REAL ESTATE IN THE NEWS
REAL ESTATE IN THE NEWS
Current Events in the Roaring Fork Valley of Particular Interest to the Real Estate Community
Compliments of the Aspen Board of REALTORS® A rundown of government and business activity over the last month, focusing on issues and items that are of particular interest to the Real Estate community.
ASPEN
Grog Shop Gets New Owners
The Aspen Grog Shop is changing hands after nearly 50 years, the Aspen Daily News reported. The city of Aspen’s local licensing authority unanimously approved the transfer of the Grog Shop’s retail liquor license to Robert Blumenthal and his new limited liability company, Grog Colorado LLC. Blumenthal was also transferred the Grog Shop’s lease, which runs through December 2029. Blumenthal and Olivia Wheat opened Silvers Bagel Bar and Peak Provisions in August in the space adjacent to the Grog Shop that, until January 2024, was operated by Jour De Fete.
When the opportunity arose to take over the Grog Shop’s lease late last year, Blumenthal wanted to jump on it because of the location next door to Silvers. He plans to continue operating it as a liquor store. There are opportunities to expand catering, delivery services and inventory.
City Submits Building Permit for Armory Space
A building permit application for the Armory Hall project was submitted in late December and the city of Aspen is gearing up for construction to start as soon as June 1 on the major redevelopment project, the Aspen Daily News reported. The permit will be issued in phases to keep the project on track for a projected 25-to-26-month timeline. It will begin with initial site prep work as early as this summer.
Beginning the work on June 1 will require that the building be vacated by its existing tenants, the city’s transportation, special events, parks and asset departments and the Aspen Chamber Resort Association are based in the Armory, while the parks department’s offices and the Old Powerhouse building are under construction.
Aspen Daily News Sells to Hoffman Media Group
The Aspen Daily News is set to be sold to Florida-based Hoffmann Media Group at the end of January after the owners and sellers reached an agreement in late December, the Aspen Daily News reported. Ownerr David Cook will remain with the ADN as its publisher. The change means an end to the paper’s local, independent ownership that goes back to July 1978. It was Aspen’s only daily newspaper at the time; The Aspen Times, then a weekly, later introduced its own daily edition.
Aspen Golf Course Eliminates Some Passes
Aspen Golf Club will eliminate the college, twilight and punch passes in 2026 to make room for more tee time availability, the Aspen Daily News reported. The golf club decided to eliminate the three passes — the three least expensive pass options for adults — after hearing concerns from passholders that there weren’t enough tee times available. The punch pass cost $900, the twilight pass cost $735 — and allowed passholders to reserve tee times only after 3 p.m. — and the college pass cost $525.
Eliminating the three passes required increases on the platinum, gold and silver passes, which will now all include two buckets of range balls and a golf cart with every reserved tee time. The platinum pass will increase $100 in 2026 to $3,500, the gold pass will increase $800 to $2,500 and the silver pass will increase $600 to $1,700. A round without a pass costs $250, but locals with a Roaring Fork Valley zip code get 50% off.
Ajax Cup Raises $1.7 Million
The Aspen Valley Ski and Snowboard Club is celebrating a record-breaking Ajax Cup fundraiser after drawing more than $1.7 million, the Aspen Daily News reported. The annual event, a dual slalom competition between 16 teams of five plus a pro, was held for the 16th time at Aspen Mountain in late December. The race and its auxiliary events—such as a pro draw dinner and an après party and paddle raise—bested the previous best fundraising mark by around $400,000, set three years ago.
Bike Enforcement Increases in Aspen
The Aspen Police Department increased bicycle-safety enforcement by 50% in 2025 as part of the city of Aspen’s Street Smart program aimed at addressing the influx in electric-bike activity in town, the Aspen Daily News reported. In 2025, APD officers made contact with 419 individual bike riders, up from 272 last year. APD coordinated with city park rangers to address behaviors on bike trails, and increased patrol hours from 119 in 2024 to 199 in 2025. Between January and October, total traffic collisions declined by nearly 24% compared to four years ago.
Snowmass Village
Snow Lodge Expands to Snowmass
Jayma Cardoso, who brought the Snow Lodge and Jade Room to the St. Regis Aspen, is now expanding the Snow Lodge footprint into Snowmass with four new activations within Viewline Resort Snowmass, the Aspen Daily News reported.
The Après-Ski Club opens up in the evenings on the rooftop of the Viewline Resort Snowmass with different performers, from DJs to bands to solo entertainers. Bunny’s Social Club will operate during the daytime, creating an all-day hub offering relaxed energy and food for a mid-run break. It is operated in conjunction with the Flower Shop NYC, a 1970s-inspired retro ski lodge with nostalgic charm that will feature food, cocktails, a pool table and a fireplace. The Clubhouse is a coffee shop that doubles as a designer boutique.
Town Council May Increase Developer Burden for Housing
Snowmass Village hasn’t kept up with its employee housing goals and the town is considering heightened worker housing requirements for developers in an effort to get back on track, the Aspen Daily News reported. Town council members gave initial approval to an ordinance that would nearly double the amount of worker housing developers must build when they execute a project in Snowmass Village.
