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Photo: Jeremy Swanson


Early Winter 2017-18 In This Issue: New Development in Snowmass | Base Village Pre-Completion Sales Opportunities Aspen’s Building Boom | On the Drawing Board in Basalt

2017 has been a year of new beginnings in Snowmass, after several years of quiet. New ownership is at the helm of two of the Town’s three commercial nodes, each with ambitious development ideas. We’ve been keeping close track of the plans for Base Village and The Snowmass Center, and we’ll be thoroughly involved with the upcoming launch of pre-completion buying opportunities (see page 5). On the cusp of its 50th anniversary, Snowmass is clearly turning toward the next 50 years with a fresh outlook, and it’s a very exciting place to be this winter.




t the base of Fanny Hill and Assay Hill, and around the Elk Camp Gondola, is Base Village, where construction has been going full throttle since last spring, shortly after the partnership between Aspen Skiing Company, East West Partners, and KSL purchased the partially completed development from Related Companies. Debuting in Fall 2018 will be a portion

of the village east of the gondola, including a 99-room Limelight Hotel; a small building, to be known as Lumin, with residences above a Four Mountain Sports shop; a 230-member private mountain club; a public events plaza with ice rink; and the Town-owned Community Center, whose uses are yet to be determined but are intended to be inclusive and public. The Crestwood

The Enclave


ood to W

Restaurant Retail The Limelight


Capitol Peak “A”

Hayden Lodge | Tree House

Plaza Community Center

The Viceroy

One Snowmass Arrival Center

The Lichenhearth

Capitol Peak “B”

to Village Mal


Capitol Peak “C”

The Tamarack

In December, we’re looking forward to the launch of the next wave of residential precompletion sales in Base Village. Coming to market are 55 residences that are currently being built in the core of the Base Village plaza and 50 units in the refurbished Viceroy Hotel building. Our company is involved in the new product liftoff, and we encourage you, if you have any curiosity about what’s coming down the pike, or certainly if you’re interested in pre-completion buying opportunities, to contact us. Here’s what we are expecting . . . • At The Viceroy, 50 previously unsold residences are being returned to the market after East West partners re-examined all the condominiums and their differential pricing. Though the intent is not to raise prices, says John Calhoun, Director of Sales and Marketing, these residences will benefit from both the $4 million worth of capital investment East West is putting into The Viceroy’s common spaces with its complete renovation this fall, including a new restaurant, lounge and coffee bar, as well as an upcoming refresh of the residences, including new carpeting, paint, and furniture. In the interim, nine of the residences are being pulled from the rental inventory this winter for ease of showings. Once all that is done, Calhoun promises noticeable improvements in bringing the hotel up to date. “The Viceroy will have a completely different feeling than it did last year, from the 2

moment you enter the front door,” he says. “If you think you’ve seen The Viceroy, it’ll be worth looking again.” • Across the way, the Base Village Plaza, in front of The Limelight and Lumin buildings, is being planned as a multipurpose events space which will feature an ice rink in the winter that converts to a grassy area in the summer for kid play, informal soccer games, and outdoor performances. Fire pits and stone steps from which to watch the action will be scattered around the area, and restaurants planned for the surrounding buildings will have outdoor patios that spill out into the community spaces. Overlooking the Plaza will be a 5-story, glass-enclosed public climbing wall, the centerpiece of The Limelight, intended to exemplify the vibrant mountain energy of a hotel that’s “much more than a lodge,” according to Calhoun.


• In The Limelight Hotel building, there will be 11 free-market residences, nine of which will be on the top floor. The six 2-bdrm/2bath and five 3-bdrm/3-bath units will have incredible views up the ski mountain and across the Base Village Plaza downvalley. According to John Calhoun,

The Limelight Residences are intended “for the person who wants to be part of the social element in a cool ski village.” Calhoun describes the look of the Residences as “new and fresh, yet with elements that let you know you’re still in the mountains.”


