It’s coming down to the wire for approval of a major development application in Snowmass Village...and a sales transaction that would change the project’s ownership isn’t yet complete. We have the latest on Base Village.
Vail Valley-based East West Partners made its debut at Monday’s Snowmass Town Council meeting. In October, the development group entered into a letter of intent to buy most of the remaining assets of Base Village, including the next phase of the Viceroy. It’s one sticking point in the negotiations. East West wants to push the Viceroy project back. Managing Partner Craig Ferraro says it struggles financially.
"We’re analyzing whether the economics of the Viceroy are sufficient for us moving forward. It’s an operation now, that’s challenged."
The next phase of the Viceroy would include 75 luxury units. Despite hesitation over some issues, the current developer - Related Colorado - assured council a deal would be reached in two weeks. That’s the deadline to either approve or deny the Base Village project.