JoeAnn and John Falco took on the stunning Brittany Hill property in Thornton over two years ago, planning to restore the space that was once a landmark restaurant and open an eatery/special events center there. They got to work on upgrades, but the spot never reopened -- and at the end of 2010, the property went back on the market, as the Falcos became embroiled in legal proceedings with SRC Developers, the California-based company that currently owns the still-vacant property.
"We're still battling it out in court," says JoeAnn. "Brittany Hill is on the market but we had a three-year lease with an option to buy out in 2012, so our attorneys are trying to get this settled." SRC locked the couple out of the property despite payments, she adds, stealing tools and materials that they'd left on the grounds.
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Court documents note that SRC sent two notices of default to the Falcos before the end of 2009, and then took possession of the property in March 2010 after a favorable judgment. Since then, the Falcos and SRC have been tangled in suits and countersuits. And that, JoeAnn says, leaves the fate of the property up in the air -- and explains why the place hasn't been leased.
But Shawn Sanborn, owner of Sanborn and Company owner and the managing broker for the Brittany Hill property, insists that's not the case. "It is available, we have a listing, there's nothing -- ongoing litigation or anything -- that would prohibit the sale or leasing of the property," he says. He also notes that even a favorable judgment for the Falcos wouldn't change that; the property could still be leased or sold to someone else.
To that end, Sanborn says, there's been a lot of interest in this landmark space -- but the owner is waiting for the right offer before doing the deal.