Top: The Limelight Hotel and Residences at the back of the ice rink Below: The Limelight Residence typical living room and master suite

• A small building immediately east of the gondola is Lumin, with a Four Mountain Sports shop on the ground floor and just three exceptional residences above it on two stories. The 4-bdrm, 3500 sq ft penthouse is “unlike anything else in Snowmass,” says Calhoun, “for the unique buyer who wants to own the best of the best.” On the second floor will be two residences, one with three bedrooms and one with four. All three residences will feature a contemporary design with open floorplans, high ceilings, big timbers, and giant picture windows facing up the mountain. The interiors of each will be fully customizable. “I’ve never done a building like this before,” says Calhoun.


Lumin south elevation as seen from the gondola

Aspen 534 E. Hopkins Avenue | 970.922.2111 | 555 E. Durant Avenue | 970.925.5400 • Snowmass Village Next to Alpine Bank | 970.923.2111



• One Snowmass, the two long-unfinished buildings over the Base Village parking garage (known as Buildings 7 and 8), is slated to be completed in the Summer of 2019. Together, these two buildings will comprise 41 residences, 11 of which will be offered for fractional ownership. While the floorplans will be very different between the two buildings, both will feature clean, contemporary “alpine modern” design, with large windows for expansive mountain and downvalley views, and amenities such as two large spa tubs on the roofs. Buyers will have the opportunity to customize their interiors and add their personal touch. Although One Snowmass will likely go to market this ski season, the 11 full-ownership residences in the west building (Building 7) will be released first. Top: One Snowmass north elevation as seen from the roundabout Below: Typical One Snowmass living room, kitchen and master suite 4


SNOWMASS BASE VILLAGE AT A GLANCE Located at the base of the ski area in the heart of Snowmass Village, Base Village (SBV) is a $600 million mountain-resort development – the largest currently under construction in North America. This approximately 10year project will add lodging, residences and amenities to the world-class mountain and resort. Completion of the current phase of construction is slated for November 2018, and includes The Limelight Hotel, 55 residential units, a public events plaza and a community building. Development Team Snowmass Base Village is a collaboration of three Colorado-based companies: East West Partners, Aspen Skiing Company and KSL Capital. East West Partners leads the development operations for SBV. Company principals have years of experience working together to create vibrant mountain resort communities. Design The project is utilizing several architecture and interior design firms, each bringing an interpretation of contemporary mountain design. The result will be an eclectic feel and will give the sense of having been built over time - a departure from the uniform, “cookie cutter” mountain ski resort villages that have been prevalent in the past. History of the Development Parcel In 1967, world-famous architect and artist Fritz Benedict conceived a plan for a pedestrian village at the bottom of the resort, a vision which SBV completes. After receiving original approval in 2004, the project was suspended at the onset of the recession in 2008. The current work, commenced again the spring of 2017, builds on the first-phase condominiums, retail and skier services buildings constructed in the mid2000s by resort developer Intrawest.

PRE-COMPLETION PURCHASE OPPORTUNITIES IN BASE VILLAGE Residential sales will launch December, 2017, beginning with the delivery of price lists, floor plans, and purchase agreements for the first 14 residences. Offers are expected to be submitted in January. No word yet on how multiple offers, or offers above asking price, will be processed by developer. Contact us for further details – we are deeply involved in the pre-completion sales process. THE LIMELIGHT HOTEL | Opening November 2018 Fun, unfussy luxury with an energetic vibe, The Limelight Hotel will feature an indoor/outdoor lounge area, a 5-story climbing wall open to the public – the largest of its kind in the state – a fitness center, kids’ room and outdoor spa pools and deck. There will also be 11 free-market Limelight Residences. The development will also serve as the site for Snowmass Mountain Club, an exclusive private club, offering member parking, ski valet, lockers and a lounge area for convenient ski access.

