Residence club in works for Snowmass Base Village
September 2, 2014
A residence club with a combination of whole and fractional units is now planned for three buildings in Base Village, Related Colorado announced Thursday.
Sunrise Co., Oaktree Capital Management L.P. and Related signed a letter of intent Thursday to develop up to 44 units in what are known as Buildings 6, 7 and 8 in Base Village.
The number of units and the mass of the buildings will remain approximately the same as what was originally approved for the lot in 2004, said Steve Alldredge, spokesman for Related Colorado. Aspen Skiing Co. formerly intended to develop Building 8 into The Little Nell Residences; part of Building 7 is the Base Village Arrival Center.
Sunrise Co. and Oaktree purchased the Dancing Bear in Aspen in 2012, a second phase of which is in the works. The luxury residence club in Snowmass Village will resemble the Aspen property and will likely generate more guest stays than what is approved for the lot now, Alldredge said.
"Related, Sunrise and Oaktree share the town's vision to further enhance Snowmass' experience as a vibrant year-round destination," said Dwayne Romero, president of Related Colorado. "We are thrilled to partner with Sunrise and Oaktree on a residence club with both national and international appeal. This synergy between Sunrise, Oaktree, the Aspen Skiing Co. and Related has great potential to drive additional occupancies and vitality for Base Village and more generally for the town as a whole.
"We look forward to continuing to work closely with Snowmass Village Town Council to obtain all the approvals necessary to move this project forward and continue the revival of Snowmass."
The new plans for the buildings will be presented as part of an application to amend the planned-unit development for the overall project, which Related has said it will submit to the town of Snowmass Village by Oct. 15. That deadline is one of many that it is proposing in its application to extend its vested rights on the stalled development, now under review.
A new space for the Snowmass Clinic, now currently operating just off the slopes on the mall, also will be included in the plans for Building 8.
"We look forward to participating in the revitalization of Snowmass Village and working with the Aspen Skiing Co. and Related to finish the core of Base Village," said Teddy Farrell, project manager at Sunrise Co. "It will be important for each of us to work closely with the town of Snowmass Village Council, staff and residents to ensure we're working in the best interest of the community to finish what should be an incredible centerpiece to an already world-class mountain resort."
Sunrise Co. develops residential, resort and country-club communities in the western U.S. Oaktree Capital Management L.P. is a global investment firm.
The big picture of what Base Village could look like is becoming more clear, as Skico has also said it intends to build a hotel there. Details about the developers' plans and other aspects of the project, such as a community amenity facility currently approved to be an aquatic center, will emerge when Related submits its major-amendment application in October.