The owner of an unfinished retirement home in Littleton has filed for bankruptcy.
Ken Caryl Senior Living LLC filed for Chapter 7 protection on May 31. Chapter 7 generally leads to a sale of the company’s assets.
The LLC has only $24,000 in the bank and owes nearly $3.8 million to creditors. Almost all of that, $3.75 million, is owed to Petra, the general contractor for The Lodge at Ken Caryl.
Terry Claassen, a Glenwood Springs man who is the owner of Ken Caryl Senior Living LLC, said in an email he could not comment on the bankruptcy. Claassen is the manager of Rocky Mountain Senior Housing, which lists The Lodge among its properties.
Claassen’s LLC paid $2 million for the land in Littleton in 2015. Last December it was seized by Northmarq, a national lender that provided the money for the purchase in 2015, records show.
The 130,000 square foot building was to have 138 units, including 86 assisted living apartments, 36 memory care studios and 16 independent residences, as well as large terraces overlooking the Deer Creek Golf Course and the Front Range, according to Petra’s website.
According to the Brokers List, an industry website for commercial real estate listings, construction on The Lodge at Ken Caryl began in August 2017 and halted in late 2019 due to a since-settled dispute between its developer. and his contractor. An estimated $9-10 million is needed to complete construction of the $30 million seniors’ residence, its List of brokers page complaints.
The property is Facebook page is a record of his setbacks. In 2017, he posted photos from the grand opening and wrote, “Opening January 2019!” The following year, he announced that he would open in March 2019. In August 2019, he wrote that he would open in the winter of 2020. When a Facebook user asked for a status update in 2020, the owners of the page said it would open late. 2021.
Court records show Ken Caryl Senior Living LLC was sued multiple times in 2020 for allegedly failing to pay contractors. Some of those lawsuits have been consolidated into a single case pending in Jefferson County District Court. Another was settled in September for $17,500.