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WestPac, Related Buying Snowmass Base Village

ASPEN, CO-The 21-acre property at the base of the Snowmass Ski Area is approved for one million sf of development.

By Brian K. Miller | Updated on January 03, 2007

(To read more on the multifamily market, click here.)

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.

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