The ordinance would raise Snowmass’s housing “mitigation rate” from 60% to 100%, meaning developers would need to create housing for all the employees that their project is expected to generate. Snowmass’s housing mitigation policy requires developers to either construct new affordable housing to accommodate those employees or provide the town with land or money for affordable housing. The program is similar to policies in Pitkin County and the city of Aspen.
New STR Guidelines in Effect
Snowmass Town Council voted to approve new short-term rental regulations effective in December 2025, the Aspen Times reported. Central to the change for short-term rentals, defined as hotels, multi-family dwellings, homes, or units rented for fewer than 30 consecutive days, is a $100 increase to the annual short-term rental permit fee, changing the fee for short-term rental owners from $300 to $400.
Additionally, town council voted to make trespassing on private property in Snowmass a major violation of the town’s code. According to town staff, the community expressed concern to the town that short-term rental guests illegally pass through neighboring properties to access the ski resort. The changes come after the town council discussed in July ways to disincentivize short-term rentals in the community, with 290 people currently on the waiting list for town of Snowmass Village rentals. Snowmass has roughly 1,700 short-term rental permits.
Council Stalled Out on Aspen One Housing
Snowmass Town Council disagrees on whether or not to approve a proposed 30-unit workforce housing project, called SHOP, for Aspen Skiing Company employees, the Aspen Times reported. A preliminary land use amendment passed allowing Aspen One’s proposed three-story structure to be built on Divide Way, located southwest of Snowmass Village off Divide Road and close to Campground Lift.
But final approval of the change to land use, which is normally a routine process where council’s votes remain consistent with their initial decisions, requires a “supermajority” — a four-to-one vote. Without final approval, the project cannot be built. Two council members are reluctant to approve the projects because it’s not built near public transportation and they’re concerned about increased traffic impacts in the more rural area.
Basalt
Emergency Dispatch Center Making Progress
With the Roaring Fork Fire Rescue’s redevelopment of Station 42, Pitkin County emergency dispatchers will get an upgrade on the critical space they need to do their jobs, the Aspen Daily News reported. The new 4,200-square-foot space will feature four offices, eight dispatcher consoles, a mental-health break room, communications infrastructure and space for overnighting in requisite situations
That’s compared with just one office and five consoles in the current center at Aspen Fire Station 62, which is located near the North 40 neighborhood across the street from the Aspen-Pitkin County Airport. The county will own this second-floor space in the admin building, securing a permanent home for emergency communications operations.
Basalt Police Enter Service Agreement with PitCo
The Basalt Police Department has been facing personnel shortages and is hoping that a new agreement with Pitkin County will help to alleviate some of the pressure from overstretched enforcement, the Aspen Times reported. The personnel shortage has created a crunch in Basalt law enforcement that, until now, has been addressed by decreasing the time that the Basalt School Resource Officer spends in Basalt High School. Through this agreement, the Pitkin County Sheriff’s Office will be able to provide patrol services, emergency response, criminal response, and traffic enforcement.
Basalt has had two job postings for police officers since March. The advertised pay range on those listings are between $65,000 and $90,000 per year or $90,000 and $105,000 per year. Carbondale has job openings at similar advertised pay ranges, between $76,000 and $100,000 for Police Officer I, and between $89,000 and $104,000 for Police Officer II. Both communities cite the high cost of living as prohibitive to filling the positions.
Carbondale
CP Restaurant Group to Purchase Village Smithy
Carbondale’s popular breakfast spot has been family owned for more than 50 years, but it will change hands to Aspen-based CP Restaurant Group in February, the Sopris Sun reported. Mounting renovation costs and the price of labor and running a restaurant made it nearly impossible for the current owners, the Chacos family, to keep it. CP Restaurant Group—which owns the Wild Fig, CP Burger, the Woody Creek Tavern, Steakhouse 316, the Monarch and Aosta—will assume ownership after the Feb. 24 sale, which was conducted through a pocket listing that included the property and the business.
RFSD Builds Out Housing Plan
The Roaring Fork School District approved a 10-year staff housing master plan, outlining goals, strategies and potential development sites, the Aspen Daily News reported. Ultimately, the goal is for the district to have 326 units in its inventory, which would meet 75% of its projected need.
The district currently has 117 rental units in its inventory. It completed construction of its largest development to date on Meadowood Drive in Carbondale in 2024, adding 66 rental units to its inventory. The district plans to reach its goal through three forms of housing: district provided (wherein RFSD provides the unit to rent or own); district supported (RFSD provides financial or other support for staff in non-district housing); and district connected (leveraging connections with other local and regional housing programs to find homes for employees).
Revel Bikes Moving Operations to Golden
After a rollercoaster seven years in business that started with founding Revel Bikes in Carbondale, the company announced it is moving core operations to the Front Range, the Sopris Sun reported. The mountain bike company was founded in 2019 with six employees, and quickly grew to more than 30—at which point the founder sold to a private equity firm to help with finances. When the firm cut quality for profits, founder Adam Miller purchased it back and restructured, part of which means moving Revel’s warehousing, assembly and sales to Golden where logistics and manufacturing is cheaper. Marketing and finance will stay in the valley.
