Working on relocations
I am very concerned about the recent letter to Town Council from some of the existing tenants on the Snowmass Village Mall.
Related WestPac has worked with existing tenants to identify those that wish to relocate to Base Village and help them determine if such a move is feasible for them. Not every tenant in the mall can move to Base Village since there is only half the commercial space in Base Village as there is in the mall. We also have clearly heard from the community that greater diversity in retail, restaurant and entertainment offerings is needed in the Snowmass Village.
We have reached agreements with some of the tenants to relocate to Base Village and have provided affordable rental rates that will adjust based on the success of the tenants in their new location. We have also provided subsidies for tenant finishes for some in order to make their moves possible. We fully realize that different businesses can afford different rental rates depending on their profitability, and we take this into account in our negotiations. We also have an obligation to tenants with long term leases on the mall to consider the value of those leases in any negotiations, so each tenant presents a different set of circumstances.
The recent moratorium on development applications has reduced the urgency to move forward with additional negotiations for tenant relocations, but we are still willing to discuss future options with any tenant who wishes to do so.
Related WestPac fully realizes that to achieve the kind of vibrant commercial nodes within Snowmass Village we need a mixture of existing successful tenants and new businesses. Our focus on attracting new businesses to Snowmass is to concentrate within the Roaring Fork Valley. We fully expect that the vast majority of tenants in the three commercial nodes of the village will be an exciting, successful mixture of such businesses and continued operation of existing successful tenants that wish to continue to operate in the village.
We are looking forward to meeting with Town Council to discuss this issue and make our approach as transparent as possible given the need to maintain individual contract confidentiality.
president, Related WestPac
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