Snowmass Village, Colorado: Sunrise Co., Oaktree Capital sign letter of intent to build 44 fractional units
The Base Village project at the base of the Snowmass Ski Area took a significant step forward from its post-recession gridlock Thursday with the announcement that Sunrise Co. and Oaktree Capital Management had signed a letter of intent with Related Cos. to develop 44 residential units in three buildings in the project’s core.
Sunrise, which also is developing the stalled Dancing Bear project in Aspen, intends to finish constructing Building 8, which was originally designed and approved to be The Little Nell Snowmass hotel, Building 7, the incomplete arrival center for the project, and Building 6, which would include nine units.
Building 8 was approved with 27 residential units and Building 7 was approved with eight units. Together with the nine units approved in Building 6, that adds up to 44 units, which is the same number that Sunrise and Oaktree now intend to build, according to Steve Alldredge, a spokesperson for Related.
Alldredge also said the companies intended to keep the “massing and scale of the buildings” the same. Building 8 includes at least six stories.
“The upside of the deal is that it increases occupancy and increases vitality,” Dwayne Romero, the president of Related Colorado said about the milestone for Base Village. “And together, Sunrise, Oaktree, the Aspen Skiing Co. and Related have the potential to drive real change, to boost occupancy, tax revenues, vitality.”
While the unit count may not change from the original approvals, what is different is that Sunrise….
Read more of the article here: http://www.aspendailynews.com/section/home/163639
Will this be good or bad for Snowmass Village? A completed Base Area is essential for the future vitality of Snowmass Village. The question is, can the town sustain a new fractional development? Currently the Residences at Snowmass Club and Timbers Club are the only (2) Fractional Offerings in Snowmass. In Aspen, the Hyatt, St. Regis, Ritz, Innsbruck, Residences at Little Nell, Aspen Club, & Dancing Bear push the market envelop for Fractional Offerings.
Leave a Reply