Riverview Steamboat

PREMIER RIVERFRONT MIXED-USE DEVELOPMENT OPPORTUNITY

D O W N T O W N S T E A M B O AT S P R I N G S , C O

04 06 10 16 32 40 54 00

2

EXECUTIVE SUMMARY SITEPLAN & PRICING RIVERVIEW INVESTMENT PROPERTY BREAKDOWN RIVERVIEW RESIDENCES S T E A M B O AT S P R I N G S F I N A N C I A L A N A LY S I S C O N TA C T

3

EXECUTIVE SUMMARY RiverView is comprised of 4.74 acres in beautiful downtown Steamboat Springs, which is at the epicenter of activity in this bustling resort community. Zoning and density entitlements have already been secured for a unique planned unit development allowing for development of hotels, condominiums and townhomes. The majority of the site is free of ground floor retail requirements that encumber many other sites downtown.

RiverView enjoys access and visibility to Lincoln Avenue (aka “Main Street Steamboat�), the main thoroughfare through Steamboat Springs. RiverView also boasts 900 feet of frontage on the Yampa River, creating a unique offering for the only riverfront residence development opportunity in all of Steamboat Springs.

Steamboat Springs is a premier year-round living and recreational setting in the northwest corner of Colorado, anchored by the world-renowned Steamboat Ski Area which draws thousands of visitors from all over the world. Steamboat is known for its friendly and approachable Western atmosphere, and has become a year-round destination for outdoor enthusiasts and those who enjoy the beauty of the Rocky Mountains.

With great access from 15 major airline hubs, improved highway access from Denver, and the recent purchase of the Steamboat Ski Area by Alterra, Steamboat Springs is poised to take off in a new wave of development activity.

RiverView represents a rare opportunity to acquire and develop what will undoubtedly be the marquis project in this thriving year-round resort community for decades to come.

4

RIVERVIEW HIGHLIGHTS One of kind Planned Unit Development (PUD) zoning

One ofapprovals kind Planned Unit Development (PUD) zoning for the site approvals for the site PUD zoning allows total flexibility within the project, PUD zoning allows total flexibility within the project, and square footage can designated for ratio of of and square footage can bebedesignated forany any ratio hotel, hotel, residential or retail residential or retail

$5 Million metro district and site improvements in place 900 Feet of Yampa River frontage with major infrastructure, road, utilities, and streetscape scheduled to be completed in early 2019

12

RIVERVIEW HIGHLIGHTS Steps away from Howelsen Park, restaurants, shopping,

900and Feet of Yampa River frontage Old Town Hot Springs and Recreation Center

The$5preeminent downtown boutique hotel site Million metro district and site improvements in place with major infrastructure, road, utilities,

Steps away from Howelsen Park, restaurants, shopping, and streetscape complete and Old Town Hot Springs and Recreation Center The preeminent boutique downtown hotel site

12 5

siteplan & Pricing

8

SITE PRICE SUMMARY

PARCEL

LAND SIZE SF

MAX FAR

PRICING

PRICE PER LAND SF

PRICE PER FAR SF

A

B

C1-4

C5-6

D

E

TOTAL

20,944

38,585

38,560

19,297

37,723

22,125

177,234

3.6

2.8

1.25

1.25

3.6

2.5

2.53

$4,000,000

$4,200,000

$8,000,000

$4,000,000

$7,500,000

$4,200,000

$31,900,000

$191

$109

$212

$207

$199

$190

$181

$53

$39

$169

$165

$55

$76

$72

9

Riverview investment

DEVELOPMENT POTENTIAL RIVERVIEW DEVELOPMENT POTENTIAL V E RRVI IVEEWR VDI E VWE LD OE PV M E LEONPT MPEONTTE NP TO ITAELN T I A L

D B A

12

A E A

E

E

B

B

C1-C4 C1-C4 C1-C4

D

D

C5-C6 C5-C6 C5-C6

t rogne e F g r a a o n t a R iFvreo n t r F r r i v e Ya mRpi v e R of pa pa a m F e e tYa m Y o f 9 0 0e t o f t e Fe Fe 900 900

age

15 15

15

RIVERVIEW OVERVIEW

RIVERVIEW OVERVIEW All Parcels Including Roadways

All Parcels Without Roadways

Max Development SF

Size

Size

Size

4.74 Acres

4.069 Acres

206,474 SF

177,234 SF 177,246

Zoning

PUD

Zoning

PUD

Highest & Best Use

Mixed Use/Residential

Highest & Best Use

Mixed Use/Residential

Parcel A Size

Parcel B 0.48 Acres

445,920 SF

Size

20,944 SF

Parcel C1-4 0.89 Acres

Size

38,585 SF

0.89 Acres 38,560 SF

Zoning

PUD

Zoning

PUD

Zoning

PUD

Highest & Best Use

Mixed Use

Highest & Best Use

Residential

Highest & Best Use

Residential

Parcel C5-6 Size

Parcel D 0.44 Acres

Size

19,297 SF

Parcel E 0.87 Acres

Size

37,723 SF

0.51 Acres 22,125 SF

Zoning

PUD

Zoning

PUD

Zoning

PUD

Highest & Best Use

Residential

Highest & Best Use

Mixed Use

Highest & Best Use

Residential

11

13

SURVEYORS

DOWNTOWN RIVERVIEW

R I V E R V I E W P L AT

CIVIL ENGINEERS

RIVERVIEW PUD

|

LOCATED IN THE NE1/4 SECTION 17, T6N, R84W, 6TH P.M., CITY OF STEAMBOAT SPRINGS, COUNTY OF ROUTT, STATE OF COLORADO CONTAINING A CALCULATED AREA OF 4.74 ACRES

POINT OF BEGINNING LINCOLN AVENUE (US HWY 40)

BASIS OF BEARINGS

139.88'

LOT D 37,723 SQ. FT.±

0.50'

106.

43'

N32

°03'

12"W 23'

31.16

"E

RIPARIAN AREA PROTECTION EASEMENT RECEPTION NO. ______________

80.91

'

'

N37°

47'38

CURVE LENGTH RADIUS DELTA

"W

82.31

'

CH. BEARING CH. LENGTH

C1

2.99'

24.00'

007°07'43"

S28°29'20"E

2.98'

C12

41.69'

14.52'

164°28'56"

C2

47.71'

25.00'

109°20'48"

S86°43'35"E

40.79'

C13

6.50'

10.00'

037°14'28"

N57°13'15"E

6.39'

C3

44.10'

67.00'

037°43'00"

S19°44'31"W

43.31'

C14

10.41'

54.00'

011°02'37"

S33°04'42"W

10.39'

S06°23'59"E

S48°00'53"E

30.57

'

C4

47.12'

30.00'

090°00'00"

S06°23'59"E

42.43'

C15

25.70'

54.00'

027°16'15"

S65°02'06"E

25.46'

47.12'

30.00'

090°00'00"

N83°36'01"E

42.43'

C16

17.56'

75.00'

013°24'49"

S58°06'24"E

17.52'

C6

4.68'

51.00'

005°15'17"

N35°58'22"E

4.68'

C17

35.50'

54.00'

037°40'12"

S32°33'53"E

34.87'

C7

3.03'

33.00'

005°15'17"

N35°58'22"E

3.03'

C18

34.51'

67.00'

029°30'27"

S36°38'46"E

34.13'

C8

5.26'

10.00'

030°07'19"

S23°32'21"W

5.20'

C19

14.65'

30.00'

027°59'10"

N52°35'36"E

14.51'

C9

51.45'

19.62'

150°14'39"

N83°36'01"E

37.93'

C20

32.47'

30.00'

062°00'50"

S82°24'24"E

30.91'

C10

5.26'

10.00'

030°07'19"

N36°20'19"W

5.20'

C21

26.63'

67.00'

022°46'33"

S10°30'16"E

26.46'

C11

6.50'

10.00'

037°14'28"

N70°01'13"W

6.39'

C22

76.85'

75.00'

058°42'41"

N85°49'51"E

73.53'

37.95'

SOFT SURFACE TRAIL EASEMENT OVER AND ACROSS LOTS C1-C6 RECEPTION NO. ______________

"E

'50"E

S60°10

156.52'

139.65'

W

N59°43'23"

4.14'

BY: DATE:

44.44'

NO. 15.09'

S51°27'37"E 8.00'

28.51'

S69°22'51"W 20.97'

1522-010

SOFT SURFACE TRAIL EASEMENT OVER AND ACROSS LOTS C1-C6 RECEPTION NO. ______________

RIPARIAN AREA PROTECTION EASEMENT RECEPTION NO. ______________

S38°36'20"W

22.00' 14.00' 218.26'

127.42'

S38°32'23"W 26.54'

LOT C6 10,068 SQ. FT.±

8.15' '

'24"E

154.11

2.01'

S61°29

'51"E

°10'50"W

DESCRIPTION:

85.55'

N38°35'27"E 22.00' 14.07'

29.48'

139.41' N33°00'57"E 69.26'

TRACT C 6,860 SQ. FT± (SEE NOTE 8)

81.00'

S61°07

142.47'

84.06'

63.58' 99.58'

C6

C7

26.44' 51.48'

C8

20.01' N38°36'01"E 5.03' 18.70

6' 108.3

111.75'

LOT C3 9,984 SQ. FT.±

'51"W

148.52'

°43'23"E

S59

6.58'

4"W

N61°07

10.00'

N61°29'2

67.01'

81.11'

85.35' ' 152.36

NORTH

157.67'

N60 N48°00'53"W

144.43'

10.00'

28.78'

C5

S51°21'48"E 4.95'

LOT C4 9,805 SQ. FT.±

LOT C5 9,229 SQ. FT.±

PROJECT:

LOT C2 8,831 SQ. FT.±

24'24

LOT C1 9,940 SQ. FT.±

47'38

CURVE TABLE

C16 '

S37°

CURVE TABLE

331.92'

82.19'

S51°27'37"E 14.89'

'

15.57'

TRACT B 6,184 SQ. FT± (SEE NOTE 8)

105.

