"Everything changed later in 2008 when financing for the rest of Base Village fell apart in the lending crisis, and the economy tanked, bringing real estate prices down with it."
ASPEN SNOWMASS REAL ESTATE – Snowmass Base Village developer Related WestPac is facing some tough issues these days. Notwithstanding the biggest question about what might happen to the partially built 600-unit development, perhaps the most immediate issue is what to do with the Viceroy condo hotel.Closings on Viceroy units were originally scheduled to begin March 15, but even with what the developer calls an extension of time to negotiation with owners and lenders, there’s no indication that sales are going to happen anytime soon. Selling the units that are under contract and not in litigation could bring Related WestPac and its partners a much needed infusion of cash, but it would also bring up a number of additional complexities, according to real estate experts. Developers need to consider whether it would make more sense to turn the Viceroy into a pure hotel, or some other rental product, and then have their myriad investors and lenders agree. If they start selling, however, they no longer have that choice.
By Catherine Lutz, March 26, 2010 Aspen Daily News