Five slopeside Aspen townhomes combine to sell for nearly $43 million

Five residences that are part of a 14-unit free-market development near Lift 1A at the base Aspen Mountain combined to sell for more than $40 million this week.
Anna Stonehouse/The Aspen Times |

Five residences that are part of a 14-unit free-market development near Lift 1A at the base of Aspen Mountain combined to sell for nearly $43 million this week.

The sold units are part of the One Aspen residential project — which Boston-based developer ASV Aspen Street Owner LLC, also known as Bald Mountain Development, has been building for the past two years, after it withdrew efforts to construct the Lodge at Aspen Mountain. The Lodge project became a contentious proposal that went through numerous iterations and failed to win over Aspen City Council because of its mass and scale.

In November 2013, the City Council approved the residential project, which also includes an employee-housing complex, after the developer gave up on a hotel project.

This week’s transactions were made public in the Pitkin County Clerk and Recorder’s Office, which identified the purchaser of two of the townhomes — the 120 Juan St. unit sold for $8.5 million, the one at 122 Juan St. for $9.15 million — as One Aspen 101 LLC and One Aspen 102 LLC out of Southlake, Texas.

Another limited liability company, 2XACharm LLC of West Palm Beach, Florida, paid $8.1 million for the condominium at 124 Juan St., according to property records. And two LLCs, both controlled by Aspen real estate investor and developer Mark Friedland, paid $8.34 million and $8.64 million for two other townhomes on Juan Street.

The individual townhomes have an average living space of nearly 5,000 square feet.

The Aspen office of Sotheby’s International Realty had four brokers involved in the marketing and selling of the properties — Andrew Ernemann, Craig Morris, John Sarpa and Maureen Stapleton.

The five sales also closed around the same time, Ernemann said, because two of the townhomes obtained certificates of occupancy, and three were given white-box status by the city, meaning the new owners will complete the finish.

“(The) buyers all closed as soon as they could,” he said.

The certificates were issued in late December, said Dennis Murray of the city’s building department.

Nine other townhomes, also part of the One Aspen development, remain under construction, Ernemann said. Five of them are under contract for purchase, with the price range from $12 million to more than $16 million, he said.

As part of the city’s employee-housing mitigation program, ASV Aspen Street Owner also built 15 deed-restricted units on South Aspen Street to gain approvals for 65,000 square feet of free-market condo development.

The workforce units — which include two studios, 10 one-bedrooms and three two-bedrooms — were claimed by local employees Jan. 8 as part of an Aspen/Pitkin County Housing Authority lottery. Prices started at $157,000 and topped out at $349,000, based on the buyers’ income categories.

ASV Aspen Street Owner bought the undeveloped land for $15 million from Aspen Land Fund II LLC in March 2010. At one time, Aspen Land Fund had proposed a 175,000-square-foot hotel for the property, but was denied twice by City Council.