S51°23'59"E

N60°30'48"E 15.77'

2

22.86'

S38°47'01"W 17.99'

DOWNTOWN RIVERVIEW

10.00'

13.58'

3'

12"E

296.92'

N38°47'01"E 4.45'

S51°12'59"E 5.00'

20.02'

45.42'

93.5

°03'

S51°23'59"E

S38°47'01"W 4.45'

C2

C15

59.42'

' N52°

S32

12"E

293.74' 83.20'

121.79'

10.04'

N51°23'59"W 16.87'

°03'

N39°54'03"E

39'

S32

S51°23'59"E 72.90'

N40°49'29"E

161.

118.08'

20"W

55.45'

C18

N38°36'01"E 88.93'

°14'

C1

48.01'

TRACT A 16,313 SQ. FT± (SEE NOTE 8)

C17

S51°12'59"E N38°00'48"E 14.68'

84.04'

158.53'

S51°12'59"E 62.65'

N38°36'01"E

293.74'

159.90'

75.85'

8.60'

C5

S51°23'59"E

S51°12'59"E C19

C9

S10°31'40"W 12.72'

2

7'

RIPARIAN AREA PROTECTION EASEMENT RECEPTION NO. ______________

C

N33°31'37"E 33.67'

8"E N32

1

117.43'

5'2

60.9

C2

95.77'

S38°36'01"W

4°5

N51°23'56"W

CH. BEARING CH. LENGTH

317.00'

EAST PUBLIC ACCESS EASEMENT RECEPTION NO. ______________

N51°12'59"W 159.90' 149.98'

17.46

124.68' S2

S51°23'56"E

CURVE LENGTH RADIUS DELTA

S51°23'59"E

SNOW STORAGE EASEMENT

C20

65.13' S38°36'01"W

60.24'

5.18'

C10

254.34'

9"W '5 23 ' 1° 2.00 2

N8

14.00'

N51°23'59"W

9.91'

72.20

N38°35'51"E

30.64'

2

149.60'

RIVERVIEW PLAZA

N38°36'21"E

N52°44'14"W 30.27'

1

C1

C4

LOT E 22,125 SQ. FT.±

11.35'

YAMPA STREET 80' RIGHT-OF-WAY

N37°15'46"E 20.00'

C3

N51°24'09"W

N38°36'01"E 1.73'

C1

S38°36'01"W 16.10'

S33°20'44"W 15.57' S38°36'01"W 30.99' S52°44'14"E 30.74'

C14

S51°15'48"E 19.60'

S51°23'59"E 7.99'

LOT B 38,585 SQ. FT.±

N38°36'01"E

S38°18'40"W 9.56' 69.97'

N38°35'51"E

150.00'

S51°24'42"E

LOT A 20,944 SQ. FT.±

0.13' 4.82' 4.18' S38°36'01"W 4.80' S81°23'59"E 20.27' 0.67' N38°36'01"E S38°36'01"W 1.15' 16.09' S51°23'40"E 80.00' 41.55' 15.65' 13.00'

N33° 20' 44"E 30.06'

69.98'

140.00'

S38°35'51"W

UTILITY EASEMENT RECEPTION NO. 654118

C13

70.03'

LOT 3, EAST HALF OF LOT 4 & THE NORTH HALF OF LOTS 10, 11 & 12, BLOCK 26, ORIGINAL TOWN OF STEAMBOAT SPRINGS

80.00' 19.05'

S51°23'40"E 24.09'

S38°36'01"W 16.08'

S38°36'01"W

300.00'

48.95'

S51°24'05"E

N38°36'20"E

149.60'

S51°24'09"E

YAMPA RIVER

DATE:

N38°35'31"E 20.00'

ALLEY 20' RIGHT-OF-WAY

PART OF LOTS 1, 2 & 3, ALL OF LOTS 10, 11 & 12 & ALLEY ADJOINING SAID LOTS OF BLOCK 24, ORIGINAL TOWN OF STEAMBOAT SPRINGS AND LOT 1 KOEHLER SUBDIVISION

S38°43'34"W

139.88'

LOTS 1, 2, 3 & THE EAST HALF OF LOT 4, BLOCK 25, ORIGINAL TOWN OF STEAMBOAT SPRINGS

CHIEFTAIN CONDOMINIUMS SUBDIVISION

N38°36'20"E

LOTS 1 & 2, BLOCK 26, ORIG TOWN OF SS

3RD STREET 80' RIGHT-OF-WAY

4TH STREET 80' RIGHT-OF-WAY

5TH STREET 80' RIGHT-OF-WAY

LOT 3, THE EAST HALF OF LOT 4, & THE NORTH HALF OF LOTS 10, 11, & 12, BLOCK 26, ORIG TOWN OF SS

WEST HALF OF LOT 4, LOTS 5 & 6, BLOCK 26, ORIG TOWN OF SS

LIMITATIONS OF ACTIONS AGAINST LAND SURVEYORS: ALL ACTIONS AGAINST ANY LAND SURVEYOR BROUGHT TO RECOVER DAMAGES RESULTING FROM ANY ALLEGED NEGLIGENT OR DEFECTIVE LAND SURVEY SHALL BE BROUGHT WITHIN THREE YEARS AFTER THE PERSON BRINGING THE ACTION EITHER DISCOVERED OR

150.29'

S51°23'56"E

LEGEND: PROPERTY BOUNDARY LOT LINES ADJACENT PROPERTY BOUNDARY EASEMENT SET MONUMENT (1-1/2" ALUMINUM CAP ON NO. 5 REBAR STAMPED "LS 29039") RECOVERED ILLEGIBLE SHINER RECOVERED YELLOW PLASTIC CAP ON NO. 5 REBAR STAMPED "D&D 13221" RECOVERED RED PLASTIC CAP ON NO. 5 REBAR STAMPED "BTK 24318" RECOVERED ALUMINUM CAP ON NO. 5 REBAR STAMPED "LCI 38024" RECOVERED YELLOW PLASTIC CAP ON NO. 5 REBAR STAMPED "LCI 30093" UTILITY EASEMENT

S

SHARED RIGHT-OF-WAY EASEMENT, RECEPTION NO. _______________ EAST PUBLIC ACCESS EASEMENT, RECEPTION NO. _______________

Of

14

17

S T E A M B O A T S P R I N G S Z O N I NS GT E A M B O A T S P R I N G S Z O N I N G Legend COMMERCIAL NEIGHBORHOOD

RES NEIGHBORHOOD T WO, MEDIUM DENSIT Y

COMMERCIAL OLD TOWN

RES NEIGHBORHOOD THREE, HIGH DENSIT Y

YAMPA STREE T ONE COMMERCIAL

RESIDENTIAL OLD TOWN

City of Steamboat Springs

YAMPA STREE T T WO COMMERCIAL OAK STREE T ONE COMMERCIAL OAK STREE T T WO COMMERCIAL MOBILE HOME MULTIFAMILY RES ONE, LOW DENSIT Y

Y

MULTIFAMILY RES T WO, MEDIUM DENSIT Y

A M P A R IV

MULTIFAMILY RES THREE, HIGH DENSIT Y

E R

OPEN SPACE & RECREATION PUD RES ESTATE ONE, LOW DENSIT Y RES ESTATE T WO, MEDIUM DENSIT Y RES NEIGHBORHOOD ONE, LOW DENSIT Y

15

Property breakdown

PARCEL A Parcel A is the signature RiverView development opportunity located at the main Yampa River crossing to the famous Howelsen Hill park. Located in close proximity to numerous downtown retailers, restaurants and nightlife, Parcel A represents RiverView’s most visible, desirable site for a high end boutique hotel. Adjacent to the oldest ski mountain in Colorado, Howelsen Hill, rodeo grounds, world class mountain biking, baseball fields, Howelsen Ice Arena and many more attractions, Parcel A is the gateway location to the Riverview neighborhood. With over 75,000 square feet of development potential and unobstructed views of Howelsen Hill, the Yampa River and Sleeping Giant, hotel rooms will be in high demand. A public plaza between site A and the Yampa River creates unique outdoor dining and activity area.

APPROVED PUD CRITERIA: Lot SF:

20,944 SF

Max FAR:

3.6

Min FAR:

1.5

Max Lot Coverage: 100% Max Height:

48 FT

Max Bldg Gross:

75,398 SF

ARCHITECTURE TEST FIT: FAR: 2.97

A

MIXED USE

18

Lot Coverage:

98%

Residential SF:

42,820

Retail SF:

5,915

Garage SF:

26,680 SF

Parking Spaces:

55

D F

A

C E

PA RC E L A D E TA I L

B

BUIDING PLACEMENT

H

A

SETBACK

Distance from ROW/Property Line

Row/Property Line

Building Area

Setback

BUIDING FORM HEIGHT

The above diagram is not intended to illustrate how height is measured.

See diagram in Chapter 26-801.O for illustration of how height is measured.

