Snowmass residents react to purchase of Base Village
Aspen Skiing Co. and two partners completed their purchase of the valuable property at the base of Snowmass Ski Area on Dec. 22.
A joint venture formed between Skico, East West Partners of Avon and an affiliate of KSL Capital Partners acquired the Snowmass Base Village project from Snowmass Acquisition Co., an affiliate of Related Cos.
The deal included a substantial amount of undeveloped ground that already has approvals for a hotel and condominiums, commercial space and community facilities such as an ice rink. The complicated transaction also included the sale of Snowmass Hospitality, a property management company, and the Viceroy Hotel operations, which includes unsold condominium units.
The real estate — separate from the property management company and Viceroy operations — sold in the mid-$50 million range, according to a source familiar with the transaction.
This week we asked community members, leaders to share their thoughts on what the sale of Base Village means for the Town’s future:
“Throughout the community, I am hearing words of joy and happiness about Base Village re-emerging from years of being a dead construction zone. With construction slated to begin in early spring comes hope to our local landlords who have struggled financially for years. Each and everyone of them who remain open for business today spent many years working on “shoestring” budgets and just ‘getting by.’ Now with economic vitality within reach, I hope that everyone of them will continue to prosper, and new entrepreneurs see the new commercial zone as an opportunity for themselves and their family.
As the future unfolds with construction for many years to come, all of us who live and recreate here need to be mindful of the progress we have made and be proud of the emerging new development. I do share in the hope that our core values, beliefs and love for our special little community stays first and foremost in our hearts.
We welcome EastWest, Skico and KSL as our community partners in bringing to fruition Base Village. Our Town Council, town staff and I look forward to working with this new leadership team.”
-Markey Butler, Snowmass Mayor
“Hallelujah! We’ve looked at that rebar and plywood far too long, and I couldn’t be more excited about the center of Snowmass finally being completed – and especially by Skico/East West Partners who both know how to tell a compelling story about the future of our community and make it all come to life. The best news of 2016!”
-BJ Adams, Snowmass broker
“There are milestone dates that are set and have to be met. Trying not too be too optimistic and looking forward to a good start this spring is exciting times for this village, it has been a long time for progress at the Base Village area along with several other projects due to start the same time I hope we all have the patience to handle this new era of progress about to begin here.”
-Tom Goode, Snowmass Town Councilman
“It’s very exciting to have Skico, KSL and EastWest join together in completing base village — each brings tremendous history and expertise. And, it will be terrific to see this important project move forward to the next phases as they will bring even more amenities and experiences to Snowmass Village for both locals and visitors to enjoy.”
-Rose Abello, Snowmass Tourism Director
“I think it’s awesome. We’re ready to complete our wonderful, precious village. Let’s stay focused on the big picture, and despite the pain of future construction, it’s going to be a total win-win for everyone.”
-Leah Moriarty, Snowmass broker
“I truly believe the sale of Base Village is the start of a new and exciting chapter for Snowmass Village. From what I have learned about East West Partners over the last several months and from what I already know about the Aspen Ski Company, I have no doubt that they have the best interests of the Town at heart. We have waited for many years for a developer that truly cares about our community and wants to see it thrive as much as we do. The completion of base village has been a long time coming and I look forward to the road ahead and working with the new developers.”
-Alyssa Shenk, Snowmass Town Councilwoman
The Snowmass Village Housing Department is cracking down on its rental compliance for workforce housing in this year’s lease renewal cycle.