Article by Madeline Osberger: Aspen Daily News
Town is told decision won’t impact project’s construction timetable
Sunrise Company is out of the Base Village project after being dismissed on Thursday by master developer Related Colorado. Sunrise has been working for more than a year on plans to complete the two unfinished, and very visible, structures at the Snowmass base area project’s entrance.
“This is not our decision at all,” said Sunrise Company project manager Teddy Farrell. “We’re not entirely sure what’s going on with Related.”
Snowmass Village Mayor Markey Butler said the issue would be discussed at Monday’s Town Council meeting and declined further comment other than, “The town has its options as well.”
Related did not respond to inquires, but the developer did tell town officials, “Sunrise did not meet some required timetables to bring on a (required) equity partner to construct their portion of the project,” according to an email from Snowmass Village town manager Clint Kinney to fellow councilmembers and town staff.
Kinney’s email continued: “Related will be looking for a new partner for this portion of the project” and that this would not change their application.
Town spokesman Travis Elliott said on Saturday, “We have been told (by Related Colorado) that it won’t delay the project. We’ll cross that bridge when we get to final” review stage, which is slated for this winter.
Related’s parting of the ways with Sunrise came during the same week the developer received a unanimous approval from the town council for its preliminary plan application to move to the final review stage.
It also coincided with Related selling off many of its property-management rental units contracts, which has added to speculation it has an exit strategy once full Base Village approval is gained.
Vice president Craig Monzio said last week that wasn’t the case: “We remain committed to Snowmass Village, and (the sale of property management contracts) underlines our focus on Base Village.”
Out of the blue
Sunrise’s Farrell said an Oct. 1 phone call from Related Company vice president Andrew Dance and Monzio, informing Sunrise that it was out of Base Village, came as a total surprise.
Sunrise, which is developing the second phase of the Dancing Bear in Aspen (a property it acquired in 2012 with Oaktree Capital Management) had invested more than $500,000 in planning for the buildings. Its architectural renderings for the entry building, which would have been more than 90 feet tall, were praised during a recent review.
Under the preliminarily approved plans, Sunrise’s building 7 would have housed the arrival center, 11 whole ownership and fractional units plus a handful of employee units and 850 square feet of commercial space. In neighboring building 8, some 30 condo units, a fitness center and a new medical center were envisioned. The medical center was included as part of the original 2004 Base Village approval, with the fractional units being praised by elected officials as a way of bringing more animation and “hot beds” into the resort’s core.
Aspen Skiing Co., which like Sunrise had a letter of intent with the master developer, remains on board to develop the Limelight Hotel and subsequent other resort projects, according to Don Schuster, vice president of hospitality.
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