For $169 Million, You Can Own Base Village

March 13th, 2007 at 06:13am Post Staff 3

SNOWMASS VILLAGE, COLORADO (Post Time News)–Make no mistake. Developer Patrick Smith of WestPac Investments Colorado LLC had all the money he needed–$169 million, for the record–to buy Base Village and to become the dominant force here in the Town of Snowmass Village.

“We aspire for Snowmass to become the leading multi-season mountain resort in the country,” Smith said. “Snowmass has the potential to achieve a quality of lifeand economic vitality that it has never seen before. Related WestPac looks forward to this exciting challenge.”

Smith and Jeff T. Blau President of New York based Related Companies, a private real estate developers created the vehicle of Related WestPac in January 2007 to do just that. Related WestPac is the entity that actually signed an agreement with current owners Aspen Skiing Company and Intrawest to seal the deal that closed earlier in March 2007.

The acquisition of Base Village complements properties already controlled by Related WestPac including a substantial amount of properties in West Village (Snowmass Mall) and Snowmass Center. With Related WestPac responsible for the three development sites surrounding Snowmass mountain, the firm will embark upon what it calls “a cohesive master plan that respects the community’s ideology and is befitting of a world class mountain resort.”
Related WestPac will take over the existing Snowmass Base Village development formally approved by the Town of Snowmass Village in 2005, and previously spearheaded by Aspen Skiing Company and Intrawest. The previously envisioned plan will be implemented and features approximately one million square feet including 600 luxury residential units offering various ownership opportunities and amenities including fine dining and shopping for residentsand visitors. The change in ownership will not affect the current residential units under contract at Capitol Peak Lodge and Hayden Lodge, which will be delivered as planned.

Related WestPac says it “shares the vision of a Snowmass renaissance establishedby the Aspen Skiing Company and supported by the Town of Snowmass Village.”

Aspen Skiing Company (ASC), for its part, will remain involved in the long-term operationand management of Snowmass Mountain and operate the highly anticipated 26,000 square foot Children’s Center opening this Spring, the commercial spaces for ticket sales, ski retail and rental facilities in Snowmass Base Village. In addition, Aspen/Snowmass Hospitality, a division of ASC, will be responsible for hotel and residential property management. ASC is moving forward with over $78 million to date in on-mountain improvements that are anintegral part of base village and the entire town’s renewal, including thisyear’s new eight person gondola and a six person high speed chair lift which allows skiers for the first time to be able to summit the mountain fromone lift.

With estimated costs of several billion dollars across the three sites,the overall Snowmass development plan seeks to improve and expand the resort’s amenities while integrating and respecting the scenic mountain landscape. The addition of new hotels, skier valet services, numerous fine restaurants and casual eateries, and a myriad of shops and entertainment options will enhance the appeal of this already highly sought after vacation and residential destination for all age groups. Related will draw upon its significant expertise in developing successful residential and mixed use developments, notably Time Warner Center in New York City and CityPlace in West PalmBeach, Florida to ensure the realization of this vision. WestPac will lendits experience as a multi-faceted resort developer in America’s most exclusive markets, including Aspen, Colorado’s acclaimed The Residences at The Little Nell. All development plans will adhere to the nationally recognized environmental guidelines established for development and land use planning.

About Related Companies

Heralded as one of the most prolific and visionary developers in the country, Related was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City’s newest landmark, Time WarnerCenter. Related has affiliated companies and developments in Miami, Los Angeles and Chicago and boasts a team of more than 2,000 professionals. To date, Related has developed or acquired real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominiumin Century City and The Grand Avenue development, situated directly acrossfrom the beloved Frank Gehry-designed Walt Disney Hall, which will includeluxury residences, retail, notable restaurants, a world class hotel.

This past year, Related acquired Equinox(R) Fitness Clubs, further expanding the company’s capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in CharterMac, the largest financier of affordable housing in the country. For more information about Related Companies please visit www.related.com

About WestPac Investments, LLC

WestPac is a privately held Investment and Development Company doing business in five Western States. WestPac is a co-developer of The Residencesat The Little Nell. The company’s focus is residential in all forms, including single family, multifamily dwellings ranging from student housing to market rate apartments as well as senior housing. WestPac also develops condominiums and hotels. Another area where WestPac excels is in the development and operation of commercial real estate including offices buildings, medical facilities (which include award winning Alzheimer facilities) and retail. WestPac is vertically integrated in the management and operation of the properties we develop. For more information on WestPac Investments, LLC please call (970) 544-0620.

About Aspen Skiing Company

Aspen Skiing Company operates four destination mountains - Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk - and is the home of the ESPN Winter X Games through 2010. Aspen/Snowmass also offers unparalleled nightlife and off-slope activities as well as four award-winning Ski & Snowboard Schools. Aspen/Snowmass is accessible by two of the most convenient airports in the mountains - Aspen Sardy Field (3 miles from Aspen) and Eagle County Airport (70 miles from Aspen). For more information on Aspen/Snowmass,please call 800/525-6200 or 970/925-1220, or visit the company’s website at www.aspensnowmass.com .

Source: Related WestPac

Entry Filed under: Uncategorized, Resorts, Ski Business, Post Time News, Pitkin County, Fractional Post, Base Village