Business Monday: Sales closing on second phase of One Aspen
The second phase of a South Aspen Street residential development saw nearly $34 million in closed sales since Jan. 7, despite the backdrop of uncertainty over the redevelopment of the Lift One area of Aspen Mountain.
So far this month, developer/owner SV Aspen Street Owner LLC, also known as Bald Mountain Development, has sold new three residences that are part of the 14-unit free-market development near Lift 1A on the western portal of Aspen Mountain, according to property records.
All of the buyers were limited liability companies, based on data on file at the Pitkin County Clerk and Recorder’s Office. The most expensive transaction was listed at $14.6 million.
“It’s an exciting time, and what I think a lot of people don’t realize is the history behind that street,” said Andrew Ernemann, one of the listing brokers for the slopeside project known as One Aspen.
Two years ago at this time, in January 2018, all five townhomes in the first phase combined to sell for just over $42 million, with sales prices ranging between $8.1 million and $9.15 million, according to property records.
Nine units comprise the second phase; two remain under contract, with another four for sale, Ernemann said.
Advertised prices for four units range from $12.195 million (4,398 square feet of livable space) to $16.275 million (5,780 square feet), according to the website for OneAspen.
Prices also have fluctuated because some buyers took on the cost of building out their units, while others have acquired the units fully complete, Ernemann said.
There area of the mountain also has seen drama surrounding the voter-approved hotel developments of Lift One Lodge and Gorsuch Haus, also on the west side of Aspen Mountain. Combined, the projects would amount to approximately 320,000 square feet of lodge and commercial space. The Lift One Lodge has been presented as a 107,000-square-foot timeshare project, and the Gorsuch Haus a 64,000-square-foot luxury hotel.
Last summer following their March victory at the polls, brothers Aaron and Michael Brown said they were backing away from plans to built Lift One Lodge because they had lost faith in the Gorsuch project over financial concerns.
The Browns, however, are now back in the mix and have said they plan to proceed with the project, which also would include a new chairlift coming 500 feet farther down the hill to Dean Street.
“I think it’s affected us in good ways and bad ways,” Ernemann said. “For sure, the possibility of a new chairlift going that far down the hill is a big opportunity for this specific location.”
Yet would-be buyers can be wary of the construction activity’s impact on their and renters’ quality of life.
“There will be a lot of construction and it will be busy with a lot of trucks, and some potential buyers don’t want that,” Ernemann said. “But we’ve probably had many more buyers that look at the greater picture.”
That bigger picture, Ernemann noted, would be rising property values due to the added amenities on what has been a staid side of the base of Aspen Mountain.
Shaw Construction was the general contractor on the OneAspen project, with Poss Architecture serving as the design architect, O’Bryan Partnership as the production architect, and Portico Design Group as the interior designer. The property is managed by Auberge Resorts, which also runs the Hotel Jerome.
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