Life All In
the next phase of snowmass base village has begun
Over 170 members of the Aspen-Snowmass community were on-site to raise their glasses and toast the start of construction on the next phase of Snowmass Base Village. This premier mountain resort development is the largest ski area village development currently underway in North America.
“I think this is a game changer for Base Village and the Snowmass community. It’s pretty rare to be able to bring a hotel like the Limelight, an ice-skating rink, and other fun new amenities to a resort that is 50 years old this year,” East West Partners managing partner Andy Gunion stated in front of the crowd of attendees. “Opportunities like this are few and far between.”
Check out all the fun from our July 11th Start of Construction event in this short video.
The event showcased the construction that has commenced on the central plaza area and its surrounding buildings which include a Limelight Hotel; Lumin, a residential and retail building, as well as the Discovery Center, a community building which is contemplated to house the ice age fossils found at nearby Ziegler reservoir as well as a café and bar that spills out into the plaza. For construction details, see our blog post from July 11, 2017.
“It’s an entirely new day for Snowmass,” said Mike Kaplan, CEO of Aspen Skiing Company. “We’ve spent the last decade upgrading the on-mountain experience with tens of millions of dollars of improvements and now we are excited to bring the base of the mountain up to the next level. Snowmass will realize its full potential as one of the best year-round mountain resorts in North America. We are also thrilled to have the third Limelight Hotel be part of the mix, and incorporate everything we have learned from the first two Limelight properties.”
Construction is starting on the Snowmass Base Village development, a collaboration between three major players in the mountain resort business: East West Partners, Aspen Skiing Company and KSL Capital Partners.
This premier mountain resort development, located at the base of Snowmass Ski Area, is one of the only complete ski base area developments currently underway in North America.
“This $600 million, 10-year project will completely transform Snowmass Base Village and add amenities to what is already a world-class ski hill and resort,” said Andy Gunion, Managing Partner for East West Partners-Snowmass, which will be responsible for the day-to-day management of the development.
We’re excited to share an update on our progress at the Base of Snowmass. We have already begun design on the next phase of the village and are scheduled to begin construction this spring. Our focus is on completing the unfinished core, including Limelight Hotel, Ice Rink/Plaza, Discovery Center, and additional residences and retail. Our team has created preliminary building designs, and you can scroll through our initial sketches above for a preview of what’s to come.
It’s official. December 22 we closed on our acquisition of the base of Snowmass. It took over a year to finalize the deal and everyone in our Colorado-based joint venture – East West Partners, Aspen Skiing Company and KSL Capital Partners – worked tirelessly to make it happen. And we’re excited to mark the first of what will be many major milestones.
The purchase includes all remaining development parcels, commercial spaces, the Viceroy Hotel, and Snowmass Hospitality property management.
Predevelopment work has been underway since the deal was announced in September. We’ll now move quickly to begin construction of the Limelight Hotel and public plaza/ice rink, while completing the planning and design of the other buildings. We should have heavy equipment on the ground by springtime.
And with the acquisition behind us, we can now turn our full attention to realization of the development plan. Let the fun begin.
It was a warm welcome. December 7, 2016, about 50 brokers turned out to meet the team taking over design, planning and construction at the base of Snowmass. East West Partners, Aspen Skiing Company and KSL Capital Partners welcomed representatives from the area’s top real estate brokerages to The Viceroy for a conversation … about the new Colorado-based partnership, the final land purchase, the first new buildings to come out of the ground, and roughly when they can expect to see progress on site. The idea is to begin an open dialogue about the future of Snowmass. And this was just the first of what will be regular meet-and-greets with the community as plans for the base of Snowmass continue to take shape. The conversation was lively, with brokers providing plenty of insight. Stay informed about future gatherings by joining our network.
We are excited to announce that through a joint venture with KSL Capital Partners, LLC (KSL) and Aspen Skiing Company (ASC), East West Partners will be acquiring the Snowmass Base Village project from Snowmass Acquisition Company, an affiliate of the Related Companies (Related).
The acquisition includes all remaining development parcels, all commercial spaces in Base Village, the Snowmass Hospitality property management company and the Viceroy Hotel, including the unsold condominium units within the hotel. Lot 2 (where the Limelight Hotel will be built), is also part of the purchase and will now be developed by the joint venture. ASC will purchase the Limelight Hotel and 4 Mountain Sports space from the joint venture when they are complete, and continues to be committed to operating both. The joint venture will move swiftly to commence construction in Base Village next spring, with East West responsible for all day to day operations. The transaction is expected to close by the end of 2016.
While the sale will not close until later this year, work will continue to move forward full speed with pre-construction efforts on the Limelight Hotel and with design for the Community building and Buildings 7 and 8. The joint venture’s plan is to begin construction on the Limelight Hotel, Building 4 and the events plaza/ice rink in the spring of 2017, with construction of the Community building and Buildings 7 and 8 projected to begin in the latter part of 2017.
“East West Partners is very excited to be a part of the joint venture with ASC and KSL. We believe the completion of Base Village will be a great addition to Snowmass, and we could not imagine a better group of dedicated and experienced partners to join forces with to make this happen,” said Craig Ferraro, managing partner, East West. “We thank Related for its diligent efforts to complete the Town Agreements and look forward to working with the Town of Snowmass Village in the future.”
“Aspen Skiing Company has long been committed to ensuring that Snowmass is and remains one of the best ski areas in the world, including providing over $100 million worth of on-mountain improvements over the last 10 years and ongoing efforts to develop the Limelight Snowmass. While we were working towards starting construction on the Limelight Hotel, it became apparent that by working in a partnership with KSL and East West, both leaders in the ski industry, the Base Village could become the truly special entrance to Snowmass that we have envisioned for years,” said Mike Kaplan, president and CEO, Aspen Skiing Company.
Andy Gunion from East West will be appointed to lead the joint venture. Ferraro said, “Andy has been with East West for over 12 years and has led the acquisition work on Base Village for us. He has a broad range of relevant experience from project management of our Westin resort in Avon to his most recent role as CFO for the company. Andy and his wife look forward to moving to the Roaring Fork Valley and enjoying the uncrowded ski slopes and world class mountain biking.”
“We greatly appreciate all of the time and effort that town staff, council and others have invested in Base Village to bring it this far and we’re looking forward to working closely with everyone to complete this critical project in a manner that the Snowmass community can be proud of.” said Andy Gunion.