H Building Height

48’ max

OTHER STANDARDS BUILDING INTENSITY Lot Coverage Floor Area Ratio

100% max 1.5 min / 3.6 max

BUILDING INTENSITY Units Per Lot Floor Area Ratio

No max 2.0 min / 2.8 max

FRONT/SIDE STREET (F/S) A Principal Structure up to 28’ B Principal Structure above 28’ Accessory Structure Decks and porches

0’ min 25’ min NA 0’ min

SIDE Principal Structure up to 40’ C Principal Structure above 40’ Accessory Structure Decks and porches

0’ min 10’ min NA 0’ min

REAR Principal Structure up to 40' D Principal Structure above 40’ Accessory Structure Deck and porches

0’ min 10’ min NA 0’ min

for 50% of F/S St

LOT SIZE E Width F Depth

Lot Area

25’ min / 150’ max No min 3,000 sf min / 22,000 sf max

References to the CDC are to the Steamboat Springs Community Development Code effective January 1, 2018, as amended (“CDC”). The permitted uses, development and design standards, dimensional standards and other zone district standards in the CDC applicable to the CY-2 zone district shall apply to Subzone A, except as modified by this Ordinance.

19

PARCEL B Energy and vitality are key elements to any successful community. Parcel B is Steamboat’s best opportunity to create a diverse mix of housing offerings within the thriving downtown.

360-degree views will be the focal point of dramatic top floor penthouses while a mixture of condos and townhomes offer the coveted urban living experience in Steamboat.

The combination of Parcel B’s 5 story river facing development potential,sloping topography and length parallel to the Yampa River offer a developer an unprecedented palate to work from.

Creativity in design and function will be rewarded as condos on Parcel B will enjoy unobstructed views from Howelsen Hill to the Steamboat Ski Area.

APPROVED PUD CRITERIA: Lot SF:

38,585 SF

Max FAR:

2.80

Max Lot Coverage: 85% Max Height:

60 FT

Max Bldg Gross:

108,038 SF

B

HIGH DENSITY RESIDENTIAL

ARCHITECTURE TEST FIT: FAR: 2.50

20

Lot Coverage:

70%

Residential SF:

61,900 sf

Retail SF:

0

Garage SF:

34,500 SF

Parking Spaces:

88

F

A1

C E

PA RC E L B D E TA I L

B

D

A2

BUIDING PLACEMENT H

A1

SETBACK

Distance from ROW/Property Line

A1 Row/Property Line

Building Area

Setback

BUIDING FORM HEIGHT

The above diagram is not intended to illustrate how height is measured.

See diagram in Chapter 26-801.O for illustration of how height is measured.

H Building Height

60’ max

OTHER STANDARDS BUILDING INTENSITY Lot Coverage Floor Area Ratio

85% max 2.0 min / 2.8 max

BUILDING INTENSITY Units Per Lot Floor Area Ratio

No max 2.0 min / 2.8 max

FRONT/SIDE STREET (F/S) Principal Structure up to 28’ B Principal Structure above 28’ Principal Structure above 40’ Principal Structure above 52’

Accessory Structure Decks and porches

20’ min / 0’ min 37’ min for 50% of F/S St 37’ min S St. only 47’ min for 50% 62’ min for 50% of F/S St NA 0’ min

SIDE (Internal) Principal Structure C Accessory Structure Decks and porches

0’ min NA 0’ min

A2

REAR Principal Structure up to 40’ 0’ min D Principal Structure above 40’ 20’ min Accessory Structure NA Deck and porches 0’ min

LOT SIZE E Width F Depth

Lot Area

25’ min / 360’ max No min 3,000 sf min / 42,000 sf max

References to the CDC are to the Steamboat Springs Community Development Code effective January 1, 2018, as amended (“CDC”). The permitted uses, development and design standards, dimensional standards and other zone district standards in the CDC applicable to the CY-2 zone district shall apply to Subzone A, except as modified by this Ordinance.

21

PARCEL D Parcel D is an ideal location for a highly visible boutique hotel or condo development. With 360-degree views from the upper levels and highway 40 frontage, this site is at the gateway to downtown. Developers have a unique opportunity to capitalize on favorable site topography, lending itself to efficient below grade parking, and to leverage the convenient location to the recently expanded historic Old Town Hot Springs.

Recent upgraded amenities at Old Town Hot Springs, a short walk from RiverView, include hot springs pools, fitness classes, workout facilities, water slide, and more.

APPROVED PUD CRITERIA: Lot SF:

37,723 SF

Max FAR:

3.60

Max FAR:

1.50

Max Lot Coverage: No Max

D

Max Height:

54 FT

Max Bldg Gross:

135,802 SF

ARCHITECTURE TEST FIT:

MIXED USE

FAR: 2.50 Lot Coverage:

81%

Residential SF:

94,860 sf

Retail SF:

Hotel Lobby

Garage SF:

46,020 SF

Parking Spaces: 114 22

D F

A

C E

PA RC E L D D E TA I L

B

BUIDING PLACEMENT

H

A

SETBACK

Distance from ROW/Property Line

Row/Property Line

Building Area

Setback

BUIDING FORM HEIGHT

The above diagram is not intended to illustrate how height is measured.

See diagram in Chapter 26-801.O for illustration of how height is measured.

H Building Height

54’ max

OTHER STANDARDS BUILDING INTENSITY Lot Coverage Floor Area Ratio

0’ min / 0’ min 25’ min for 50% of F/S St 70’ min on front only 0’ min

SIDE Principal Structure up to 28’ Principal Structure above 28’ C Accessory Structure Decks and porches

0’ min 12’ min NA 0’ min

REAR Principal Structure up to 28’ Principal Structure above 28’ D Principal Structure above 40’ Accessory Structure Deck and porches

15’ 25’ 35’ NA 12’

No max 1.5 min / 3.6 max

BUILDING INTENSITY Units Per Lot

FRONT/SIDE STREET (F/S) A Principal Structure up to 28’ B Principal Structure above 28’ Principal Structure above 40’ Decks and porches

No max

min min min min

LOT SIZE E Width F Depth

Lot Area

25’ min / 190’ max No min 3,000 sf min / 38,000 sf max

References to the CDC are to the Steamboat Springs Community Development Code effective January 1, 2018, as amended (“CDC”). The permitted uses, development and design standards, dimensional standards and other zone district standards in the CDC applicable to the CY-2 zone district shall apply to Subzone A, except as modified by this Ordinance.

23

PARCEL E Unique to Steamboat, parcel E provides for a 100% all residential development site in Steamboat Springs directly on the Yampa River. There is no residential development opportunity in Steamboat like parcel E. Truly one of a kind! Parcel E is strategically oriented to offer each residential home maximum river frontage. Set just off the main crossing to Howelsen Park, residential condos will benefit from the perfect combination of convenient access to Steamboat’s Downtown amenities and privacy.

APPROVED PUD CRITERIA: Lot SF:

22,125 SF

Max FAR:

2.50

Min FAR:

1.50

Max Lot Coverage: 70% Min Lot Coverage: 50%

E

Max Height:

46 FT

Max Bldg Gross:

55,312 SF

ARCHITECTURE TEST FIT:

MEDIUM DENSITY RESIDENTIAL

FAR: 2.48

24

Lot Coverage:

69%

Residential SF:

8,300 SF

Retail SF:

0

Garage SF:

16,500 SF

B H

J

PA RC E L E D E TA I L

F

E C

D

BUIDING PLACEMENT I

A

C

E

G Row/Property Line

Building Area

Setback

BUIDING FORM HEIGHT

The above diagram is not intended to illustrate how height is measured.

See diagram in Chapter 26-801.O for illustration of how height is measured.

I Building Height

46’ max

C

SETBACK

Distance from ROW/Property Line

FRONT Setbacks are from property line A Principal Structure up to 14’ B Principal Structure up to 36’

BUILDING INTENSITY Lot Coverage Floor Area Ratio

Principal Structure above 36’ Decks and porches

20’ min 0’ min

SIDE Setbacks are from property line C Principal Structure up to 14’ D Principal Structure above 14’ Decks and porches

0’ min 10’ min 0’ min

REAR

Rear setbacks are from ordinary high water mark not from property line

Units Per Lot

No max

30’ min

Facade fronting the Yampa River must comply with CDC 443.E.1.c, add’ly if ground level is designed as structured parking, building design must comply w/CDC 443.G.2.c

E Prin Structure above 14’ up to 36 40’ & 45’ min for 50% 45’ min F Principal Structure up to 36’ Deck and porches

50% min / 75% max 1.5 min / 2.5 max

BUILDING INTENSITY

for 50%

Structures above 14’ & w/in 75’ from high water mark must adopt greater setback. Add’l lesser setback must be applied to remaining bldg above 14‘ to accommodate CDC 443.A.2.

Principal Structure up to 14’

OTHER STANDARDS

10’ min 20’ & 10’ min

30’ min

LOT SIZE G Width H Depth

Lot Area

25’ min / 200’ max No min 3,000 sf min / 28,000 sf max

References to the CDC are to the Steamboat Springs Community Development Code effective January 1, 2018, as amended (“CDC”). The permitted uses, development and design standards, dimensional standards and other zone district standards in the CDC applicable to the CY-2 zone district shall apply to Subzone A, except as modified by this Ordinance.

25

PARCEL C1–4 Parcels C1-C4 are the only residential riverfront development sites in downtown Steamboat with limited vehicle and pedestrian traffic adjacent to the property. Uniquely positioned on a bend in the Yampa River, residents will enjoy expanded views down the river corridor, and unmatched privacy.

Parcels C1-C4 are the best opportunity for luxury riverfront residential development in downtown Steamboat. This is the only location where residential development with no first floor commercial requirement is allowed on the Yampa River between 3rd and 12th streets.

