Dixon said.
The bankruptcy filings offer only a vague picture of the project’s finances, valuing both its assets and its debts at somewhere between $10 million and $50 million. A full list of creditors was not provided.
McDonald and his bankruptcy attorney, Jeffrey Weinman with Allen Vellone Wolf Helfrich & Factor in Denver, did not answer BusinessDen’s interview requests this week.
A site plan for The Residences at Saddle Creek in Boulder. (Saddle Creek Boulder)
The developer of spacious duplexes at the entrance to Boulder Canyon has declared his project bankrupt just five days before the units were to be sold at a foreclosure sale.
Curtis McDonald, who co-owns the rental firm Juniper Holiday + Home, is developing The Residences at Saddle Creek at 90 W. Arapahoe Ave. in Boulder. When built, the four-story homes will range from 2,451 square feet to 2,713 square feet, according to online listings. Four duplex buildings are being constructed and one of them is under contract, its website states.
The duplexes are going up near the site of the former Silver Saddle Motel, which operated from the 1940s until 2015 and later became a city historical site at McDonald’s request.
“The property has been around a long time and gone through many changes,” Adrian Sopher, a Boulder architect who worked for the motel’s former owners, told the Boulder Daily Camera in 2017. “The owners are not able to keep it up. They need to make a change.”
Initial plans called for 52 units of duplexes, triplexes and a fourplex spread across 6 acres.
But 18 mechanic’s liens totaling $1.1 million have piled up at The Residences at Saddle Creek since July, along with four lawsuits seeking to foreclose. The most threatening of those was filed in January by Tebo Properties, which claims to have lent $3.1 million to the project in 2023 and not been repaid.
In February, a judge in Boulder ruled that Tebo can foreclose on 90 W. Arapahoe Ave., and a sale was scheduled for April 2. Last week’s bankruptcy filings stopped that sale.
“We are hopeful for a resolution that works for everyone in a timely manner,” Tebo CEO James Dixon said.
The bankruptcy filings offer only a vague picture of the project’s finances, valuing both its assets and its debts at somewhere between $10 million and $50 million. A full list of creditors was not provided.
McDonald and his bankruptcy attorney, Jeffrey Weinman with Allen Vellone Wolf Helfrich & Factor in Denver, did not answer BusinessDen’s interview requests this week.
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