Snowmass Center Club could bring in big bucks
November 18, 2002
The detailed application for a 50-unit, luxury private residence club at the Snowmass Center shows that the project would bring in $143 million in sales.
As part of its “preliminary” application to the town of Snowmass Village, the Snowmass Land and Cattle Company and the Snowmass Center Limited Partnership have included a financial analysis.
The financial report, prepared by Tangibles Research and Analysis of Carbondale, shows that “the weighted average selling price” of a 1/8 fractional share in the proposed project across from the Snowmass ski area would be $358,000.
By selling 1/8 shares in the 50 units, the partners could sell 400 shares at $358,000 each, which amounts to $143 million in sales.
The report shows that the project could realize $4.2 million in sales in 2003, $19 million in 2004, $26 million in 2005, $30 million in 2006, $31 million in 2007 and nearly $32 million in 2008.
The Snowmass Center project would redevelop the current home of Snowmass Village’s grocery store and post office and create a private club on the upper floors of the main Center building and in new buildings on the south-facing hillside behind the Center.
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The new units at the Club would be three- and four-bedroom luxury units and the Club would include a variety of high-end amenities, including a swimming pool, members lounge, and private ski lockers at the base of a new gondola building.
The proposed gondola would cross Brush Creek Road and land near the proposed Children’s Center in Base Village. From there, another leg of the gondola system is to connect Base Village to the Snowmass Mall.
According to the financial analysis, the project is expected to begin construction in April of 2004 and be complete by October 2007.
The Center project also includes four single-family home sites on the hill behind the Snowmass Mountain condos, which the financial analysis indicates will sell for $700,000 each, adding $2.8 million more to the sales revenue of the project. The report also shows that one year after the project has been completed in 2009, it will generate $141,000 in property tax revenue and $210,000 a year in sales tax revenue.
And by the year 2006, sales from the project are estimated to generate a total of $816,000 toward the town’s real estate transfer tax fund.
“This project will have a positive impact upon the Town of Snowmass Village and other taxing districts that provide service to it,” the report states.