There were already rumors when master developer Related Colorado suddenly dismissed a local developer last week, but the other shoe dropped Tuesday, when it was announced that, yes, the Snowmass Base Village project was changing hands once again. This time, it's East West Partners, one of the original firms to pursue the project, along with KSL Capital Partners, which has been making friends with the locals in Olympic Valley. If the term "base area redevelopment" didn't already make the stomachs of locals churn, this sale marks yet another step in the long journey to remake Snowmass' base through shifting partners, foreclosure, litigation and reacquiring the property. But it's not as if the community didn't have an inkling this was eventually coming.
In essence, Related Colorado did the hard work of negotiating with Snowmass for entitlements in return for public benefit. Now, East West and KSL have to shepherd the project through its final phase and actually build the thing. Aspen Skiing Co., for its part, still will be developing its Limelight Hotel at Snowmass.
Base area projects require a lot of capital and expertise, and Snowmass will surely benefit from having a completed base village.
So Curbed Ski readers, what are your thoughts on this latest turn of events in the Snowmass Base Village journey?
· Related Cos. selling Base Village to East West Partners [Aspen Daily News]
· Local Developer is Booted from Snowmass Base Village Project [Curbed Ski]
· What's the Real Timetable for the Snowmass Base Village? [Curbed Ski]
· The Push to Incorporate Olympic Valley Caught a Fiscal Break [Curbed Ski]