Baltimore real estate investor Alex Brown and local Steve Stunda are thinking about changing their plans for the former Boomerang Lodge at the base of Aspen Mountain a third time. Their last plan, announced in 2010, called for the lodge to be turned into a 38,000 square foot apartment complex of affordable housing so the pair could take advantage of the 80 affordable housing credits they would win from the project and could sell to other developers. But neighbors have been very resistant to the idea of having 40 cheap (for Aspen) apartments next door, Stunta wasn't confident that he could sell all 80 credits quickly, and wanted to increase the amount of free-market condos in order to make sure the project had enough financial juice to be finished.
So, now Stunta and Brown want to convert the Boomerang into another lodge. Their original plan in 2006 was to build a hotel with 47 condo-style guest rooms, 5 free-market condos, and 2 units of affordable housing. No word yet on what the final makeup of their latest proposal will look like. The city has been trying to spur development of a fresh bed base in town, and is offering a variety of incentives for developers like Stunta and Brown to build more hotels.
· Boomerang project seeking to become a lodge again [Aspen Daily News]