New Limelight contingent on four-year extension of vested rights
Aspen Skiing Co. is prepared to invest $100 million in the development of a Limelight hotel for Snowmass Village after signing a purchase and sale agreement last week with Related Colorado.
According to SkiCo CEO Mike Kaplan, more certainty about specific improvements tied to the Base Village project weren’t the only reasons the company returned to the bargaining table with Related to buy slopeside property in the heart of the unfinished base area.
Widespread public support for a Limelight hotel in Snowmass Village voiced through a series of pre-sketch plan meetings between the developer and the community “encouraged us to come back in,” Kaplan said.
“First we heard, ‘let’s get Base Village done.’ Second was, ‘we’d really like to see the Limelight,’” Kaplan said.
SkiCo officials originally proposed a hotel last year but withdrew in March because of too many unknowns out of their control.
The project’s popularity and SkiCo’s role as the unlikely white knight will be tested through a joint application that Related Colorado expects to file on behalf of both entities by Oct. 15.
The town of Snowmass Village is asking Related, the master developer, for a more comprehensive look at what it has in store for finishing the project that’s been stalled for nearly five years due to financial troubles.
“There needs to be one applicant here. They can speak with one voice,” Kaplan said.
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