OPEN SPAC

E

APPROVED PUD CRITERIA:

C1

26

Y RE SIDE

LOW D

C2

ENS IT

C3

NTIA L

C4 Lot SF:

38,560 SF

Max FAR:

1.25

Min FAR:

0.75

Max Lot Coverage: 50% Min Lot Coverage: 35% Max Height:

36 FT

Max Bldg Gross:

48,200 SF

G

C F

D

PA RC E L C1–4 D E TA I L C

E

B

D

A

BUIDING PLACEMENT

H A

SETBACK

Distance from ROW/Property Line

Row/Property Line

Building Area

Setback

BUIDING FORM HEIGHT

The above diagram is not intended to illustrate how height is measured.

See diagram in Chapter 26-801.O for illustration of how height is measured.

I Building Height

36’ max

OTHER STANDARDS BUILDING INTENSITY Lot Coverage Floor Area Ratio

22’ 32’ 27’ 27’ 17’

SIDE Principal Structure (each side) Principal Structure to easements C Accessory Structure D Decks and porches

0’ min 0’ min NA 0’ min

No max

min min min min min

REAR Rear setbacks are from ordinary high water mark not from property line Principal Structure up to 24’ 30’ min Principal Structure above 24’ 55’ min Accessory Structure 15’ min Deck and porches 10’ min

35% min / 50% max 0.75 min / 1.25 max

BUILDING INTENSITY Units Per Lot

FRONT Setbacks are from property line A Principal Structure up to 14’ B Principal Structure up to 14’ at garage Principal Structure above 14’ Accessory Structure Decks and porches

LOT SIZE G Width H Depth

Lot Area

25’ min / 380’ max No min 3,000 sf min / 81,000 sf max

References to the CDC are to the Steamboat Springs Community Development Code effective January 1, 2018, as amended (“CDC”). The permitted uses, development and design standards, dimensional standards and other zone district standards in the CDC applicable to the CY-2 zone district shall apply to Subzone A, except as modified by this Ordinance.

27

PARCEL C5–6 Boasting 152 feet of Yampa River frontage, Parcel C5-C6 offer a one of a kind opportunity for luxury riverfront development. Parcel C5-6 is nestled in a private area in the southeast corner of RiverView. Uniquely positioned on a bend in the Yampa river, residents will enjoy expanded views down the river corridor, and unmatched privacy.

The proposed duplex homes for Parcel C5-6 received final development plan approval in 2018. Construction plans are included and sites are improved with utility distribution, roads, and sidewalks.

APPROVED PUD CRITERIA: C6 C5 OPEN SPAC

E

Lot SF:

19,297 SF

Max FAR:

1.25

Min FAR:

0.75

Max Lot Coverage: 50% Min Lot Coverage: 35%

28

Max Height:

36 FT

Max Bldg Gross:

24,121 SF

G

C F

D

PA RC E L C5–6 D E TA I L C

E

B

D

A

BUIDING PLACEMENT

H A

SETBACK

Distance from ROW/Property Line

Row/Property Line

Building Area

Setback

BUIDING FORM HEIGHT

The above diagram is not intended to illustrate how height is measured.

See diagram in Chapter 26-801.O for illustration of how height is measured.

I Building Height

36’ max

OTHER STANDARDS BUILDING INTENSITY Lot Coverage Floor Area Ratio

22’ 32’ 27’ 27’ 17’

SIDE Principal Structure (each side) Principal Structure to easements C Accessory Structure D Decks and porches

0’ min 0’ min NA 0’ min

No max

min min min min min

REAR Rear setbacks are from ordinary high water mark not from property line Principal Structure up to 24’ 30’ min Principal Structure above 24’ 55’ min Accessory Structure 15’ min Deck and porches 10’ min

35% min / 50% max 0.75 min / 1.25 max

BUILDING INTENSITY Units Per Lot

FRONT Setbacks are from property line A Principal Structure up to 14’ B Principal Structure up to 14’ at garage Principal Structure above 14’ Accessory Structure Decks and porches

LOT SIZE G Width H Depth

Lot Area

25’ min / 380’ max No min 3,000 sf min / 81,000 sf max

References to the CDC are to the Steamboat Springs Community Development Code effective January 1, 2018, as amended (“CDC”). The permitted uses, development and design standards, dimensional standards and other zone district standards in the CDC applicable to the CY-2 zone district shall apply to Subzone A, except as modified by this Ordinance.

29

PARCEL C5–6 UNIT A | 3-STORY WITH MASTER SUITE

UPPER LEVEL 30

MAIN LEVEL

LOWER LEVEL

PARCEL C5–6 UNIT B | 3-STORY WITH FLEX ROOM

UPPER LEVEL

MAIN LEVEL

LOWER LEVEL 31

Riverfront Residences

PARCEL C5–6 FLOORPLANS UNIT A | 3-STORY WITH MASTER SUITE

UPPER LEVEL 34

MAIN LEVEL

LOWER LEVEL

PARCEL C5–6 FLOORPLANS UNIT B | 3-STORY WITH FLEX ROOM

UPPER LEVEL

MAIN LEVEL

LOWER LEVEL 35

PARCEL C5–6 CONCEPT IDEAS

36

PARCEL C5–6 CONCEPT IDEAS

37

Steamboat Springs

ST E A M B OAT OV E RV I E W Steamboat Springs is a unique mountain town with a vibrant community that is active all year-round. The small town continues to be one of the top ranking mountain towns in Colorado, and sitting at 6,700’ in the Rocky Mountains, Steamboat Springs is one of Colorado’s most beloved mountain towns. Founded in 1900, Steamboat was first home to cattle ranchers who named the town after the famous hot springs.

Today, the city still honors its American west heritage with annual rodeos and western clothing shops in historic downtown

2007

Steamboat. In addition to paying homage to its roots, Steamboat

Sale of Steamboat Ski Resort

Springs offers world renowned skiing and is overflowing in yearround activities and festivals. With the Yampa River flowing

2009

through the city’s heart, and the Medicine Bow-Routt National Forest to the east, Steamboat Springs is truly a gorgeous town

One Steamboat Place, Edgemont, Howelsen Place, Olympian, and Alpenglow offer higher quality residences at Base Area and Downtown

that embodies Colorado mountain culture.

2011

For the future Steamboat Springs is committed to investing in

Downtown Revitalization committee is formed

its experience for residents and tourists. From 2007 to 2018 Downtown Steamboat has seen unprecedented private and

2015

public investment. With new ski area ownership, Steamboat is the next great Colorado mountain town.

City commits lodging tax and general fund monies to downtown improvements

2018

Alterra purchased Intrawest, Downtown improvements complete, 16 new restaurants, expanded direct flights, new IKON ski pass offered

40

In recent years, more and more people are

TOP RANKING TOWN

discovering Steamboat Springs in whole new ways. In 2018, Steamboat Springs made many lists for top ranking towns.

STEAMBOAT SPRINGS SCHOOLS RANKED SECOND Steamboat Magazine, April 2018

The public-safety focused organization BackgroundChecks.org recently announced their 2018 rankings of the top school districts in Colorado. The Steamboat Springs School District placed second in the state. Schools were ranked based on math and reading test scores, dropout rates, school funding and area poverty rates.

“The 2016-17 scores and awards continue to acknowledge the excellence in teaching and learning that has become the expectation and standard that takes place in our classrooms on a daily basis,”

TWO OF NATION’S TOP THREE ‘BEST SMALL TOWNS TO VISIT’ ARE IN COLORADO Denver Business Journal, July 2018

says Marty Lamansky, director of teaching and learning for the

According to the new U.S. News Report list, Telluride is the nation’s

Steamboat Springs School District.

top small town to visit and Steamboat Springs is No. 3. Jackson Hole, Wyoming is No. 2 and Sedona, Arizona is No. 4... Steamboat Springs “offers excellent ski conditions, a community of friendly

STEAMBOAT RANKS #3 IN ‘BEST PLACES TO TAKE SUMMER VACATION’ CBS Denver, April 2018

locals and geothermal hot springs that are perfect after a long day spent on the slopes. Travel to Steamboat in the spring or summer to enjoy the Yampa River Botanic Park’s flora and free concerts. Or,

US News ranked the Colorado town as number three on the list of

take the kids on a mountain coaster ride or kayaking and swimming

the best places to take a summer vacation.

in the Colorado River.”

