BASALT REAL ESTATE — A retirement community that was originally hoped as part of Aspen’s senior citizen fabric but now appears taking on a life towards development in Basalt took an important step forward Tues. night. The Basalt Town Council found the project’s application for annexation in compliance with regulations.The Aspen Valley Medical Foundation wants to build a continuous-care retirement community on 18 acres directly north of Basalt High School on the south side of Highway 82. The medical foundation has the Stott’s Mill site under contract for purchase…The property most recently was used for a sawmill operation and for cattle grazing. During the height of the real estate boom in the mid-2000s, a development firm put the property under contract and, after years of review, earned approval in 2009 for 110 residences and a day care facility. By that time, the economy had tanked, and the developer, Brikor Associates, didn’t close on the purchase due to lack of demand. The approvals were abandoned, according to a Basalt town staff memo.
By Scott Condon, September, 27 2012 AT
Link to AT article and see ABJ Jan 8, 2012 article
Rendering of the original Stott’s Mill project. A difficult market environment kept developers from moving forward with construction. AVMF now has the parcel under contract with plans to replace the current master plan with a much needed continuing care retirement community.