Article by Jill Beathard of the Aspen Times
Harry Frampton remembers when his longtime friends Jim Chaffin and Jim Light had plans to develop the base area of Snowmass.
That was in the 1980s, and Frampton would visit the two men, whom he had worked with in South Carolina right after college, in Snowmass. While Chaffin and Light’s vision for Snowmass’ base laid the framework for the development that Aspen Skiing Co. eventually broke ground on, it didn’t come to fruition under their watch.
Now, Frampton’s development company East West Partners has inked a letter of intent to purchase the remaining assets of the stalled Base Village project. Details of the purchase are still under negotiations, but the contract is contingent on the Snowmass Village Town Council granting final approval to the amended plans for the project, which are still being presented by the Related Cos. subsidiary that currently owns Base Village.
East West has eyed Snowmass Base Village since 2001, when Skico was courting investors for the project, said Craig Ferraro, East West managing partner, in an interview Wednesday. Skico rejected East West’s offer and chose Intrawest, but the firm would again make an effort to invest in 2012 when the project sold out of foreclosure.
Even after the banks sold to Related subsidiary Snowmass Acquisition Co., East West continued to discuss ways to partner on the project, having conversations about every six months, Ferraro said. This time around, they “figured out something that worked for both of us,” he said.
The project is on a large enough scale that it makes sense for East West, which developed much of Beaver Creek and Bachelor Gulch and is currently working on a project in Deer Valley, Utah.
“I think we can add value and bring vision to it,” Ferraro said. “It’s the business we’re in. There are not many opportunities in first-class resorts anymore.”
Frampton led the Snowmass Village Town Council, representatives of Related and some members of the public on a tour of Beaver Creek in July. That raised eyebrows for some, particularly after the announcement of the firm’s letter of intent, but Frampton emphasized that the company always has had an interest in Base Village, and he added that talks were not occurring at the time of the tour.
Snowmass Village Mayor Markey Butler set up the tour, which Frampton said happened after she had been at a presentation he gave last winter discussing how ski resorts would succeed in the future.
“WE’RE THE VAIL GUYS”
In that presentation, Frampton noted that public-private partnerships would be key to future development in ski resorts. He said the relationship between the Base Village developer and the Snowmass Village community is contentious and the company is concerned about that, although he hopes it will be able to surmount it, adding that he believes the majority of the community wants to see Base Village completed and successful.
“We know we’ve got to go over there and prove ourselves,” Frampton said. “We’re the Vail guys, but we have a history of doing that.”
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