Update on Base Village in Snowmass, Colorado

Update on Base Village in Snowmass, Colorado

In 2005, Related WestPac revealed its vision for Base Village in Snowmass Village, Colorado. This vision included two upscale condo-hotels, a myriad of commercial storefronts and ski-in/ski-out condominiums and townhomes for sale. With a flurry of activity, construction began and real estate reservations skyrocketed. On December 13, 2010 Lowe Enterprises, the court-appointed receiver, announced a second delay in the foreclosure sale of Base Village. Based on previous experience and the current economic situation, Lowe Enterprises and the other parties are thoroughly reviewing the process in order to not have any further delays, which would include potentially starting the foreclosure sale process over.

A second delay has pushed the rescheduled December 15, 2010 sale date until the new time of noon, January 26, 2011, on the steps of the Pitkin County courthouse in Aspen, Colorado. The foreclosure process began with a consortium of four European banks foreclosing on the subsidiary of Related Companies of New York for defaulting on a $520 million dollar construction loan for the one-million square-foot Base Village project, located at the base of Snowmass Ski area. One of the four banks, Hypo Real Estate Capital, is claiming Related owes $387 million outstanding principal and $48 million in interest & expenses.

Even though the overall ownership is still in question, Base Village continues to be a lively and vibrant location in Snowmass Village. Since 2005, Aspen Skiing Co. has added new chairlifts, a gondola, and new on-mountain restaurants. Snowmass Ski Area is one of the premier ski areas in the world and is the largest of Aspen Skiing Co.'s four mountains. The 3,132 skiable acres will continue to be available for outdoor enthusiasts to enjoy, no matter who owns Base Village.

For further updates on this and other Snowmass real estate opportunities, click here.

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