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ASPEN, CO-The 21-acre Snowmass Base Village development is changing hands. A joint venture of Aspen Skiing Co. and Intrawest Corp. is selling the planned one-million-sf development at the base of the Snowmass Ski Area to a joint venture of New York-based Related Cos. and WestPac Colorado LLC. The transaction is slated to close next month. The price has not yet been disclosed.
WestPac Colorado LLC is controlled by Patrick Smith, who with Related Cos. also owns stakes in West Village (Snowmass Mall) and Snowmass Center. Smith also will direct the joint venture, which will create a multibillion-dollar development plan encompassing all three properties, according to a prepared statement. The portfolio gives the JV control of a majority of the commercial space in Snowmass Village. Neither Smith nor an executive with Related could be reached Wednesday for additional comment.
The Snowmass Base Village plan was formally approved by the Town of Snowmass Village in 2005. As approved, the plan calls for 600 luxury residential units plus restaurants and shopping. The sale of the development will not affect units under contract at Capitol Peak Lodge and Hayden Lodge, which are under construction and will be delivered as planned, according to a statement by the JV. The sale also will not affect the $78-million in planned improvements to the ski area, including a new gondola and a new ski lift.
As part of the transaction, Aspen Skiing Co. will remain involved in the long-term operation and management of Snowmass Mountain. Specifically, it will operate the commercial spaces for ticket sales, ski retail and rental facilities in Snowmass Base Village, as well as the 26,000-sf Children's Center opening this spring. In addition, Aspen/Snowmass Hospitality, a division of Aspen Skiing Co., will be responsible for hotel and residential property management.
Related Cos. mixed-use development experience includes Time Warner Center in New York City and CityPlace in West Palm Beach, FL. In Los Angeles, it is developing Grand Avenue, situated directly across from Walt Disney Hall, which will include luxury residences, retail, restaurants, and a luxury hotel.
WestPac, a privately held investment and development company, is a co-developer of the Residences at the Little Nell, an exclusive, member-owned, private residence club on Aspen Mountain adjacent to the five-star Little Nell hotel and the Silver Queen Gondola.
In addition to its Snowmass Village holdings, Related/WestPac also recently acquired a 280-acre parcel known further down the valley. Known as the Bair Chase property, it is located on a former ranch along Highway 82 between Carbondale and Glenwood Springs. A previous owner had obtained approvals for a golf course and 230 mostly multifamily residential units before the lender foreclosed on the property early last year.
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