• • • • • •

Hotel: 99 rooms 11 free-market residences: – (6) 3 bedroom/2 bath – 1360 sq ft – (4) 3 bedroom/3 bath – 2625 sq ft – (1) 3 bedroom/3 bath – 2215 sq ft Prices expected to be in $1400 per sq ft range, +/Hotel is owned by Aspen Skiing Company Two other Limelight locations: Aspen and Ketchum, Idaho Architect: Oz Architecture (Denver) | Interior Design: Stonehill & Taylor (NYC)

LUMIN | Opening November 2018 Lumin (meaning light) will be SBV’s most exclusive address, with 3 privateaccess residences featuring contemporary mountain design. Living spaces include expansive livability and warm sunlight with raised ceilings, floor-toceiling windows facing up the mountain and outdoor decks. • • • • •

Three residences: – Residence 2: 4 bedroom/4½ bath – 2730 sq ft – Residence 3: 3 bedroom/3 bath – 1971 sq ft – Residence 1: Penthouse – 4 bedroom/4½ bath – 3244 sq ft Adjacent to Plaza and Elk Camp Gondola Prices expected to be in $1600 per sq ft range, +/Commercial space on ground floor (Four Mountain Sports) Architect: Oz Architecture | Interior Design: The Ranch House (Boulder)

ONE SNOWMASS | Opening Summer 2019 One Snowmass, slated to begin construction Winter 2017, is two residential buildings connected by an enclosed walkway which are expected to be a striking, creative, contemporary interpretation of the quintessential ski lodge, built for the modern lifestyle. Corner glass windows and slanting roof forms will be signature design elements, offering views of the surrounding mountains. The architectural inspiration for the 2-building project draws from Banff’s mid-century modern ski lodges, the minimalist style of Aspen’s Bayer Institute, and the mining architecture of the Roaring Fork Valley. Owner amenities will include a rooftop lounge with infinity spa pool, fire pits and lounge areas and a fitness center. One Snowmass will also house the SBV Arrival Center, with check-in services, as well as the resort’s medical clinic. • 41 condominium residences - 30 whole ownership and 11 fractional • Prices yet to be determined • Architect: 4240 Architecture (Denver) | Interior Design: Styleworks (Denver) THE RESIDENCES VICEROY SNOWMASS | Phase I Completed • Ski-in/ski-out, whole ownership residences (50) • Studios to three-bedroom penthouses • Amenities include 7000 sq ft wellness spa with all-season swimming pool and private heated cabanas, restaurants, and fitness center. • Undergoing a $4 million refresh Fall 2017 to be completed by the holidays, including a new restaurant, Toro (Richard Sandoval), a redesigned lobby, a new coffee cafe, and a new fitness area. The refresh will continue in the Spring of 2018 with upgrades to the spa and pool areas including the relocation of Nest, which will offer a slopeside/poolside bar and restaurant. • Residences beginning at $225,000 (no word on timing of Phase 2 build-out)

Building and Timeline Data provided by Sue Hyde, Director of Marketing, East West Partners

5 5

The Viceroy | Phase II Snowmass Center Future Development The Viceroy | Phase I Future Development


One Snowmass

One Snowmass Arrival Center

Our Snowmass Office Proposed Snowmass Center Expansion Limelight Hotel and Residences

Hayden Lodge | Tree House


Photo: Jeremy Swanson

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Site plan for proposed Snowmass Center expansion


major proposal to redevelop the 37-year-old Snowmass Center is beginning to make its way through the Town’s land use review process. New owner Eastwood Snowmass Investors, whose local face is E. CHARACTER SKETCHES Jordan Sarick,1. BIRD’S boughtEYEtheVIEW aging shopping center from an affiliate of Related (also the former owner PERSPECTIVE of Base Village) for $16 million in 2016. Sarick, who also owns much of the commercial village at Aspen Highlands, wants to create a mixeduse development of multiple buildings at The Snowmass Center, with residential surrounding a commercial core that would function much like a “Main Street.” The Snowmass Center has always been considered an important node for local-serving commercial businesses, notes Sarick, who cautions it’s too early in the land use process to spell out many details of the project. “What we’re trying to do is respect the vision of the Snowmass Village Comprehensive Plan process and work within what the Town of Snowmass Village and its stakeholders wish to articulate.” Rough plans for The Snowmass Center plan include a modest expansion of commercial A bird’s eye view of The Snowmass Center, if fully developed as submitted to the Town of Snowmass Village 8


space, most of it in a new building closer to Brush Creek Road and our Snowmass office. At the current Center building, the annex (the wing which houses Taster’s) would be removed, and the focus of the redevelopment would be on more ground-level restaurant and retail, with public gathering areas, sidewalks, and parking on both sides of the building. Current businesses such as the grocery store, post office, and hardware store would stay. Eleven employee-housing units are proposed to be added to the second floor.

to be geared toward locals or long-term, second-home owners - those who want the convenience of shopping and other services but don’t necessarily need the amenities and hospitality services that typically come with ski-in/ ski-out property.

