- Snowmass in Colorado is nearing the completion of its $1 billion Base Village.
- Once its final complex opens in late 2027, there won't be land left in Base Village to develop.
- Wealthy Americans are buying the building's few remaining condos for millions of dollars.
Three decades ago, Snowmass Village was known mainly for its mountain. It was a quiet town where serious skiers searched for powder in the winter, and mountain bikers flew down trails in the summer.
Now, Snowmass has a different reputation. It's still luring skiers, mountain bikers, and nature lovers, but it's also attracting those with large pocketbooks.
That's because the town has added a $1 billion development at the bottom of its mountain called Snowmass Base Village.
It's home to luxury hotels, fine dining, shopping, and multimillion-dollar residential complexes.
As Base Village nears the finish line of construction, only a few luxury condominiums remain, and after those are sold, there won't be land left in Base Village to develop.
A $1 billion development nears completion
On and off for the past two decades, Snowmass has been developing and building its Snowmass Base Village.
The area sits down the road from Snowmass Mall, a two-story complex built in the 1960s. With a few restaurants, cafés, and stores, this was a limited area for tourists.
In an attempt to make Snowmass a popular destination, Aspen Skiing Company bought 11 acres down the road from the mall and planned to develop Snowmass Base Village. The hope was that the town would become a place where wealthy visitors could vacation, dine, shop, and explore Snowmass Mountain.
"To keep Snowmass relevant in the world of ski resorts, this was needed," Andy Gunion, a managing partner at the development firm East West Partners, told Business Insider.
Plans for Base Village were approved in 2004 after a contentious vote. Construction started and stalled during the recession. In late 2016, East West Partners acquired the base with KSL Capital Partners and Aspen Skiing Company.
Nearly a decade later, East West Partners is finishing its final residential structure: the Stratos, a two-building, 89-unit luxury complex.
Beyond this final project, Base Village includes nine other residential buildings with amenities like heated pools, fitness rooms, housekeeping, ski valets, and 24-hour concierge. The complexes also have ski-in, ski-out access — a prime perk in a ski town.
In addition to the residences, there's a community center, hotel, restaurants, an ice rink, a medical clinic, and a children's area.
Gunion said potential buyers were initially skeptical about whether Base Village would be successful after years of stalled construction. The first 14 condo units sold by East West Partners went for low prices.
"Our profit margins on these were not great because we just needed to start," Gunion said. "The people who bought early got great deals."
Gunion said interest picked up as time went on, especially after the COVID-19 pandemic. Selling units hasn't been a challenge in recent years.
For example, the Cirque Building, which was completed in 2024 and is part of the Viceroy Hotel, sold out of most of its privately owned units within the first two weeks of being released for $2,700 a square foot.
Meanwhile, the first Stratos building won't be finished until early 2027, and the second is set for late 2027. Though the opening is two years away, the buildings have nearly sold out. Sales launched at the end of January, and only 21 units of the 89-unit complex remain.
Originally, the Stratos units started at $2.85 million. The cheapest option is no longer available; today, units range from $2.95 million to $30 million.
There isn't a cookie-cutter buyer
Gunion told BI that buyers come from across the country and the world.
Florida is the No. 1 market, but Gunion said that's by a slim margin. Others come from Texas, California, Chicago, and New York. He added that international interest is also increasing, especially with Brazilian buyers.
Most of these people are second homeowners or are purchasing condos as investments. While they might vacation in Snowmass, few owners are full-time residents.
Gunion said that was the expectation when designing and building Base Village.
"Here's a neighborhood that's for second homeowners and resort guests, and that's what Base Village is always intended to be," he said.
Once Stratos is complete, Base Village will also be finished, which means there will be limited new construction in the area.
Wealthy buyers interested in Base Village will have to buy condos being relisted at a higher price or expand their search outside the ski hub.
Either way, luxury seems to be the theme when it comes to real estate in Snowmass.
"We've elevated the market with all these residences," Gunion said.
