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July 10, 2012
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Romero: Starting over with Base Village like getting a house back

SNOWMASS VILLAGE - Dwayne Romero, president of Related Colorado, said last week that his company would close on an agreement to acquire the assets of Base Village this fall, but that all the parties involved were interested in closing even sooner than that.

Related announced May 1 that it had entered a deal to acquire all the Base Village assets. The terms of the agreement require the company not to disclose any details until closing, and Romero didn't say much more about it at the Part-Time Residents Advisory Board meeting July 6. He did speak about how the business approach his company is taking with its existing assets and will take with Base Village.

Romero said since foreclosing on Base Village two years ago, Related has focused on maintaining its existing assets, which include much of the mall and Snowmass Center, and keeping existing businesses as tenants. Related is the landlord to 87 different businesses in Snowmass Village.

"Our focus simply put has been to get back to business and economics 101," he said.

Spokesman Steve Alldredge said Related has been giving tenants breaks and not changing a lot of leases in order to help them stay in business.

"For better or for worse, we haven't been trying to clear dead wood and back-fill with some big brand or big national entity that you might see and appreciate," Romero said.

The company's approach to developing Base Village will also rely on basic business practices, Romero said.

"Supply and demand, a market-driven approach ... those are the key words," Romero said.

Alldredge said on July 9 that market conditions today are different than before Related foreclosed on the property.

"The difference now ... is I don't think you're going to see a lot of buildings in Base Village or anywhere else that don't have a lot of pre-sales."

Romero used the analogy of getting a house back after foreclosure for how Related will approach Base Village.

"You start to pick up some projects that were maybe started and were left abandoned. You start working on that. You start trying to be a good neighbor," Romero said. "Things that are at our front door, things that are at our back door, things that are operating now that frankly aren't operating well - all of those are going to be our focus."

One homeowner asked if any changes would be made to the Snowmass Center in the near future. Romero replied that certain improvements would be made to maintain the property, but the "sticks and bricks" of Base Village would be a priority.

"There is a sequence I think that's appropriate," Romero said.

Alldredge said that the company is looking forward to talking to the town about transportation improvements, including the construction of a roundabout at Wood and Brush Creek roads and transportation in Base Village.

jbeathard@snowmasssun.com


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The Aspen Times Updated Jul 10, 2012 06:12PM Published Jul 10, 2012 06:10PM Copyright 2012 The Aspen Times. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.