Q&A: Snowmass developer Pat Smith talks about Base Village
August 18, 2008
SNOWMASS VILLAGE Pat Smith, owner of Related WestPac and developer of Snowmass Base Village, recently answered some questions from Inside Business (a publication of The Aspen Times) on how the progress is going in transforming the aging ski resort.Related WestPac owns several properties in town including Snowmass Base Village, the Snowmass Mall and the Snowmass Town Center. The private real estate company is redeveloping those properties and investing billions of dollars. The 1 million-square-foot mixed-use development at Base Village includes residential units, hotels, retail, entertainment and restaurant amenities on 80 acres. Sales at the residential properties Little Nell Residences at Snowmass and The Viceroy Resorts and Residences at Snowmass have gone unexpectedly well in recent months. Since sales began in mid-December 2007, Related WestPac Real Estate has sold more than 65 percent of The Little Nell Residences at Snowmass and more than 50 percent of The Viceroy Resorts and Residences at Snowmass. Prices for The Little Nell Residences at Snowmass begin at $3.1 million and at The Viceroy Snowmass prices range from $570,000 to over $4 million. Launched more than 35 years ago, Related has helped build Time Warner Center in New York City and CityPlace in West Palm Beach, Fla. To date, the company has developed $15 billion in projects, and has billions more worth in the process of being built. IB: Can you give our readers some background on you and your company, WestPac?PS: After college I started a construction company that built custom homes in California. While I was negotiating on a multi-family project, I was introduced to another real estate investor, Alex Pananides, and we decided to invest in the project together. We joined forces and operated under the name WestPac because Alex had already been using that name. We jointly developed projects for 15 years. IB: What is your vision for the development at Snowmass in terms of residential living?PS: Its going to be fun and vibrant. Its going to be a place where families want to be in the wintertime or the summertime because of the great outdoors. Its going to be a place where kids play in the water feature while adults attend an art show or listen to a musical concert in the events plaza. IB: Who is buying this product? What kind of living experience are they seeking? PS: The Little Nell is attracting sophisticated, refined buyers who are interested in having a distinctive residence in Snowmass for multi-generational gatherings. IB: How many condominiums will be on each property? What sizes are they?PS: At the Viceroy there will be 225 residences in two buildings. The room size breakdown is 73 studios, 78 one-bedroom units, 58 two-bedroom units, 14 three-bedroom units and two four-bedrooms. The Little Nell Residences at Snowmass have 27 one to four bedroom condominium residences. IB: How is living at The Little Nell or Viceroy in Snowmass different than other condominium developments? PS: In addition to The Little Nell and Viceroy, we have just launched The Key Collection, and each property offers owners a unique experience. The Little Nell Residences at Snowmass will deliver the exquisite service of The Little Nell hotel, with 24 hour concierge, in-room dining, a spa and more. Viceroy Snowmass also will offer owners luxurious and modern amenities and all the services of a hotel, delivered with Viceroys energetic atmosphere. IB: The Little Nell and Viceroy properties have been on the market for a short time and more than half of them are already sold. What do you attribute that to? PS: Its the golden combination of premier location in Snowmass, which already has a strong brand, with exquisite design by celebrated designers, and luxury brands that people trust. IB: What do you love most about your profession? PS: I like the creativity of making things happen.Inside Business is published Tuesdays in The Aspen Times.