41

A MS TE ENAI M T IBTOEL IAST DS OP W NN TGOS WDNO WS NT ET OA W M NB OAAMTE N I T I E S M A P R I N E

TH

OA

K

ST

ST

STEAMBOAT SKI RESORT - 3 MILES

ST

E

PK

WY

HOWELSEN HILL

N 18

42

R ES TAU R A N T S & CA F ES

E N T E RTA I N M E N T

STORES

N

AV

E

ST

EN

OL

D

LS

NC

3R

WE

H

LI

4T

HO

ST

5T

H

ST

6T

H

ST

H

AV

7T

PA

H

M

8T

YA

9T

H

10

ST

TH

11

12

TH

ST

AV

ST

LN

ST

CO

OLD TOWN HOT SPRINGS

HOTELS

S T E AA MM EBNO IATTI TSEPSR DI NO GWSN TF OA CWTNS S T E A M B O A T Employment

2.6%

unemployment rate

85

APPROX. 250

25,200

white collar

Retail Stores

100+

Ourdoor Sports Shops

15

8

Tourism statistics

Salons

Places To Worship

Dining & Nightlife Establishments

500,000 TO 600,000

124 5 %

7%

10

during ski season

Arts & Art Galleries Entertainment during non-ski season Vneues

55%

2

Museums

increase county-wide visitor spending in 2017

visitors annually

16%

blue collar

employment & type Service Providers

restaurants

58

66%

19

shops and boutiques

current population of Routt county

18%

services

3,270 total hotel/condo units in the town and ski resort

66%

5

Typicall visitors to Steam

79%

average occupancy in the last 3 yearsCoffee

Houses

43

ST E A M B OAT S P R I N G S FACTS S T E A M B OAT S P R I N G S FA C T S Employment

Education (Most education completed)

2.6% APPROX. 250

25,200

current population of Routt county

18%

unemployment rate

shops and boutiques

57%

services

66%

white collar

college graduate

16%

23%

blue collar

some college

17%

100+

restaurants

high school diploma

employment type

3%

no high school diploma

Tourism statistics

500,000 TO 600,000

7% increase county-wide visitor spending in 2017

visitors annually

45% 55%

44

during ski season

during non-ski season

3,270 total hotel/condo units in the town and ski resort

66%

average occupancy in the last 3 years

Typically spring, summer, and fall visitors drive, while winter visitors fly to Steamboat Springs

79%

non-ski season visitors are overnight visitors

visitors are from Colorado

40% 53

Sales tax categories % Change Between 2018-2019

2 0 1 9Lodging S T E& AAmenities M B O A T S P13.00% RINGS FACTS Restaurants

Sporting Goods

8.48%

10.90%

SALES TAX

$2.86 MILLION

lodging & amenities taxes increase in January

13%

January 2019

VS $2.65 MILLION

Ikon Pass makes impact

Steamboat Springs has experienced a significant increase

January 2018

54

in lodging taxes. Compared to other mountain resort towns, Steamboat Springs is a superior place to develop.

SALES TAX CATEGORIES

LODGING TAX

% change – 2019 vs 2018

13%

Lodging and Amenitites

8.5%

Restaurants

10.9%

% Increase Year over Year

5.88%

6.2%

13%

increase

increase

increase

VAIL

ASPEN

STEAMBOAT SPRINGS

Sporting Goods

45

S T E A M B OAT S K I R ES O RT ST E A M B OAT S K I R ES O RT

Alterra Mountain Company purchased the Steamboat Ski Area in 2017, and Steamboat is primed for a whole new era of

S T E A M B OAT S K I R ES O RT

skiing.

With the purchase, Steamboat has Ski been in the Alterra Mountain Company purchased the Steamboat Areaincluded in BASE Ikon Pass and Alterra hasforalready announced multiple base 2017, and Steamboat is primed a whole new era of skiing.

With

Major Ski Resort Improvements Final approval for ski area expansion completed

AREA RESTAURANT RENOVATIONS 40% capacity increase

area investments, including a new in 2019 and a new the Mountain purchase, Steamboat has the been included in the Ikon Pass and Alterra Company purchased Steamboat Skigondola Major Ski Resort Improvements The base

area restaurant has been completely transformed into New, faster gondola in 2019/2020 season

Area in 2017, and Steamboat is primed for a whole new era of

Alterra has opened already announced multiple base area plans investments, recently restaurant.

Expansion underway include Final approval for ski area expansion completed the new Timber & Torch. Renovations include expansion of indoor New lift could reach 355 acres that are2 currently only ac including a new gondola inannounced 2019 and a new recently opened new and 355 additional ski acres.

The Ikon Pass 40% capacity increaseis valid seating to seat 290 people, new outdoor heated patio, indoor/ Ikona Pass andlift Alterra has already multiple base through backcountry gates area investments, including a new gondola inStates 2019include and and a new restaurant.

Expansion plans underway a new lift faster and 355 at 38 resorts in the United across the world. outdoor bars, and installation of an exterior fireplace and outdoor BBQ. New, gondola in 2019/2020 season skiing. With the purchase, Steamboat has been included in the

recently opened restaurant. Expansion plans underway include

additional ski acres. The Ikon Pass is valid at 38 resorts incould the reach 355 acres that are currently only accessible New lift

a new lift and 355 additional ski acres. The Ikon Pass is valid at 38 resortsStates in the United States and United and across the across world.the world.

through backcountry gates

In addition to the base area restaurant renovations, the resort is

Base area Restaurant Renovations

adding a new food truck concept. Taco Beast will be a “slopeside”

Base area Restaurant RenovationsThe base area restaurant has been completely transf food truck, an on-mountain, roaming snow-cat serving street tacos, The base area restaurant has been completely transformed

into the new Timber & Torch. breakfast burritos, and Mexican-style beer. Renovations include ex

into the new Timber & Torch. Renovations include expansion of

seating indoor seating to seat 290 people, newindoor outdoor heated patio, to

seat 290 people, new outdoor heat

2 indoor/outdoor bars, and installation of an exterior fireplace and outdoor BBQ.

2 indoor/outdoor bars, and installation of an exterior and outdoor BBQ. MAJOR

In addition to the base area restaurant renovations, the resort

SKI RESORT IMPROVEMENTS

is adding a new food truck concept. Taco Beast will be a

Inroaming addition to the base for area restaurant renovations, Final approval ski area expansion completed “slopeside” food truck, an on-mountain, snow-cat serving street tacos, breakfast burritos, Mexican-style isand adding a new beer.

t

food truck concept. Taco Beast will

“slopeside” food truck, an on-mountain, roaming sno 40% capacity increase

serving street tacos, breakfast burritos, and Mexican beer.

56

New, faster gondola in 2019/2020 season

New lift to reach 355 acres, currently only accessible through backcountry gates

46

56

S K I I N G AT ST E A M B OAT S K I I N G AT S T E A M B OAT

It is no secret that Colorado is known for its iconic skiing and snowboarding.

Every year, people travel from all over the country to experience a one of a kind

S K I I N G AT S T E A M B OAT

It is no secret that Colorado is known for its iconic skiing

skiing experience offered by the Rocky Mountains. With this kind of reputation, and snowboarding. Every year, people travel from all over

it seemsthe only fittingtothat several aColorado including Steamboat country experience one of a ski kindresorts, skiing experience offeredItbe by the RockyonMountains. kindfor ofski reputation, it Ikon Pass. isincluded no secret that isthis known its iconicThe skiing Resort should thisColorado year’sWith most popular pass; seems onlysnowboarding. fitting that several Colorado ski resorts, Every year, people travel including from all over The Ikon Passand offers skiers and snowboarders an experience of a lifetime with Steamboat Resort should be included on this year’s most the country to experience a one of a kind skiing experience access to the Rocky Mountain’s unique terrain.

The pass features resorts popular ski pass; Ikonmost Pass.

The Ikon Passthis offers offered

by The the Rocky Mountains.

With kindskiers of reputation, it in California, Colorado, Utah, British Vancouver and more, making and snowboarders an experience of a lifetime with to including seems only fitting that Columbia, several Colorado skiaccess resorts, the Rocky Mountain’s most unique terrain.

Thewant. pass features it the perfect way to ski where you want,be when you Starting this year Steamboat Resort should included on this year’s most resorts in California, Colorado, Utah, British Columbia,

popular ski pass; The Ikon Pass.

The Ikonwith Pass offers skiers Steamboat’s ski pass was upgraded to the IKON Pass over 30 destinations Vancouver and more, making it the perfect way to ski where and snowboarders an experience of a lifetime with access to across world, which opens new world of potential for Steamboat Springs. you want, when you a want. the Rocky Mountain’s most unique terrain. The pass features resorts in California, Colorado, British Columbia, Starting this year Steamboat’s ski pass Utah, was upgraded to the Vancouver and30more, making across it the perfect way to ski where IKON Pass with over destinations world, which want, when you want. opens you a new world of potential for Steamboat Springs.

Starting this year Steamboat’s ski pass was upgraded to the IKON Pass with over 30 destinations across world, which opens a new world of potential for Steamboat Springs.

165 165 trails trails

349349” inches165

trails annual annual snowfall snowfall

349 inches

annual snowfall

2,965 2,965 acres acres

2,965 41,026 people 41,026 acres

per hour capacity people/hr capacity

57

41,026 people per hour capacity

57

47

T R AV E L TO ST E A M B OAT S P R I N G S DIRECT FLIGHTS With direct and private jet flights to Yampa Valley Regional Airport, and continued improvements to the highways, getting to Steamboat Springs has never been easier.

YAMPA VALLEY REGIONAL AIRPORT Located 22 miles west of Steamboat Springs

Daily non-stop commercial flights from 15 major airports

Major carriers: Alaska, American, Delta, JetBlue & United

Major expansion of private jet facilities underway

YAMPA VALLEY REGIONAL AIRPORT Yampa Valley Regional Airport has been working on several improvement projects

STEAMBOAT SPRINGS AIRPORT

and has seen a dramatic increase in operations. Airline passenger growth has

3 miles west of Downtown Steamboat Springs

private jet operations have increased by 11% during the same period. The airport is

increased by 8% during the 2018-2019 ski season compared to the previous year, plus also building or has completed $13.5 million in renovations to the terminal, parking,

48

Serves private, recreational, corporate &

and FBO facilities in anticipation of continued growth in demand. With all the growth,

business airplanes / helicopters

there are several new direct flights including Boston, Ft. Lauderdale, and Long Beach

Highway 9 to get to town.

There has been dramatic improvements made to the roadways to Steamboat

T R AV E L TO ST E A M B OAT S P R I N G S

Springs. State Highway 9 is finishing

FROM DENVER TO STEAMBOAT SPRINGS up repairs in 2018 and wildlife and

safety improvements been Steamboat Springs is abouthave a 3 hour drive recently northwest of Denver through the Rocky completed making the route anMountains, easy, taking Interstate beautiful drive. 70 to Highway 9 to get to town.

