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Related, Westpac JV Tap JER for Snowmass Buy

SNOWMASS VILLAGE, CO-The private equity arm of JE Roberts Cos. provides $96 million of preferred equity for the acquisition, which has been in the works since January.

By Brian K. Miller | Updated on April 05, 2007

SNOWMASS VILLAGE, CO-JER Partners, the private equity arm of JE Robert Cos., has provided $96 million of preferred equity for the acquisition of the entitled Snowmass Base Village development site by a joint venture of New York-based Related Cos. and WestPac Colorado LLC. The would-be one-million-sf, 20-acre development at the base of the Snowmass Ski Area is being sold by a joint venture of Aspen Skiing Co. and Intrawest Corp.

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.

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