More heavily weighted in the plan is the free-market residential aspect: 62 new free-market residences contemplated in buildings to the north, east, and south of the core commercial buildings. Details on these units are slim at this stage, but given the amount of slopeside development happening in the next few years, Sarick says to expect The Snowmass Center residences

According to Travis Elliott, Assistant to the Town Manager, The Snowmass Center has just entered the sketch plan phase and is currently under review by the Planning & Zoning Commission. This phase will be followed by a preliminary plan application which Sarick’s group will have a year to submit following sketch plan approval.

Although the proposal expands the square footage of the Center fourfold, the development as a whole takes up very little of the land that it sits on— 15 of the 18 acres of the site will be retained as open space, with improved connections to existing trails.



Note: The green, blue and black icons relate to the number of review agencies in the Building Department which need to be involved in the approval of a permit, with green representing the fewest and black indicating the most; the circles represent commercial construction; the squares, residential. Similar maps do not exist for areas outside of the City of Aspen, which is why construction work in the Red Mountain neighborhood, for example, is not shown.


t’s been a very hot year for real estate sales and construction in Aspen. While you can barely drive a block in Aspen without seeing a new building (or more) in progress and the ubiquitous white contractor pickup truck everywhere, the pipeline for future development has slowed down noticeably. Through the third quarter, Aspen property sales were up nearly 60% and dollar volume was more than double what it was last year at the same time, returning the market to 2015 levels. And although the number of land-use submissions has been steadily declining for the last three years, through October, total building permit valuations – $670,000,000 – are ten times what they were at the height of the recession in 2009. And 2017, so far, is the second busiest year for issued building permits that we’ve seen in the last nine. Commercial construction continues full throttle on several prominent projects. With the recent completion of the Victorian Square building on the corner of Hyman and Hunter, an entire block of E. Hyman—anchored by the Aspen Art Museum—has been transformed. The former Sky Hotel on Durant, razed completely last spring, will open as an 88-room Marriott International W Hotel for the 2018-19 ski season, complete with 11 W-branded fractional residences. On Main Street, a major renovation project at The Hotel Jerome, to be completed this winter, includes a new courtyard and pool, a barbershop and speakeasy in the old Aspen Times building, and an addition to the hotel itself of five new guest rooms.

Aspen 534 E. Hopkins Avenue | 970.922.2111 | 555 E. Durant Avenue | 970.925.5400 • Snowmass Village Next to Alpine Bank | 970.923.2111


Also on the west side of town, a redevelopment plan for The Boomerang, a 1950s-era ski lodge that was mostly torn down in 2007, has been dusted off only to be put in limbo again as a prospective new owner weighs how to move forward with outdated approvals and neighbors who have mounted legal opposition to the current plan for 47 rooms and 5 condos in a four-story building. Most notably silent is Mark Hunt, the developer who acquired about a dozen downtown buildings since 2012 and has city approvals to redevelop a number of them. Plans on when to raze and replace the Bidwell Building at the corner of Cooper and Galena, the Crystal Palace building, the former Aspen Daily News building on East Hopkins, the Buckhorn Arms Building by City Market, and the Conoco gas station on Main Street are in the air as some tenants receive lease extensions, others leave, and building permits aren’t pulled. Hunt has only redeveloped one of his buildings (the former Gap building that’s now home to high-end retailers Dolce & Gabbana, Theory, and Lululemon) and, since then, has sold or backed-off a few local investments, including the New York Pizza building on the Hyman Mall and the Seguin building, where the Aspen Brewing Company and Aspen Over Easy are closing by the end of October under new ownership.