There has been dramatic improvements made to the roadways to Steamboat Springs. State Highway

Denver to Steamboat springs 9 is finishing up repairs in 2018 and wildlife and

Steamboat Springs is about a 3recently hour completed safety improvements have been drive making northwest of Denver throughdrive. the the route an easy, beautiful Rocky Mountains, taking Interstate 70 to Highway 9 to get to town.

There has been dramatic improvements made to the roadways to Steamboat Springs. State Highway 9 is finishing up repairs in 2018 and wildlife and safety improvements have been recently completed making the route an easy, beautiful drive.

49

ST E A M B OAT S P R I N G S • T H E S E AS O N S SUMMER While Steamboat Springs is most famous for its unparalleled skiing and snowboarding in the winter, it is a versatile city that offers much to do on a year-round basis. Go for a breathtaking hike at Fish Creek Falls, then come back and soak in one the many hot springs.

Strawberry Park Hot Springs and Old Town Hot Springs are both among town’s most popular activities. The Yampa River flows through the town with opportunities for all kinds of water sports, including kayaking, paddle boarding and tubing, and world class fly fishing.

Being a true mountain town, Steamboat offers amazing hiking, biking and camping opportunities for outdoor lovers.

SPRING As winter melts into spring, Steamboat Springs continues to offer a plethora of activities. The ski slopes are often still open until early April which makes for a long and fulfilling ski season. Catch some outstanding views from new heights of Yampa Valley by hot air ballooning or taking the 8-person Gondola up the mountain. Learn about the history of Steamboat in one of the local museums in town and then enjoy a stop at a brewery to try one of Colorado’s craft beers.

50

ST E A M B OAT S P R I N G S • T H E S E AS O N S WINTER It goes without saying that Steamboat Springs is full of winter activities. Skiing, snowshoeing, tubing, and snow biking are among some of the more popular activities offered nearby. For skiers, Steamboat boasts some of the heaviest snow falls in Coloradoan an annual basis. Snowshoeing Rabbit Ears Pass, biking down Emerald Mountain and attending the annual Winter Carnival in town are among the top-rated things to do while visiting Steamboat. Steamboat Springs is such a versatile town, in that it has found ways to provide outdoor activities all year-round so that snow or shine, outdoor lovers can enjoy the Rocky Mountains.

FALL Steamboat is nestled in the heart of the Rocky Mountains which gives its patrons front row seats to Autumn in Colorado.

The sweet cadence of the golden Aspen trees combined with crisp mountain air create the perfect seasonal ambiance. Take a trip into the mountains and get lost in the beauty of the fall foliage. The town offers several festivals to kick off the change of seasons, including Wild West Air Fest, OktoberWest and the community Farmers Market which feature over 40 local brewers, live music, airshows, and fresh local produce.

51

f i n a n c i a l a n a ly s i s

L A N D C O M P A R A B L E A N A LY S I S RiverView is offered at $31,900,000 for the entire 4.74 acres, with all development rights and entitlements, which translates to $154.50 per gross square foot of land. Approximately 29,357 sq ft of land will be dedicated to roadways, pathways, and a plaza area.

6 FACTORS COMMON TO MOST SALES ANALYSES Property Rights Conveyed Financing Terms

Based on allowable square footage under the fully approved PUD,

Conditions of Sale

the asking price represents $71.54 per buildable foot.

Project Influence Expenditures Made Immediately After Sale

Following is a land comparable analysis utilizing recent land

Market Conditions (Time)

sales comparables, followed by a similar analysis of comparable condo sales. Individual parcels can be purchased separately to accommodate individual developers scaling preferences.

The sales comparison approach provides the most reliable indication of value for the RiverView property. The search for comparable sales focused on recent sales of development land located in the city of Steamboat Springs. Five sales have been

LOCATION & PHYSICAL CHARACTERISTICS Parcel Size/Shape Zoning/Surrounding Uses Access/River/Amenities Utilities/Infrastructure Topography/Floodplain

identified which are useful in estimating the value of the RiverView

54

property as of December 15, 2018. For convenience, the five

For each element of comparison the sale properties have been

comparable sales have been identified as Land Sale Nos. 1 through

compared to the subject property and adjustments have been

5. Aerials and details of each transaction are summarized on the

applied when appropriate. The purpose of the comparable sales

following pages. A map showing the location of each comparable

analysis is to reflect the probable price which the subject parcel

property is included on the following page. In the sales analysis,

would have commanded if it instead of the comparable sale

key elements of comparison for the subject property and these five

property had been conveyed in the transaction. Results of the sales

comparable sales have been identified and evaluated.

comparison analysis are summarized in the sales comparison grid.

St

th

Pi

ne

St

St

ropriate.

St

et re St h

et

N

re

St

h

et

h

St

re

7t

h

St

7t

re St

655 Yampa Street

44

26 11th Street

55

603 Yampa Street

608 Yampa Street

2

32 10th Street

we

5t

en

Pk

15

5 wy

5

St

5t

h

3 ls

3r d

1

Ho

wy

et

33

Pk

St

32 10th Street

en

1

1

4t h

22

ls

St

608 Yampa Street

3

3

4t h

11

we

h

Ho

e

5t

resented on page 40.

et

Av

re

n

St

ol

St

nc

h

Li

St

et

h

et

6t

omparison grid which is

e

th

pa

re

Av

St 6

re summarized in the sales

m

St

n

h

Ya

pa

ol

6t

St

m

nc

St

issales comparison analysis he

Ya

h

the transaction. The results of

pa

St

St m

h

Li

3

655 Yampa Street

4

26 11th Street

5

603 Yampa Street

33rrd dS Sttre

e

7t

sales

ak

8t

Ya

ale property had been conveyed

O

8t

Av

St

h n

2

it instead of the comparable nalysis

St

e

8t

ol

Av

St

9t

n

St

4

nc

ne

St

h 9t ol

St

Li

Pi

h

conveyed robable price which the subject arcel would results ofhave commanded

St

9t

ales analysis is to reflect the

nc

th

parable

N

th

10

h

Li

2

he purpose of the comparable

St

St

et

re

2

4

10

een applied when appropriate. manded

St

roperty and adjustments have he subject

C O M P A R A B L E L A N D S A L E S OMa k A P th

4

11

ectcompared the een to the subject

re

10

et

th

mparable

11 t

nts have

COMPARABLE LAND SALES MAP 11

subject

COMPARIBLE LAND SALES MAP

41

41

55

CCOOMMPPAARRAABBLLEE LLAA NN DD SS AA LL EE SS

1

2 608 Yampa Street, Steamboat Springs

32 10th Street, Steamboat Springs

June 8, 2015

October 4, 2018

$650,000 or $99.48 per square foot

$1,800,000 or $101 per square foot

Arm’s length

Arms length

SITE DATA

Small, Rectangle shaped site

Square shaped site

SITE SIZE

0.15 acres, (6,534 sf), more or less

0.41 acres, (17,860 sf), more or less

Utilities to site

Parking lot surface

CY2 (Commercial Yampa-Two), City of Steamboat Springs

CY2 (Commercial Yampa-Two), City of Steamboat Springs

Excellent access/Good visibility from Yampa Street

Good access/visibility from Yampa Street and 10th Street

Level site/ No floodplain

Mostly level – NW portion of property in floodplain

LOCATION DATE OF SALE SALE PRICE CONDITIONS OF SALE

IMPROVEMENTS ZONING

*

ACCESS / VISIBILIT Y

TOPOGRAPHY

*

The zoning for all the comparable land sales requires ground floor retail, unlike The zoning for all the comparable land sales requires RiverView which has a unique PUD zoning that does not require any retail.

floor retail, unlike RiverView which has a unique PUD zoning that does not require any retail.

56

42

ground

COMPARIBLE LAND SALES

3

4

5

655 Yampa Street, Steamboat Springs

26 11th Street, Steamboat Springs

603 Yampa Street, Steamboat Springs

August 31, 2018

June 19, 2018

January 16, 2015

$1,350,000 or $119 per square foot

$1,450,000 or $119 per square foot

$610,000 or $100 per square foot

Arms length

Arms length

Arm’s length

SITE DATA

Small, Rectangular shaped site

Small, Rectangular shaped site

Small, Rectangular shaped site

SITE SIZE

0.26 acres, (11,326 sf), more or less

0.28 acres, (12,197 sf), more or less

0.14 acres, (6,098 sf), more or less

None

Older storage structures

None

*

CY1 (Commercial Yampa-One), City of Steamboat Springs

CY2 (Commercial Yampa-One), City of Steamboat Springs

CY1 (Commercial Yampa-One), City of Steamboat Springs

ACCESS / VISIBILIT Y

Good access/visibility from Yampa Street

Good access/visibility from Yampa Street

Good access/visibility from Yampa Street

Mostly level/ Floodplain

Mostly level/ Floodplain

Mostly level/ Floodplain

LOCATION DATE OF SALE SALE PRICE CONDITIONS OF SALE

IMPROVEMENTS ZONING

TOPOGRAPHY

*

The zoning for all the comparable land sales requires ground floor retail, unlike RiverView has a unique PUDthe zoning that does not require any retail.

The which zoning for all comparable land sales requires

ground

floor retail, unlike RiverView which has a unique PUD zoning that does not require any retail.

5 7 43

AANNAA LL YY SS IISS OOF FC CO MO PMAPRAA RB AL EB LL AE N LD ASNADL ESS A L E S Subject Property VALUE COMPONENT

Sale No. 1 COMPARISON

Sale No. 2 ADJ.

COMPARISON

$99.48

PRICE PER SQ. F T.

