S’mass developer buys Aspen property
January 23, 2007
Aspen,CO ColoradoASPEN Developer Pat Smith has taken control of yet another piece of commercial property, this time in downtown Aspen.Smith, who also recently purchased the residential component of the planned Base Village development and other properties in Snowmass Village, is now the owner of an Aspen building that was once home to Arthur’s Chinese Restaurant and more recently businessman Tom McClosky’s Cornerstone Holdings LLC. Smith’s offices have been there for the past several months.
Smith’s WestPac and The Related Companies of New York bought the North Star building at 132 W. Main St. for about $9.9 million Jan. 17, according to records on file with Pitkin County.Smith and his partners acquired the property under the name of 132 West Main Street Associates LLC, a corporation registered with the Colorado Secretary of State’s office on Jan. 4.Smith’s local development empire, in addition to the bulk of Base Village, includes the Snowmass Center, Offices at Snowmass and the site of the Conoco service station. He also holds an option for a majority of the Snowmass mall area. In Aspen, Smith is partner in the Residences at The Little Nell. And he has a stake in the Bair Chase property behind the now-closed Sopris Restaurant outside Glenwood Springs.According to Joe Krabacher, attorney for the Smith partnership, the current tenants – including the KUUR radio and television station company, Countrywide mortgages and the Colorado Marketing firm – will remain as occupants.
He said Smith and his partners have taken over about 4,000 square feet of the building, and that no one was evicted when the purchase was announced.Asked if Smith has any further plans for purchasing property in Aspen, Krabacher said that “as far as I know, no. We have our hands full out there in Snowmass.”He said the building will continue to house the main office of Smith’s development company, which also has a project office in Snowmass Village.
Asked why Smith wanted an office in Aspen, Krabacher replied, “I think there’s more office space opportunities in Aspen” than in Snowmass Village.”Rather than renting, we’re owning,” Krabacher said.John Colson’s e-mail is email@example.com