Related WestPac makes offer to move Snowmass projects forward
The Aspen Times
Aspen, CO Colorado
SNOWMASS VILLAGE ” Developer Related WestPac has come up with a plan to it hopes will ensure continued building at its beleaguered $1 billion Base Village in Snowmass Village.
Since last fall, the developer has struggled to keep and obtain funding for the current phase of the project.
More recently, Related WestPac has struggled to obtain minor changes for the project from Town Council members who are worried that promised amenities in the project will fall by the wayside during the current economic malaise while the developer moves forward with more profitable buildings.
Thursday, Related WestPac representatives were to meet with the Snowmass town attorney to iron out a possible agreement for the council to review, according to Dwayne Romero, the company’s chief operating officer.
In return for two approvals it needs before it can build the Little Nell Residences Snowmass, said Romero, Related WestPac would promise to fund the construction of a transportation center in the spring. He added the company would post a $2 million bond for the project to ensure its completion. A planned arrival center, designed to be attached to the transportation center, is still delayed until market conditions approve.
Not only does Related WestPac need the approvals to continue to build the Little Nell Residences Snowmass, the company has said it needs the approvals in order to obtain financing for the luxury project. More than half of the wholly owned condominium residences have already been sold.
Last fall, the developer announced that, due to the financial crisis, it would have to delay construction on three buildings, including an arrival and transportation center.
Since then, the council, worried the developer might never build the arrival and transportation center, has grown increasingly insistent that the amenities be built sooner rather than later.
Last month, the matter was raised during discussions about requested changes to the plans for the Little Nell Residences Snowmass. On Monday, the council refused to vote on proposed changes to the Viceroy Resort and Residences, also part of Base Village, until the developer presented a plan for the arrival and transportation center.
The Snowmass Planning Commission, which reviewed the tentative plan Wednesday night, will hold a Jan. 14 special meeting on the proposal. Related WestPac hopes to bring the plan to the Town Council on Jan. 20.
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