Premium resort projects move
Colorado’s mountain resorts haven’t escaped a downturn in the economy, but premium product at premium locations is unscathed.
The Atira Group recently presold $45 million in a single day at Edgemont, kicking off construction of the first phase of the high-end residential development on the slopes at Steamboat Ski Resort. Sales averaged $2 million.
“I think what we have in Edgemont and what you’ll continue to see in the market is a quality location and a quality project. The better projects in the best locations with good partners and capitalized well will be the success stories in this market,” said Gerry Engle, The Atira Group founding partner.
According to Engle, a longtime resort developer, residential sales in Steamboat Springs and other mountain resorts are down year over year. “I think in every market, you see year-to-year decreases in overall volume - not drastic, but certainly a decrease,” he said, estimating Steamboat Springs has declined 18 percent to 20 percent since peaking last year.
In Vail, slow sales have stalled some developments, yet premium product like the Four Seasons and Ritz-Carlton is moving ahead as the resort community’s nearly $2 billion renaissance continues. The Residences at Little Nell in Aspen experienced strong sales, and Snowmass Village also is doing well with Little Nell and Viceroy branded resorts, said Engle.
“They are all premium locations, premium brands, which I think is also a key thing,” he said. “I think you’re going to see more of that.”
With Edgemont, “I think there was pent-up demand for a ski-in, ski-out product,” said Engle, adding, “I think we really had the market because of the location and the concept.”
Edgemont’s residences, situated just above the base area between the gondola and Christie Peak Express, will have open floor plans, views and amenities including an outdoor heated pool, hot tubs, fire pit, ski lockers, family game and media rooms, a fitness facility and underground parking. There will be approximately 42 residences in the first building and approximately 130 at build-out.
Initial sales ranged from $900,000 to $4.8 million, attaining a new price point for the market at an average $1,150 per square foot. The launch drew buyers from Texas, Southern California and the Midwest, including former White House counsel Jack Quinn.
Edgemont’s first phase will be delivered within approximately 18 months. The development is designed by OZ Architecture. S&P Destination Properties is the listing broker.
The Atira Group, developer of Granby Ranch in Granby, also is working with Cafritz Interests to redevelop Ski Time Square and the Thunderhead Lodge at the Steamboat base area into a new mixed-use neighborhood. Plans
are in the entitlement process.
by Jill Jamieson-Nichols Colorado Real Estate Journal
