Related's Aspen plans start to snowball with latest purchase.ASPEN, CO: The Related Companies has bought another chunk of winter wonderland in a joint venture deal with WestPac Investments. Jeff T. Blau, president of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based Related, and Patrick Smith Patrick Smith is the name of
LLC - Logical Link Control , announced the formation of their joint venture partnership to purchase Snowmass Base Village. The joint venture, known as Related WestPac, has signed an agreement with current owners, Aspen Skiing Company The Aspen Skiing Company is a commercial enterprise based in Aspen, Colorado in the United States. Founded in 1946 by Walter Paepcke, it operates the Aspen/Snowmass resort complex, comprising four ski areas near the town of Aspen. and Intrawest. The sale is expected to close in February 2007. The acquisition of Base Village complements properties already controlled by Related WestPac including a substantial amount of properties in West Village (Snowmass Mall) and Snowmass Center. With Related WestPac responsible for the three development sites surrounding Snowmass' world-class ski mountain, the firm will embark upon a cohesive master plan that respects the community's ideology and is befitting be·fit·ting adj. Appropriate; suitable; proper. be·fit  ting·ly adv.Adj. 1. of a world class mountain resort. Patrick Smith will serve as president of Related WestPac based in Colorado. Related WestPac will take over the existing Snowmass Base Village development formally approved by the Town of Snowmass Village in 2005, and previously spearheaded by Aspen Skiing Company and Intrawest. The previously envisioned plan will be implemented and features approximately one million square feet including 600 luxury residential units offering various ownership opportunities and amenities including fine dining and shopping for residents and visitors. The change in ownership will not affect the current residential units under contract at Capitol Peak Capitol Peak A mountain, 4,309.7 m (14,130 ft) high, in the Rocky Mountains of west-central Colorado. Lodge and Hayden Lodge, which will be delivered as planned. Aspen Skiing Company (ASC ASC Ambulatory surgery center, see there ) will remain involved in the long term operation and management of Snowmass Mountain Snow·mass Mountain A peak, 4,298.1 m (14,092 ft) high, in the Elk Mountains of west-central Colorado. and operate the highly anticipated 26,000 s/f Children's Center opening this Spring, the commercial spaces for ticket sales, ski retail and rental facilities in Snowmass Base Village. In addition, Aspen/Snowmass Hospitality, a division of ASC, will be responsible for hotel and residential property management. ASC is moving forward with over $78 million to date in on-mountain improvements that are an integral part of base village and the entire town's renewal, including this year's new eight person gondola and a six person high speed chair lift which allows skiers to be able to summit the mountain from one lift. "We aspire for Snowmass to become the leading multi-season mountain resort in the country. Snowmass has the potential to achieve a quality of life and economic vitality that it has never seen before. Related WestPac looks forward to this exciting challenge," said Smith. It is estimated the costs of the redevelopment will total several billion dollars across the three sites with the addition of new hotels, skier valet services and entertainment options. |
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