WestPac Colorado LLC is controlled by Patrick Smith, who with Related Cos. also owns stakes in West Village (Snowmass Mall) and Snowmass Center. The acquisition of Snowmass Base Village will give the JV control of a majority of the commercial space in the area. Smith, who will direct the joint venture, has said he wants to master plan all three properties.
The Snowmass Base Village plan was formally approved 2005 by the Town of Snowmass Village, which is 10 miles from Aspen. As approved, the plan calls for 600 luxury residential units plus restaurants and shopping. Phase one of the Base Village development--condos, a condo hotel, retail, fine dining and a Children's Center--is slated for completion by the 2008 ski season. Plans for the second and third phases are expected to include additional residential, hotel, retail and office space.
The sale of the development will reportedly 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 in January, when the acquisition was announced. 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, according to the announcement.
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.
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. 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.
In addition to its Snowmass Village holdings, the Related/WestPac JV last year acquired a 280-acre parcel 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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