TOSV Makes Parcel Offer for Snowmass Center

TOSV Makes Parcel Offer for Snowmass Center

The ownership behind the Snowmass Center property that went on the market in January for nearly $39 million confirmed Friday that the town government has made an offer for the complex’s residential property.

The commercial component of the Snowmass Center is not being considered for acquisition by the town, according to a statement issued by Eastwood Snowmass Investors LP, which owns the property. The commercial space includes a post office, Clark’s Market, restaurants, retail and office space.

Snowmass Village Town Manager Clint Kinney declined to comment Friday when asked about discussions taking place. He would neither confirm nor deny the town is in talks with Eastwood, which came out with a statement Friday afternoon that said the town has made an offer for the property’s residential component that is undeveloped land. The Snowmass Center structure itself is exclusively commercial.

“Eastwood Snowmass Investors LP confirms that the Town of Snowmass Village has expressed interest in purchasing the vacant residential parcels in the Snowmass Center project for affordable housing purposes,” said the statement in part.

The town is specifically looking to buy 2.9 acres of vacant parcels on the property that have current approvals for 110,000 square feet of residential floor area, “which could potentially increase as part of a new plan for affordable housing developed by the Town,” the statement said.

The statement added Eastwood Snowmass Investors “has received numerous serious inquiries from qualified development firms for the entirety of the Snowmass Center” since it went on the market.

“The nature of the sale of prime real estate in Snowmass Village is a competitive process and the Town’s interest does not equate to a completed transaction. Eastwood Snowmass Investors LP is pleased to consider all serious offers, including one from the Town of Snowmass Village.”

The agenda for Monday’s town council meeting includes an executive session for “potential property purpose,” but it does not identify the property. The council can discuss certain issues privately, like potential acquisitions by the town, but any deal must be approved by the officeholders taking a public vote.

Since buying the Snowmass Center for $16 million in March 2016, Eastwood Snowmass Investors cemented town approvals to build 64 free-market residential units and 10 employee-housing units, in addition to redeveloping up to 58,433 square feet of commercial space. The complex was built in 1978 and is not the tourist draw that the upper mall and Base Village are, but it serves locals and guests with some retail and services — like a supermarket and post office — not elsewhere in Snowmass.

Eastwood Snowmass Investors launched an extensive public outreach campaign about the redevelopment proposal, and their final development project received approval from the town council in November 2020. The approved project includes a retail and residential community on the Snowmass Center property with underground parking, pedestrian walks and a community park.

Less clear is how the current approvals would be impacted if the residential parcels area bought by Snowmass. The purchase also would come when the town is looking to build up to 80 employee-housing units at the nearby Draw Site.

Douglas Elliman Real Estate and SRS Real Estate Partners have a joint listing for the Snowmass Center property with a pricetag of $38.92 million.

 

By: Rick Carroll| Aspen Daily News I March 16, 2024


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