ASPEN, CO-Boston-based Alcion Ventures LP, in conjunction with Golub & Co. of Chicago and Aspen based operating partner, Bald Mountain Development LLC, has recently purchased a 2.4-acre parcel of land on South Aspen Street in Aspen, Colorado. The acquisition of the land site was made in collaboration with the former owner Centurion Partners for $15 million.
The property is currently entitled for 14 luxury townhomes and 17 affordable housing units. The partnership is currently reviewing all development options including the viability of continuing with the previous owner’s plans for a 120,000-square-foot five-star luxury hotel project.
“Aspen is a unique and durable resort market and we pursued this parcel for several years before purchasing it at distressed pricing during its foreclosure. The property is the last major development parcel up against the mountain and we look forward to working with local constituents to have a lasting positive impact,” says Mark Potter, co-founder of Alcion.
The collective team is working with the Aspen City Community Development staff in finalizing its plans for the site. Golub & Co. has been active in Aspen and Snowmass for decades.
“Our deep history in this region, combined with our 15-year relationship with Alcion principals, makes this opportunity a great fit,” says Michael Newman, president and CEO of Golub & Co. “We look forward to working with our partners and the Aspen community to create a vibrant and dynamic development.”
Martin Zieff, co-founder of Alcion points out that “Alcion has a thesis driven investment approach, and once Mark and I decided to focus our attention on the resort segment of the real estate industry, we quickly realized that Aspen was a unique place where we found multiple drivers of demand, constraints on supply and pricing power.” He adds that “Since launching our search for a suitable investment more than a decade ago, we have reviewed or controlled almost every major parcel in downtown Aspen. With Bald Mountain, we undertook the development of the Hyatt Grand Aspen in 2000. We believe the Aspen Street land parcel will present us with an opportunity to produce superior risk adjusted returns.”
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