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Our Valley

Contact Information

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Roaring Fork Realty
256 Main Street
Roaring Fork Valley, CO 81623
(800) 963 7172 Toll-Free
(970) 963 7072 Fax
info@roaringforkrealty.com

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The New Snowmass Base Village


In April, 2005 Intrawest sold the first release of the new Snowmass Base Village which included eighty-seven residential units in a short three hours. A second release was planned to be sold in 2006, but it never happened. In 2006, the commercial component of Snowmass Village was sold to WestPac. This included the Snowmass Village Mall, the Snowmass Village Center, and the commercial component of the new Snowmass Base Village. At the beginning of 2006, a joint venture called Related Westpac  purchased the residential component of Snowmass Base Village.

At the beginning of October 2007, Related WestPac received approval from the Snowmass Town Cancel for the second phase of Snowmass Base Village. The approval allows a 256-room Viceroy Hotel to move ahead and complete the excavation that is currently under way between Wood Road and Assay Hill.

On December 17, 2007, Related/Westpac began taking reservations for the second release of Snowmass Base Village. The second release included 150 wholly owned Viceroy Hotel concominiums and 30 wholly owned Little Nell Hotel condominums. The Viceroy Hotel condominium reservation agreements required a $25K reservation deposit while the Little Nell Hotel condominium reservation agreements required a $250K reservation deposit. In January of 2008 those that submitted a reservation agreement will be required to sign a hard contract with a twenty percent deposit. The Viceroy units will be the lowest priced. They will start at about $1,285/square foot for a studio and go up to about $2,000/square foot for the larger units.

Because of the Credit Crisis of 2007, Related/WestPac began to encounter financial problems in 2008. Their primary financial source, Hypo Bank of Germany, withdrew their financing and the construction project began to slow down. By early 2009, the construction of the core of the new Base Village  had basically come to a halt, although work continued on the Viceroy Hotel, which opened for the 2009 - 2010 ski season.  In July of 2010, the operational authority for the Base Village project was officially transferred by the Pitkin County District Court from Related Companies of New York  to Destination Snowmass Services, Inc. a subsidiary of Lowe Enterprises of Los Angeles as a receiver at the request of Hypo Real Estate Capital Corporation. The transfer was part of a foreclosure effort on a $520 million loan that Related had defaulted on.

According to Related, they completed about half of the almost one million square foot commercial and residential Base Village project including Hayden Lodge, Capitol Peak Lodges A, B, & C, and the Viceroy Hotel before construction came to a halt. Despite the fact that a receiver has been appointed for Snowmass Base Village, Related continues to own the Snowmass Center, Snowmass Mall, Mountain Chalet, Snowmass Inn, Club Commons, Snowmass Hospitality, Snowmass Property Management, and Related WestPac.

According to Mike Kaplan, SkiCo President and CEO, "We are hopeful that this foreclosure action is a signal that the Base Village lenders intend to get this development project moving forward again. We look forward to working cooperatively with the appropriate parties and seeing Base Village realize its true potential."

The Roaring Fork Valley real estate market is comprised of Aspen real estate, Snowmass Village real estate, Basalt real estate, Carbondale real estate, and Glenwood Springs real estate.