ADJ. $101.00

PROPERT Y RIGHTS

Fee simple estate

Fee simple estate

=

Fee simple estate

=

FINANCING TERMS

Cash equivalent

Cash to seller

=

Cash to seller

=

CONDITIONS OF SALE

Arm’s length

Arm’s length

=

Arm’s length

=

EXPENDITURES AF TER SALE

None

None

=

None

=

MARKE T CONDITIONS

15-Dec-18

8-Jun-15

$20.39

4-Oct-18

=

ADJUSTED PRICE

$119.87

$101.00

446 Yampa Street, Steamboat Springs

608 Yampa Street, Steamboat Springs

=

32 10th Street, Steamboat Springs

=

PARCEL SIZE/SH APE

4.74 AC/Efficient

0.15 AC/Rectangular

10%

0.41/Rectangular

10%

ZONING/SURROUNDING USES

PUD, Steamboat Springs

CY2, Steamboat Springs

25%

CY2, Steamboat Springs

25%

ACCESS/RIVER/AMENITIES

Excellent/Excellent

Excellent Access/ Across Street from Yampa River

10%

Excellent Access/Across Street from Yampa River

10%

UTILITIES/INFRASTRUCTURE

New and Distributed

Available

5%

Available

5%

TOPOGRAPHY/FLOODPL AIN

Level/ No floodplain

Level/ No floodplain

=

Mostly level/ Partial floodplain (500 year)

3%

LOCATION

PHYSICAL CH ARACTER

ADJUSTED PRICE

58

$179.81

$154.53

A N A LY S I S O F C O M P A R A B L E L A N D S A L E S Sale No.Sale 3 Sale No. 4No. 4

Sale No. 3No. 3

COMPARISON ARISON E COMPONENT

PER SQ. F T.

Sale No.Sale 4 Sale No. 5No. 5

COMPARISON ADJ. ADJ. COMPARISON COMPARISON ADJ.

COMPARISON ADJ. ADJ. COMPARISON COMPARISON ADJ.

$119.00 $119.00 $119.00

$119.00 $119.00

Sale No. 5 COMPARISON ADJ. ADJ.

$119.00 $100.00 $100.00

ADJ. $100.00

RT RIGHTS mple ee Ysimple estate estate

=

estate =Fee simpleFee simple Fee simple estate estate =

=

Fee simpleFee estate = simple Fee simple estate estate =

=

Fee simple estate =

=

CING Cash Seller toTERMS Seller

=

=Cash to Seller Cash to Cash Seller to Seller

=

=

Cash to Seller = Cash to Cash Seller to Seller

=

=

Cash to Seller =

=

TIONS OF SALE Arm's engthLength

=

=Arm's Length Arm’s length Arm’s length

=

=

Arm’s length = Arm's Length Arm's Length

=

=

Arm's Length =

=

DITURES AF TER SALE None

=

=None

=

=

None =

=

=

None =

=

E1-Aug-18 T CONDITIONS 18

=

=31-Aug-1819-Jun-18 19-Jun-18

=

19-Jun-18 16-Jan-15 $0.00 $0.00 16-Jan-15

$0.00

$20.50$20.50 16-Jan-15

STED PRICE

mpa 55 Yampa Street,Street, ION teamboat oat Springs Springs

None None

$119.00 $119.00 =

None None

$119.00 $119.00 $119.00

655 Yampa26Street, 11th 26Street, 11th Street, = = SteamboatSteamboat Springs Steamboat Springs Springs

=

$119.00 $120.50 $120.50

26 11th Street, 603 Yampa 603 Yampa Street,Street, Steamboat Steamboat = = = SteamboatSprings Springs Springs

603 Yampa Street, Steamboat = Springs

$20.50

$120.50 =

ICAL CH ARACTER

L.26 SIZE/SH APE C/Rectangular AC/Rectangular

0.26 AC/Rectangular 10% 10% 10% 0.28 AC/Rectangular 0.28 AC/Rectangular

0.28 AC/Rectangular 10% 10% 10% 0.14 AC/Rectangular 0.14 AC/Rectangular

0.14 AC/Rectangular 10% 10%

10%

G/SURROUNDING USES CY1, eamboat Steamboat Springs Springs

CY1, Steamboat Springs 25% 25% 25% CY2, Steamboat CY2, Steamboat Springs Springs

CY2, Steamboat Springs 25% 25% 25% CY-1, Steamboat CY-1, Steamboat Springs Springs

CY-1, Steamboat Springs 25% 25%

25%

S/RIVER/AMENITIES nt/Excellent xcellent/Excellent

IES/INFRASTRUCTURE Available le

=

Excellent/Across Street from Excellent/Across Excellent/Across Street Street from from = =Excellent/Excellent 10% 10% Excellent/Excellent Excellent/Excellent10% Yampa River YampaYampa River River

=

Excellent/Excellent =

=

5%

Available Available 5% Available

5%

Available 5%

5%

5%

Mostly Level/ Entirely in 5% floodplain

5%

RAPHY/FLOODPL AIN Mostly level/100 level/100 year floodplain year floodplain 5%

STED PRICE

5%

5%

MostlyMostly level/Entirely level/Entirely in 500 in year 500 year Mostly level/100 year floodplain 5% 5% 3% floodplain floodplain

$172.55 $172.55

Available Available 5% Available

5%

Mostly level/Entirely in 500 yearEntirely MostlyMostly Level/ Level/ Entirely in in 3% 3% floodplain floodplain floodplain

$172.55 $182.07 $182.07

$182.07 $174.73 $174.73

$174.73

59

A N A LY S I S O F C O M P A R A B L E L A N D S A L E S In general, the overall real estate market in the area rose from 2005 through mid-year 2008, softened significantly in 2009 through 2012, began to stabilize in 2013, and continued this improvement in conditions through the beginning of 2018. Market conditions remained stable, but strong throughout 2018. Given, that Sale No. 1 sold on June 8, 2015, an upward adjustment is warranted for market conditions. Sale Nos. 2, 3, and 4, sold in October 2018, August 2018, and June 2018 respectively, and required no market condition adjustments.

Sale No. 5 sold in January 2015 and required an upward adjustment. Based on the improving market as previously discussed and outlined in the report, the two 2015 sales were adjusted utilizing a 6% annual upward adjustment for improving market conditions.

60

C O M P A R A B L E L A N D SAANLAELSY S I S O F C O M P A R A B L E L A N D S A L E S

PARABLE LAND SALES LAND SALE #1

LAND SALE #2

Land Sale #1 is a 0.15-acre tract of land located

Land Sale No. 2 is a 0.41-acre tract of land

at 608 Yampa Street in Steamboat Springs.

located at 32 10th Street in Steamboat Springs.

This sale was completed on June 8, 2015, for

This sale was completed on October 4, 2018, for

a confirmed consideration of $650,000, or $99.48

a confirmed consideration of $1,800,000, or $101

per sq ft of land. No adjustments are necessary for

1 2

1

property rights conveyed, financing terms, conditions

for property rights conveyed, financing terms, conditions of sales, market

6081Yampa Street, of sales, or expenditures made immediately after sale. Sale No. was finalized LOCATION

32 10th Street,made immediately after sale. conditions, or expenditures

608Steamboat Yampa Street, Springs Steamboat Springs

Steamboat Springs LOCATION

approximately three years and five months ago and an upward adjustment was June 8, 2015

DATE OF SALE

made for continued improving market conditions.

SALE PRICE

2

per sq ft of land. No adjustments are necessary

October 4, 2018

Sale 2 is similar in8,terms upward as it June 2015 of location. Sale No. 2 is adjusted October 4, 2018

DATE OF SALE $650,000 or $99.48 per square foot

$1,800,000 or $101 per square foot

is considered to be inferior in terms size as it is a small 0.41 acre parcel $650,000 or $99.48 square foot Armsper length

SALE Arm’sPRICE length

CONDITIONS OF SALE

32 10th Street, Steamboat Springs

$1,800,000 or $101 per square foot

Sale 1 is similar in terms of location. Sale No. 1 is adjusted upward as it is

with lower development 47 potential than the RiverView parcel which is 4.74

considered to be inferior in terms size as it is a small 0.15 acre parcel with

acres. An upward adjustment is made for Sale No. 2 CY-2 Zoning which, in

Square shaped site Arm’s length

CONDITIONS OF SALE Small, Rectangle shaped site

SITE DATA

0.15 acres, (6,534 sf), more or less SITE DATA

SITE SIZE

0.41 acres, (17,860 sf), more or less

Small, Rectangle shaped site Square shaped site discussions with Steamboat Planning, is inferior to RiverView’s approved

lower development potential than the RiverView parcel which is 4.74 acres. An Utilities to site

IMPROVEMENTS

Parking lot surface

0.15 acres, (6,534 sf), more or less and requirements 0.41 acres, (17,860 more or less zoning due to density allowances for ground floor sf), retail which

SITE upward adjustment is made for Sale No. 1 CY-2 Zoning which, inSIZE discussions ZONING

*

Arms length

CY2 (Commercial Yampa-Two),

CY2 (Commercial Yampa-Two),

City ofIMPROVEMENTS Steamboat with Steamboat Planning, is inferior to RiverView’s approved zoning Springs

City of Steamboat RiverView does not require.

Ownership has recently securedParking unique Utilities to site Springs lot Planned surface

Excellent access/Good visibility from Yampa Unit Development Good access/visibility from Yampa Street due to density allowances andACCESS requirement ground floor retail which (PUD) zoning.