Top: Hotel Jerome expansion Below: Gorsuch Haus Lodge

Meanwhile, a couple blocks east, the new Aspen Police Department and Pitkin County government buildings are taking shape, and to the west, the former Main St Bakery building is under construction and will soon be Oakville Grocery Aspen, modeled after the famed general store in Napa Valley. It’s only on Ute Avenue that the hammers have stopped and crews are gone from The Aspen Club site, as its owners face foreclosure and seek to refinance their project to build 20 new fractional residences and expand the main club. Fourteen of the new residences were scheduled to be finished by the end of this year; a new completion date is unknown. Over on S. Aspen Street, as the One Aspen luxury townhomes near completion, peace and quiet may settle in for a while on the Lift 1A side of town. Review of the 61-room Gorsuch Haus lodge project has been on hold since spring while resort-planning consultants and local stakeholders—including Aspen Skico and the developers of the two major projects in the Lift 1A area—worked on lift access and transportation issues. Many in the community are hoping that a new ski lift can start further down the hill than currently planned (66’ further up the slope than it is now), but the two most favorable scenarios would entail a major change to the unbuilt Lift One Lodge, whose 2011 approvals for a 22unit fractional project expire next year, in order to accommodate the lift corridor and skiway. City Council sent the consultants back to the drawing board to consider an underground people-mover and a midway load station. 10

As for future development, two local experts – planner Alan Richman and MAI appraiser Randy Gold – agree there’s not much in the pipeline, largely due to recent city land-use code changes which eliminated incentives and upped mitigation requirements. These changes, which went into effect last spring, ban free-market residential units in any area of Aspen where commercial uses are allowed, lower building heights, required “second-tier space” (2nd floor, alley-facing, for example) for mom-and-pop businesses, and increased affordable housing requirements. “The code changes are absolutely influencing developers to not seek redevelopment,” says Gold. “The economics are now really challenging.” Richman agrees, but he adds that it’s also a natural lull, as many developers rushed to get their applications into City Hall before the year-long moratorium that prefaced the code changes, a move which essentially glutted the development pipeline with “way more than was justified by any demand.” Gold points out that there’s also a market component to the slowdown. After several years of downtown buildings changing hands at a rapid pace—led by Mark Hunt but including others, and often at eyebrow-raising prices— not only is there not much left on the market, but what remains is being influenced by those high-price sales. Put all these factors together, and “it’s no wonder there’s not a lot of pending development applications,” says Gold. Neither Gold nor Richman are concerned about the lull. “Some developers may be taking a wait-and-see approach on how all the approved development will be absorbed,” says Gold. “This is a very typical pendulum swing,” adds Richman, who has more than 30 years of local land planning experience. “Not only don’t I see it as a problem, I think it’s appropriate for there to be something of a timeout now.”


BASALT: Land Use Applications Keep P&Z Commissions Very Busy

by the Roaring Fork River and its wetlands, will serve as the local nonprofit’s headquarters, laboratory, and educational hub. After Basalt voters rejected a proposal last November for the town to buy 2.3 acres near the Midland/Two Rivers Road intersection, primarily to enlarge a riverfront park, local developer Jim DeFrancia of Lowe Enterprises floated an idea to buy the land for $3 million and build a 65-key condo hotel along with some restaurant and retail space, while giving up 1 acre for the public park. The parcel remains vacant as Basalt officials consider its fate.


Meanwhile, with construction wrapping up on the realigned intersection of Highway 82 and Basalt Avenue and a pedestrian underpass, traffic flow has considerably improved. The underpass and new turning lanes from Basalt Avenue improves access to and from Basalt’s Southside, where there’s new development worth mentioning.

Generating some buzz on the high end is a proposal for 13 new whole ownership cabins at The Roaring Fork Club, beginning review with the Basalt Planning and Zoning Commission in November. As of this writing, 11 of the cabins, which feature 4 or 5 bedrooms and sit on a collective 20 acres, have been reserved. Construction is expected to commence in Spring 2018 should town approvals be secured this winter.

Town approvals from 2009 were recently confirmed for Stott’s Mill, a neighborhood adjacent to Southside of 113 residences to be built across the Rio Grande Trail from Basalt High School. The development is planned to consist of 48 single-family homes and 64 multi-family apartments, 25 of which will be deed-restricted as affordable and the remainder intended to be “attainable.” Also near the high school, a plan to build 27 affordable condos for local workers recently got the green light. Basalt Vista, a partnership between the Roaring Fork School District, Pitkin County, and Habitat for Humanity Roaring Fork, is providing housing for teachers and other school district officials as well as county employees.

eanwhile, Basalt continues to undergo its renaissance from a sleepy midvalley service community to a livable, vibrant town with year-round attractions and real estate opportunities at nearly every level of entry.

