The co-developer of a $300 million resort in Keystone says $8 million went missing from the project and the firm was then pushed out for revealing the other developer’s bank fraud.
That developer accused of fraud says the other developer is a liar, sham and grifter who committed a federal crime while running a scam that cost the project $72 million.
The Kindred Resort, which broke ground earlier this year and is expected to open in 2025, will be a ski-in, ski-out hotel and condo complex on four acres. Its 95 condos range in price from $1 to $6 million, according to Summit Daily.
But beyond the boastful press releases and smiley groundbreakings, there are lawsuits sitting at courthouses in New York City and Breckenridge that reveal deep and lasting animosity between the two firms picked by Vail Resorts to co-develop the project. The result could be years of costly litigation, with each side demanding the other pay tens of millions of dollars.
This much is agreed upon: In the fall of 2020, Vail Resorts introduced the Aspen-based development group One River Run Acquisition, or ORRA, to a national real estate investment firm called Greenwich Group International, or GGI, and tasked them with creating Kindred. The 50-50 partnership was to combine ORRA’s development skills with GGI’s fundraising.
Within two weeks, GGI found things were amiss, it claims. The land that Kindred would be built atop was quietly transferred to newly created LLCs operated by ORRA’s owners and…
