$90M transaction also ends litigation…The company now can begin “forward progress” with the stalled development. That first step includes some structuring improvements, mainly to the Arrival Center, for which Related announced it has submitted a building permit earlier this week.
SNOWMASS REAL ESTATE — Related Cos. closed on a $90 million transaction Friday to acquire Base Village in Snowmass, clearing a major hurdle between developers and progress on the stalled project.The deal transferred ownership of the assets and settled all lawsuits between the company and the lender group, a consortium of four European banks that has controlled the project since January. The acquisition completes the transfer of title of Base Village assets including the Viceroy Snowmass hotel, retail units, unsold Capitol Peak and Hayden Lodge residences, the Arrival Center, parking garage and various land parcels, according to a statement from Related.
By Jill Beathard, September, 28 2012, SS
Snowmass Base Village. Photo credit: Snowmass Sun