At Willits, the overall vision is coming to fruition at a decidedly fast pace. New restaurants, including Mezzaluna and Capitol Creek Brewery, opened their doors along with other craft businesses including a book store, Bookbinders, a fashion and home goods shop, Hollyann, and a performing arts and event space, The Temporary. Most notably, construction is now underway at the entrance to Willits Town Center, a site that will be home to both rental apartments and additional commercial space, and this is bringing a noticeable buzz of activity to the growing neighborhood. And, in the design phase, according to IND Ventures’ Tim Belinski, are hip, downtown flats, and contemporary, graciously scaled row homes — both to be delivered in Spring 2019.

And, finally, it’s worth noting that, in June, Eagle County approved the 340unit Tree Farm, across the highway from Willits. The new subdivision, which includes 135,000 sq ft of commercial space, as well as both free-market and affordable/resident-occupied housing, will be phased in over time, although some legal wrangling over the development’s approvals means it’s unlikely construction will begin anytime soon.

In downtown Basalt, there’s some action on the site of the former Pan and Fork trailer park, where construction of the Roaring Fork Conservancy’s new River Center is underway. The state-of-theart, approximately 4000 sq ft facility, next to the Rocky Mountain Institute’s new Innovation Center and bordered Top: The neighborhood flavor of Stott’s Mill Below: The Tree Farm site plan, adjacent to Hwy 82 and across from Willits

Aspen 534 E. Hopkins Avenue | 970.922.2111 | 555 E. Durant Avenue | 970.925.5400 • Snowmass Village Next to Alpine Bank | 970.923.2111 11




PRICES PER SQ FT AND INVENTORY 12 months at 10.31.17 (vs. 10.31.16) SALES



Central Core condos Aspen homes Aspen condos

91 93 147

26% 98% 27%

12% 90% 19%

$1574 $1115 $1345

Snowmass homes (ski-accessible, inc. lux) Snowmass homes (off-mountain) Snowmass condos (ski-accessible) Snowmass condos (off-mountain)

12 28 68 27

-37% 27% 36% -23%

-43% 27% 39% -16%

Basalt homes Basalt condos

55 78

8% -9%

Luxury homes ($7.5M+, Aspen & Snowmass) Luxury townhomes ($7.5M+, Aspen)

44 2

57% 0%




13% -8% 8%

45 83 58

-32% -12% -40%

$1077 $655 $652 $584

1% 1% -4% -1%

34 28 91 25

31% -30% -21% -26%

28% 7%

$374 $402

4% 17%

51 26

-7% 0%

63% -33%

$2080 $2661

28% -11%

128 9

14% -18%

Except where noted, all above statistics exclude luxury properties–those priced at $7.5M or more.

For all the tears, all the stress, all the controversy, give thanks for this: Most Americans do the right thing – defend our nation, rescue the injured, stand for neighbors, lead with humility and honor. Take today to savor this. –Michael Allen, political journalist, and co-founder/executive editor of Axios Writer, Catherine Lutz | Editor, BJ Adams | Design, Dan Ragland

Happy 50th, Snowmass!


nowmass celebrates its 50th anniversary ski season this year, kicking off a winter-long party with $6.50 single-day lift tickets on December 15 (reflecting their price during the opening season of 196768). Anniversary weekend festivities also include a retro party at Elk Camp, fireworks, the revival of the Banana Days on-mountain scavenger hunt, dining specials – both $19.67 and $50 prix-fixe menus – at restaurants throughout the Village, and an already sold-out 50th anniversary gala. Reminders of this golden anniversary throughout the season include gold signs marking the original ski trails on the mountain, $19.67 and $50 deals at participating retailers, a weekly champagne toast, and other special events and activities. For full details, visit


Aspen 534 E. Hopkins Avenue | 970.922.2111 • 555 E. Durant Avenue | 970.925.5400 Snowmass Village Next to Alpine Bank | 970.923.2111 •

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