Saleand No. 2 is across the from the Yampa / VISIBILITfor Y CY2 (Commercial CY2street (Commercial Yampa-Two), Street 10thYampa-Two), Street ZONING

*

City of Steamboat Springs Steamboat Springs River, while RiverView is actually oninthe river, warrantingCity an of upward adjustment Mostly level – NW portion of property

RiverView does not require. Ownership has recently secured unique Planned TOPOGRAPHY

Unit Development (PUD) zoning. Sale No. 1 is across the

Level site/ No floodplain street from the/ Yampa ACCESS VISIBILIT Y

floodplain

Excellent access/Good visibility from Yampa Good access/visibility from Yampa Street and for river/amenities, as there is no busy road separating as shown on the aerial Street

10th Street

River, while RiverView is on the river, warranting an upward adjustment map that follows.

Saleground No. 2 is partially situated in a 500-year floodplain, The zoning for for all river/ the comparable land salesLastly, requires Mostly level – NW portion of property in TOPOGRAPHY Level site/ No floodplain floodplain amenities, as there is no busy road separating as shown on the aerial map. RiverViewwarranting upward parcel. floor retail, unlike which hasa asmall unique PUDadjustment zoning as it relates to the RiverView

*

that does not require any retail.

The final adjusted price for Sale No. 1 after considering all adjustments is $179.81 per sq ft of land.

*

The allforthe comparable land sales The finalzoning adjustedfor price Sale No. 2 after considering all floor retail, unlikeperRiverView adjustments is $154.53 sq ft of land.which

requires ground

has a unique PUD zoning

that does not require any retail.

42 61

A N A LY S I S O F C O M P A R A B L E L A N D S A L E S LAND SALE #3

LAND SALE #4

Land Sale No. 3 is a 0.26-acre tract of land

Land Sale No. 4 is a 0.28-acre parcel of

located at 655 Yampa Street in Steamboat

land located at 26 11th Street in Steamboat

Springs. This sale was completed on August

Springs. This sale was consummated on

31, 2018, for a confirmed consideration of

3

3

4

June 19, 2018, for a total consideration

$1,350,000, or $119 per sq ft. No adjustments are

of $1,450,000, or $119 per sq ft of land.

4

5

necessary for property rights conveyed, financing

No adjustments to Sale No. 4 are required

terms, conditions of sale, market conditions, or expenditures made LOCATION

655rights Yampa Street, financing terms, market conditions 26 11thorStreet, for property conveyed,

655 Yampa Street, immediately after sale. After the market condition adjustment, theSprings indicated Steamboat

11th Street, Steamboat26Springs

LOCATION

expenditures made immediately after sale.

Steamboat Springs

August 31, 2018 June 19, 2018 June 19, 2018 January 16, 2015 $1,350,000 or $119 per square foot $1,450,000 or $119 per square foot Sale 4 is considered similar in terms of location, and utilities/ $1,450,000 or $119 per square foot $610,000 or $100 per square fo infrastructure.Arms Salelength No. 4 is much smaller in size than the RiverView Arms length Arms length Arm’s length property andRectangular is adjusted upward. hasRectangular inferior shaped site Small, shaped site This comparable also Small, Small, Rectangular shaped site Small, Rectangular shaped sit zoning relative to RiverView and is adjusted further upward due to density 0.26 acres, (11,326 sf), more or less 0.28 acres, (12,197 sf), more or less 0.28requirements acres, (12,197 sf), or less 0.14 acres, (6,098 sf), more or le allowances and formore ground floor retail which RiverView None Older storage structures does not require. Ownership recently secured unique Planned Unit None Older storage has structures CY1 (Commercial Yampa-One), CY2 (Commercial Yampa-One), Development (PUD) zoning. InYampa-One), addition, Sale No. 4 is located across the CY2 (Commercial CY1 (Commercial City of Steamboat Springs City of Steamboat SpringsYampa-One City of Steamboat Springs City of Steamboat Springs street from the Yampa River, while the subject property is on the river,

DATE OF SALE

value provided by Land Sale 3 is $119.00 per sq ft of August land. Sale 3 is DATE OF No. SALE 31, 2018 SALE PRICE similar to the subject in terms of location, and access/river/amenities.

$1,350,000 or $119 per square foot

SALE PRICE

CONDITIONS OF SALE

Arms length

CONDITIONS OF SALE

Sale No. 3 is smaller in size relative to the subject and is adjusted upward SITE DATA

Small, Rectangular shaped site

SITE DATA

for parcel size as larger parcels have more development potential and utility SITE SIZE

SITE smaller SIZE 0.26 acres, (11,326 sf),costs more or less than smaller parcels and parcels have higher development per IMPROVEMENTS

sq ft. Sale No. 3 is considered to have inferior zoning which requires ground IMPROVEMENTS None

*

level retail due to density allowances and requirements for ZONING groundYampa-One), floor retail CY1 (Commercial ZONING

*

603Springs Yampa Street, Steamboat Steamboat Springs

City of Ownership Steamboat Springs which RiverView does not require and is adjusted upward.

Good access/visibility from Yampa Street

ACCESS / VISIBILIT Y

Good access/visibility from Yampa Street

has recently secured unique Development (PUD) zoning.

Lastly, another upward adjustment.

Lastly, this comparable is entirely from Yampa ACCESS Planned / VISIBILITUnit Y Good access/visibility from Yampa Street warranting Good access/visibility from Yampa Street Good access/visibility Sale No. 3 is entirely within a 100-year floodplain, while RiverView is not in a TOPOGRAPHY

within a 500-year floodplain this inferior Mostly level/ Floodplain and is adjusted upward for Mostly level/ Floodplain

floodplain, warranting an upward adjustment.

characteristic.

TOPOGRAPHY

Mostly level/ Floodplain

*

Mostly level/ Floodplain

Mostly level/ Floodplain

The zoning for all the comparable land sales requires ground all the comparable land salesallrequires ground Thus, after analyzing of the elements of comparison the floor retail, unlike RiverView which has a unique PUD zoning floor retail, unlike RiverView which has a unique PUD zoning adjusted price for Sale No. 3 is $172.55 per sq ft. final adjusted price for Sale No. 4 is $182.07 per sq ft. that does not require any retail. that does not require any retail.

*

The zoning for Thus, after analyzing all of the elements of comparison the final

62

A N A LY S I S O F C O M P A R A B L E L A N D S A L E S In summary, this analysis has produced five indications of value

LAND SALE #5

for the RiverView property as of December 15, 2018. The value

Land Sale No. 5 is a 0.14-acre tract of land

indications, after considering all adjustments, range from $154.53 per

located at 603 Yampa Street in Steamboat

sq ft (Sale No. 2) to $182.07 per sq ft (Sale No. 4). The mean value per

Springs. This sale was completed on January

land sq ft indication is $172.74 and the median indication is $174.73

4

16, 2015, for a confirmed consideration of $610,000, or $100 per sq ft of land. No

per sq ft. All five sales as adjusted are considered to provide a good

5

indication of value, as they are all located in and are in close proximity

adjustments are necessary for property rights

to the subject property.

conveyed, financing terms, conditions of sales, or expenditures made

26 11th Street,

immediately after sale.

Steamboat Springs

603 Yampa Street, Steamboat Springs

In conclusion, the value for the subject land as of December 15, 2018

January 16, 2015

is estimated at $172 per sq ft or $35,513,597 ($172 x 206,474 sq. ft.).

June 19, 2018

Sale No. 5 was finalized approximately three years and ten months ago $1,450,000 or $119 per square foot

$610,000 or $100 per square foot

Arms length

Arm’s length

Small, Rectangular shaped site

Small, Rectangular shaped site

and an upward adjustment was made for continued improving market conditions. Sale 5 is similar in terms of location, and access/river/

amenities. Sale No. 5 is adjusted upward as it is considered to be inferior

0.28 size acres,as (12,197 more or lessacre parcel with lower 0.14 acres, (6,098 sf), more or less in terms it is sf), a small 0.14 development

potential than the RiverView Older storage structuresparcel which is 4.74 acres. An upward None adjustment is made for Sale No. 5 CY-1 Zoning which,CY1 in (Commercial discussions CY2 (Commercial Yampa-One), Yampa-One), City of Steamboat Springs City of Steamboat with Steamboat Planning, is inferior to RiverView’s approved zoning. Springs

Ownership has recently unique Planned Unit Good access/visibility fromsecured Yampa Street Good Development access/visibility (PUD) from Yampa Street zoning. Lastly, Sale No. 5 is entirely situated in a floodplain, warranting an Mostly level/ Floodplain

Mostly level/ Floodplain

additional upward adjustment as it relates to the RiverView parcel.

parable The land sales requires final adjusted price forground Sale No. 5 after considering all w which has a unique PUDper zoning adjustments is $174.73 sq ft of land.

etail.

43 63

C O N TACT

66

C O N TACT FROM DENVER TO STEAMBOAT SPRINGS Steamboat Springs is about a 3 hour drive northwest of Denver through the Rocky Mountains, taking Interstate 70 to Highway 9 to get to town.

There has been dramatic improvements made to the roadways to Steamboat Springs. State Highway 9 is finishing up repairs in 2018 and wildlife and safety improvements have been recently completed making the route an easy, beautiful drive.

DARLINDA BALDINGER & CHLOE LAWRENCE

970.846.7192 | 970.819.2150 o 970.879.7800 DA R L I N DA . B A L D I N G E R @ S T E A M B OAT S I R .C O M C H LO E . L AW R E N C E @ S T E A M B OAT S I R .C O M S T E A M B OAT LO C A L B R O K E R S .C O M

18 5 5 S K I T I M E S Q U A R E D R I V E S T E A M B O AT S P R I N G S , C O L O R A D O

Co-listed with Chris Paoli, Colorado Group Realty

67