Last month, RiNo developer Kyle Zeppelin clashed with the court-appointed receiver over the sale of Zeppelin Station
In a recent hearing, attorney Patrick Akers representing Zeppelin Development’s RiNo Tod LLC, argued against the court-appointed Stapleton Group’s efforts to sell Zeppelin Station at 3501 Wazee St. Akers stated that it was inappropriate to market a property that may not reach a successful sale, considering it a waste of resources.
Zeppelin Station, a four-story, 100,000-square-foot building with a food hall on the ground floor, was completed in 2018 and is now under the oversight of Stapleton Group after a default on a $32 million loan from Wells Fargo.
Despite Zeppelin Development’s objections to the receivership and the choice of the overseeing firm, Stapleton Group proceeded with efforts to sell the property, including hiring JLL to market it for sale. This move prompted concerns from Zeppelin, particularly regarding communications with Alterra Mountain Co., the building’s largest tenant.
During the court hearing, Akers argued that Stapleton should not have the authority to market the building for sale without explicit orders from the court. On the other hand, Stapleton’s attorney, Kevin Walton, defended the decision citing prior attempts by Zeppelin Development to sell the property.
Ultimately, the judge allowed Stapleton to explore potential buyers but emphasized the need to consult him before proceeding with a sale. The involvement of Alterra Mountain Co. in the discussions adds another layer of complexity to the situation, with speculations about their interest in purchasing Zeppelin Station.
Zeppelin made changes to his legal representation during the dispute, switching to Fennemore mid-process. Meanwhile, Stapleton Group also secured a lease with Josh Schmitz of Ruckus Hospitality for the food hall space, where animatronic dinosaurs will be featured.
As the legal battle continues, the future of Zeppelin Station remains uncertain, with stakeholders closely monitoring the developments.
