It's a sign of the times. The Village at Eldorado, the largest office-and-retail complex in Eldorado, went into foreclosure last week and was taken over by Wells Fargo Bank. Its main attraction, Brumby's Bar & Grill, closed "for good" last Saturday, said co-owner Allan Crossingham, but other retailers such as Subway, Outback Video, the Gym at Eldorado and Pilates Bodies remain open for business. For how long, Crossingham would not say.

"I have my personal opinion as to why this happened, but it's mostly due to the bad economy," Crossingham said. "The bank owns the whole development now because the mortgage payments couldn't be made."

He would not disclose the amount of debt owed but said he and his business partner, Stacy Crossingham, had invested some $1.5 million in the development that opened in the fall of 2006.

Business growth was slow from the start for the complex along Caliente Road near the entrance to the subdivision. The Gym has maintained a steady clientele, but other businesses have struggled or packed up and moved for lack of sales.

As of today, the 30,000-square-foot retail development leases 12,000 square feet to other businesses. Subway and the video store are also owned or operated by the Crossinghams.

Crossingham fought an uphill battle to open the new shopping center at a time when Santa Fe County banned much new development in the Eldorado area and residents were debating development policies along the U.S. 285 corridor. More than half of the stores in The Village remained vacant for more than six months. Before closing, Brumby's Bar & Grill cut back both breakfast and lunch hours.

On Feb. 27, private investors Michel and Olga Marx filed a complaint in state District Court in Santa Fe against the Crossinghams, their company, Uluru Development, Inc., the Village at Eldorado and some 20 additional investors alleging the Crossinghams defaulted on three promissory notes totaling $250,000. The Crossinghams secured the loan in 2005 with the real property, the Village at Eldorado. The Marxes are seeking money owned, with interest, attorneys' fees and punitive damages.

The complaint also seeks to block any money due to some 20 private investors following the sale of the Village at Eldorado, claiming the Marxes' investment preceded the others and should be settled first.

The Marxes' attorney, Jeremy Jones, of Sommer, Udall, Hardwick & Hyatt, based in Santa Fe, declined an interview, citing client confidentiality.

Calls to Stacy Crossingham were not immediately returned.