Jeff T. Blau President of New York based Related Companies, one of the nation's most prominent private real estate developers, and Patrick Smith Principal and CEO of WestPac Investments Colorado LLC, a diversified Real Estate investment and development company, today 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 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 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 Lodge and Hayden Lodge, which will be delivered as planned. Related WestPac shares the vision of a Snowmass renaissance established by the Aspen Skiing Company and supported by the Town of Snowmass Village.
Aspen Skiing Company (ASC) will remain involved in the long term operation and management of Snowmass Mountain and operate the highly anticipated 26,000 square foot 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 for the first time 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," said Patrick Smith, President of Related WestPac. With estimated costs of several billion dollars across the three sites, the overall Snowmass development plan seeks to improve and expand the resort's amenities while integrating and respecting the scenic mountain landscape.
The addition of new hotels, skier valet services, numerous fine restaurants and casual eateries, and a myriad of shops and entertainment options will enhance the appeal of this already highly sought after vacation and residential destination for all age groups. Related will draw upon its significant expertise in developing successful residential and mixed use developments, notably Time Warner Center in New York City and CityPlace in West Palm Beach, Florida to ensure the realization of this vision. WestPac will lend its experience as a multi-faceted resort developer in America's most exclusive markets, including Aspen, Colorado's acclaimed The Residences at The Little Nell. All development plans will adhere to the nationally recognized environmental guidelines established for development and land use planning.
About Related Companies Heralded as one of the most prolific and visionary developers in the country, Related was formed over thirty-five years ago. Today Related is considered the most prominent privately owned real estate development firm in the United States, headquartered in New York City with divisions in development, acquisitions, property management, marketing and sales. In 2004, Related completed the development of New York City's newest landmark, Time Warner Center. Related has affiliated companies and developments in Miami, Los Angeles and Chicago and boasts a team of more than 2,000 professionals. To date, Related has developed or acquired real estate assets worth over $15 billion with another $9 billion currently in development. In Los Angeles, Related is expanding its portfolio with The Century, a super-luxury condominium in Century City and The Grand Avenue development, situated directly across from the beloved Frank Gehry-designed Walt Disney Hall, which will include luxury residences, retail, notable restaurants, a world class hotel. This past year, Related acquired Equinox® Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering. The company is also the largest shareholder in CharterMac (NYSE:CHC), the largest financier of affordable housing in the country. For more information about Related Companies please visit www.related.com.
About WestPac Investments, LLC WestPac is a privately held Investment and Development Company doing business in five Western States. WestPac is a co-developer of The Residences at The Little Nell. The company's focus is residential in all forms, including single family, multifamily dwellings ranging from student housing to market rate apartments as well as senior housing. WestPac also develops condominiums and hotels. Another area where WestPac excels is in the development and operation of commercial real estate including offices buildings, medical facilities (which include award winning Alzheimer facilities) and retail. WestPac is vertically integrated in the management and operation of the properties we develop. For more information on WestPac Investments, LLC please call (970) 544-0620.
About Aspen Skiing Company Aspen Skiing Company operates four destination mountains - Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk - and is the home of the ESPN Winter X Games through 2010. Aspen/Snowmass also offers unparalleled nightlife and off-slope activities as well as four award-winning Ski and Snowboard Schools. Aspen/Snowmass is accessible by two of the most convenient airports in the mountains - Aspen Sardy Field (3 miles from Aspen) and Eagle County Airport (70 miles from Aspen). For more information on Aspen/Snowmass, please call 800/525-6200 or 970/925-1220, or visit the company's website at www.aspensnowmass.com.