"While it seems implausible today that the developers expected to sell 600 condos in Base Village for more than $2 billion, such was the accepted thinking during the great real estate bubble of 2006. Indeed, there was an expectation that the project would generate $193 million in profits."
SNOWMASS VILLAGE REAL ESTATE — Related Companies, the developers of the Snowmass Base Village are quick to blame the 2008 economic crisis for the aborted state of the development at present. In a series of articles on the fate of the Base Village and impending foreclosure sale scheduled for Nov. 16, 11, journalist, Brent Gardner Smith explores the series of lawsuits between the developers and lenders made along the way that, in hindsight, can be seen as contributing factors…And as the New York based powerhouse Related Companies continues to be involved in other high profile national real estate projects, it’s clear that when the market for ski condos dried up as a result of the Great Recession of 2008, the company chose to walk away from their $520 million Base Village loan commitments to a now nationalized German bank, Hypo Real Estate Capital Corp. and three other banks.
By Brent Gardner Smith, October, 26 2011, AT (Published originally at Aspen Journalism.org)
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Completed elements of Snowmass Base Village: slope side on the left, Capitol Peak and Hayden Lodges; on the far right the Viceroy Hotel and Condominiums.