By Ryan Stafford September 1, 2006.

New base area development is a Go!

What we all have been hearing about in rumors and stories are now all coming to pass. Two industry leading developers have reached final approval and are breaking ground in Steamboat. The first to start pushing dirt around is Resort Ventures West who is developing Wildhorse Meadows. This is a master planned community that will consist of a mix of condos, town homes and single family residences. This project is located below the Grand Hotel on a large flat meadow adjacent to the Tennis bubble. The first phase of the project will be the single family residence lots being sold in a range from 475-600,000. These sites should be ready to build on by the Summer of 2007. Wildhorse Meadows will also be the base for a new gondola that will connect it to the current base area and will annex at another new development, One Steamboat Place. One Steamboat Place is being constructed by the Timber’s Company out of Aspen and who have other resort properties internationally. This property will be the premier destination in Steamboat Springs and will add a whole new level of quality and service to the resort. The exact number of units and floor plans are being finalized but reservations are already being taken to hold the property. Besides the private development other factors are also looking to change the look of the Steamboat Springs Ski area.

Urban Renewal Authority

The first and possibly the most influential is the URA or the Urban Renewal Authority. This is a group made up of city officials, ski area executives, private business owners and developers that are working together to come up with a cohesive plan that will modernize and turn Steamboat into a top notch destination resort. I am usually not a big fan of decision by committee but this group appears to be working well together and the thoughts and visions they have presented thus far are all good. The URA is focusing on making the layout of the base area easier to navigate and giving it more visual appeal, while also bringing better services and amenities. Another Key component to the future of Steamboat Springs is the potential sale of the ski area itself. It was announced a few months ago that American Ski Corp., the parent of Steamboat Ski Resor,t is looking at selling the property. This is due to ASC’s continual decline and slowly decaying balance sheet. Over the last several years ASC has sold off assets in order to cover its debt service. Being that Steamboat is by far its greatest asset then it will command the greatest price and give ASC another year or two of breathing room. No public announcements have been made but rumor has it that there is interest in the ski area and that a new ownership announcement could happen before the season starts.

Letter from Editor

Steamboat has a lot moving parts that are making life very exciting. Times are changing but I believe it is for the best and ten years from now I think that we all won’t be able to imagine how we lived without all of these new developments.

High Mountain Sotheby’s, 708 Lincoln Ave, Steamboat Springs, CO 80487 PH/970.846.5943 Email/ryan.stafford@sothebysrealty.com Ryan Stafford, Realtor/Editor