Snowmass deal falls apart
The Aspen Times
ASPEN — Negotiations in the potential sale of Snowmass Base Village have been terminated, emails from the parties involved said Thursday.
Vail Valley-based developer East West Partners and private equity firm KSL Capital Partners inked a letter of intent to buy the remaining Base Village assets from Related Cos. in early October. On Thursday, however, both parties sent emails to journalists announcing the end of their negotiations.
“Over the past two-and-a-half months EWP/KSL have conducted extensive due diligence with a full team of consultants on what is a very complex set of assets,” said an email from Craig Ferraro and Andy Gunion of East West Partners. “Unfortunately, EWP/KSL and Related have been unable to finalize a transaction at this time.”
Applying to Amend Approvals
Related Cos. is currently applying to amend approvals for the stalled development originally entitled in 2004. Had the company reached an agreement with East West and KSL, the deal would still have been contingent on that application receiving final approval from the Snowmass Village Town Council.
The council approved the final plan on first reading this week and could take a vote on second reading on Monday. An email from Related Cos. on Thursday said that it will continue to move forward with the project.
“Related Companies, as the master developer, is fully committed to fulfilling the plans for the development,” said an email from Craig Monzio, Related Colorado vice president of development. “We have the vision, the capital and the clarity to move this important project forward.
“Our top priority is to complete the core of Base Village by year end 2018, achieving each of the delivery milestones along the way. We look forward to breaking ground on the Brush Creek Roundabout in the spring of 2016 so that the community and its guests may enjoy its new gateway to this world class resort.”