Former owner Related Co’s reaches settlement with European banks over stalled development
Ending a tumultuous period of multiple lawsuits and uncertainty in Snowmass Village, The Related Companies announced Tuesday that it will reclaim control of the Base Village project from the consortium of European banks that foreclosed on the stalled development last year. Related Colorado president Dwayne Romero said the “massive” agreement between his company and the banks’ affiliate resolves nearly all of the pending litigation over the project. The deal will transfer to a Related subsidiary, Snowmass Acquisition Co. LLC, the titles for: the Viceroy Hotel, the arrival center and parking garage, retail units, unsold condominium units in the Capitol Peak and Hayden lodges, the Little Nell building and other land parcels, according to a press release.Town officials said they were cautiously optimistic that construction of the partially finished Base Village — which voters approved in 2004 as a way to transform Snowmass into a year-round resort — will resume sometime after the closing between Related and the banks is finalized. The closing could happen this fall, said Related spokesman Steve Alldredge.
By Chad Abraham, May 2, 2012 ADN
Also, see May 19, 2012 article, AT article, “No Little Nell for Snowmass Base Village”.
“After buying Base Village from Skico and Intrawest for $169 million in 2007, with the Little Nell Snowmass deal in place, Related then lost the whole project to foreclosure in the wake of the financial crisis. The four European banks that now own the asset have reached a deal to sell it back to Related for an as-yet undisclosed price. The deal is expected to close by the end of the year.”
Photo credit: Snowmass Sun