The Aspen Skiing Co. agreed Monday to purchase a lot in Snowmass Base Village, where it will build a Limelight hotel similar to the one it owns in Aspen.
Related Cos., which currently owns the stalled development at Snowmass’ base through a subsidiary, will represent Skico in the review process for the new hotel. The proposed changes to the current approvals for the lot will be included with an application for amendment to the overall project that Related has promised to submit by Oct. 15.
In addition, Skico will present an application to resurrect the Fanny Hill Townhomes, a condo project that was canceled in April, said Don Schuster, Skico vice president of hospitality development, to the Snowmass Village Town Council on Monday.
“We think that we’re aligned with what the town needs and wants,” Schuster said. “We’re looking forward to being part of the project with Related.”
After completing much of the review process for its plans for Lot 2, Skico backed out of the deal in March, saying there was too much uncertainty around the whole of Base Village.
“Related will now be the applicant, and we will close on the property when Related obtains the major (planned-unit development) amendment,” Schuster told the Times in an email. “That provides us with some level of comfort that Lot 3 (Buildings 6, 7 and 8) will be developed in a timely manner.”
The deal was signed just half an hour before the Snowmass Village Town Council’s regular meeting, when it had its first public hearing on Related’s application to extend its vested rights in the stalled development. That application includes certain milestones the developer must meet in order to keep its vesting, such as completion of Lot 2 by 2019.
Schuster said that’s an outside date, though.
“Most likely we would start in the spring of 2016 and complete for the 2017-18 ski season, depending on when approvals are obtained,” he said.
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