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Group buys Snowmass Base Village

John Rebchook, Rocky Mountain News

Published January 4, 2007 at midnight

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A joint venture called Related Westpac has purchased Snowmass Base Village. The price was not disclosed.

WestPac is a joint venture of WestPac Investments Colorado and New York-based Related Cos. It is headed by Jeff T. Blau, president of Related, and Patrick Smith, principal and CEO of WestPac. Smith will be president of the new venture.

"Snowmass has the potential to achieve a quality of life and economic vitality that it has never seen before," Smith said in a statement released today. Related WestPac already had control of the Snowmass Mall and Snowmass Center.

Related WestPac will take over the existing Snowmass Base Village development approved by the Town of Snowmass Village in 2005, and previously spearheaded by Aspen Skiing Co. Intrawest. Intrawest, based in Canada, was recently taken private.

The previously approved plan will be implemented and calls for about a million square feet of development, including 600 luxury residential units offering various ownership methods, fine dining restaurants and shopping for residents and visitors. The change in ownership will not affect the current residential units under contract at Capitol Peak Lodge and Hayden Lodge.

Aspen Skiing Co. will remain involved in the long term operation and management of Snowmass Mountain and operate the 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 the company, will be responsible for hotel and residential property management. The company is moving forward on more than $78 million on mountain improvements, including this year’s new eight-person gondola and six-person high speed chair.

Past real estate development projects by Related include Time Warner Center in New York City, and CityPlace in West Palm Beach, Fla. WestPac was the co-developer of the Residences at the Little Nell in Aspen.