Snowmass Base Village Developer Update
If you haven’t visited Snowmass in the last couple of years, you will be amazed by how it has changed. The new Base Village has been transformed and has become the place to be. The Limelight Hotel opened last season and quickly became the hub of après ski activity. This season, several new restaurants and retailers are set to make their debut and The Collective will be unveiled in a matter of weeks.
Read on for the latest update from the developer of Base Village on all the exciting happenings.
NIGHT AND DAY
It is hard to believe that it was only three years ago that our partnership (comprised of East West Partners, Aspen Skiing Company and KSL Capital Partners) acquired Base Village from Related. At that time, in late 2016, the project had been mothballed for about eight years. Dilapidated temporary façades, exposed rebar and rotting wooden construction fences presented a rather depressing scene. A dark cloud of failure and uncertainty hung over the village.
Flash forward to today and the contrast is truly extraordinary. Hopefully, most of you have been able to experience the new elements of the village that were introduced last winter, including the new Limelight Hotel, ice rink, summer events plaza (featuring outdoor movie nights, yoga, and more), the children’s pop jet fountains, climbing wall, Mawa’s Crepe Shack and a completely refreshed Viceroy hotel. All of these elements have added significant winter and summer vibrancy to the village. It is this type of energy that brings life, optimism and value to a village like SBV for owners, guests and real estate buyers – of both new and resale homes.
COMPLETION OF THE CORE
Now, a year later, finishing touches are being put on One Snowmass – the final piece of the village core. One Snowmass will bring six new businesses to the village and should push SBV over the tipping point of having enough “there,” there. We’ve worked hard to bring some of the Roaring Fork Valley’s best local businesses to Base Village. The easier, more profitable route would have been to just plug in more ski shops and real estate offices, but we are curating a more diverse, interesting and locally-rooted tapestry of offerings in the village. We hope you agree with this approach and support these local businesses.
- Eye Pieces – a boutique, Colorado-based optical shop featuring a signature goggle bar, an impressive array of sunglasses and prescription eyewear. Eye Pieces is targeting to be open early ski season.
- Straight Line Studio – local artist, Kelly Peters, will feature her own work and the work of other local artists in a dynamic indoor/outdoor space. Kelly will also be conducting art classes in The Collective. Kelly is targeting to be open early ski season.
- JUS – many of you may have already experienced JUS in Aspen. Now they are bringing their signature fresh, cold-pressed juice and healthy sandwiches and salads along with a full service café to an incredible new space in Base Village. We are currently working with JUS on the design of their space. Stay tuned via our e-blasts on estimated timing of opening.
- King Yoga – Aaron King, one of the most celebrated yogis in the Roaring Fork Valley, is opening a stunning new studio with amazing down-valley views. Multiple classes will be available throughout the day for all skill levels. Aaron is targeting a January opening.
- Alux Spalon – One of the best full-service salon/day spas in Aspen/Snowmass will be opening its second Snowmass location this winter in One Snowmass East. The top quality services offered here will include manicures, pedicures, facials, massage treatments as well as luxury beauty products. This will be a truly great addition to the village. Alux is targeting a late ski season opening.
- Snowmass Medical Clinic – At long last, Aspen Valley Hospital’s Snowmass Clinic will relocate from its temporary location at the Mall into a brand new, state-of-the-art 6,000 sq. ft. space in One Snowmass. From general health care needs to mountain emergencies to physical therapy, this will be a valuable addition to Base Village and an important health services upgrade for the entire Snowmass community.
- Lastly, while technically not in One Snowmass, the Clark’s convenience market space in Capitol Peak 2B is being upgraded into Gigi’s Market. The same convenience as Clarks, but taken upscale. We’re working with the tenant on a scheduled opening timeframe – hopefully sometime this ski season.
In December, the full experience of The Collective will be unveiled. Hopefully, you all experienced the extensive programming that our team organized in the temporary core-and shell space last year. This included intimate solo musicians, energetic bluegrass bands, ACES presentations on local wildlife and skiing the local 14ers, art and music shows, the now famous bingo nights and more.
Since April, we’ve been busy building out the interior of The Collective, which will feature several exciting new elements. First, acclaimed Aspen restauranteur Martin Oswald will be opening a new restaurant (mix6) and a bar (MoxiBar). Right next door to mix6 will be the Collective Lounge, which is a community room that will continue to feature the same type of dynamic daily content that The Collective featured last year, only now with proper food and drink. Downstairs, we’ve combined some of the traditional games that we all know and love (ping pong, pool, foosball, etc. and, yes, some video games) with an immersive, interactive art experience featuring the works of over 15 local Colorado artists. From walls that play music to a giant Ziegler reservoir ball pit, this will be a space like no other for kids of all ages, from 4 to 80.
You can stay current on all the happenings in The Collective and in Base Village in general at www.thecollectivesnowmass.com. As an ambassador to Aspen/Snowmass we really do encourage you to participate in The Collective and SBV events as much as possible. The goal of The Collective is to be the cultural hub and heart of the village, and your involvement can help shape this experience to be of optimal value to the community.
Along with all the progress on the SBV experience, retail and restaurants, the village has experienced a huge uptick in real estate sales and price appreciation. On the developer sales front: 3 of 3 residences at Lumin have sold at prices ranging from around $3M to over $6M (from ~$1,500 to ~$1,900 per square foot); 10 of 11 Limelight residences have sold at prices ranging from $1.7M to $5M (from ~$1,000 to ~$1,900 per square foot); 6 of 11 residences at One Snowmass West have sold ranging in price from $1.9M to $4M (from ~$1,200 to ~$2,000 per square foot); and only 3 of 150 residences remain at Viceroy, allowing for a healthy resale market to take hold. This winter we will be releasing additional whole ownership residences in One Snowmass East as well as the One Snowmass Residence Club – featuring 15th share fractional interests. We will hosting an orientation for this new development December 9th and 12th at the Collective. A formal invite will be sent out but please put it on your calendar for now.
The sales momentum on the new projects is triggering a rising tide across the village. This is evident by the average price per square foot on Capitol Peak sales YTD for 2019 up nearly 25% compared to full year 2017. Looking at the broader local market, the gap between the avg. price per sq. ft. on Aspen condos and Snowmass condos is now narrowing for the first time since 2009. Hopefully, this trend will continue until the historical, long-term relative price relationship between these two sister markets is reestablished.
We look forward to continuing to work together to be successful in Base Village and I am available anytime to help answer any questions you and your clients have and show you around this incredible village.
Thank you for your time and I look forward to seeing you in Snowmass!