Glenwood Springs
Council Approves Funding for Canyon Vista
Glenwood Springs City Council unanimously approved a $3.8 million financial package during its Dec. 4 meeting for the planned Canyon Vista Apartments, clearing the way for the 80-unit income-restricted development to move toward a financing close, the Glenwood Springs Post Independent reported. It is the largest single affordable housing investment the city has ever made.
The project, located between US Highway 6 and Donegan Road, will serve residents earning between 20% and 80% of the area median income. Canyon Vista received city land-use approvals in April through a major site architectural plan and a state-required 1041 review because of its proximity to Highway 6. Plans call for two residential buildings, a mix of studios through three-bedroom units, on-site amenities, solar components and a relocated RFTA stop.
New Van Added to Glenwood Transportation
The city of Glenwood Springs is adding a new van to its on-demand bus service due to increased demand and high wait times, the Aspen Daily News reported. Through the ride-sharing service that kicked off in May, users can request a ride anywhere within Glenwood city limits during operating hours.
In the first month, the service provided 7,000 rides. The service peaked in October with 8,300 rides, resulting in wait times of over 30 minutes. City Market was the top destination. The busiest day of the year was New Year’s Eve, followed by Strawberry Days in June. Glenwood Springs’ on-demand ridership is almost as busy as Carbondale’s Downtowner, and it has more riders than Basalt Connect.
Pitkin County
Conceptual Plans for Airport Approved
Plans for a new terminal at the Aspen-Pitkin County Airport hit a milestone when the Board of County Commissioners voted to approve a conceptual design book, the Aspen Daily News reported. Community input showed a preference for “Concept 2+,” which has two levels, multiple concession areas, space for artwork and a place to get organized after going through security. Mountain views and natural light, plus comfortable seating to relax, are focal points, too. The design also maps out future parking and transportation connections, with some flexibility for different modes of getting around.
Approval allows a design team led by the firms ZGF and Charles Cunniffe Architects to get into more details over the next 16 weeks, with a process called “schematic design.” After that comes design development, another 16 weeks with more detail involved, and then about 20 weeks construction documentation to get ready for breaking ground. Planners expect that major construction on the terminal could start in 2027, the same year that crews will build a new, wider layout for the runway.
St. Benedict’s Monastery Sells for $120 Million
St. Benedict’s Monastery sold for $120 million to Palantir CEO Alex Karp, the Aspen Daily News reported. The final public Mass at St. Benedict’s was Jan. 11. An access easement for the St. Benedict’s cemetery, located just upslope from the monastery’s central chapel and cloisters, was granted. The easement will allow access to the family of those buried in the cemetery as well as members of the Trappist order, which is formally known as the Order of Cistercians of the Strict Observance and is Catholic in denomination.
The sale is the most expensive residential purchase in Pitkin County history. Douglas Elliman Aspen listed the property with the Mirr Ranch Group in 2024 for $150 million. Michael Latousek was the sale’s listing agent for Douglas Elliman Aspen.
Record-Breaking Budget Approved
With nearly $312 million in total expenditures in 2026, Pitkin County adopted its largest budget in history — much larger, even, than the numbers for 2025, the Aspen Daily News reported. Total spending is up almost $80 million in 2026, a 34% increase year over year.
Capital projects account for more than $128 million in spending, with redevelopment of the Aspen-Pitkin County Airport explaining most of the jump, with about $75 million earmarked for 2026. This is just the beginning for the airport project, which is estimated to cost $575 million
E-Bike Accidents Peaking in Numbers
Pitkin County Open Space and Trails recorded its highest number of e-bike accidents in 2025, even as the overall use of trails levels off from the COVID-era peak, the Aspen Daily News reported. In 2025, more than 60% of the bike and e-bike accidents on Pitkin County OST’s properties involved an e-bike as they became increasingly popular among locals and visitors. That represents the highest proportion of e-bike accidents, compared with mechanical bikes, on record.
The majority of crashes to which Pitkin County Sheriff's deputies respond still involve mechanical bikes, although two separate accident-related deaths last year involved e-bikes. The number of e-bike-related injuries treated at Aspen Valley Health is growing faster than those caused by mechanical bikes, which still cause most of the injuries requiring a hospital visit.
Enrollment Drops 2% at Aspen School District
Enrollment at the Aspen School District decreased 2% in 2025, according to data from the state’s October 2025 count released by the Colorado Department of Education and reported by the Aspen Daily News. It amounts to a decline of 31 students from the 2024-25 academic year. A majority of the decline was in the Aspen elementary and middle schools, according to the data. AES enrollment declined by 19 students, from 449 in the last academic year to 430 in the current academic year. AMS enrollment declined 13 students, from 414 in the last academic year to 401 this year.
It is a trend playing out in school districts across the country as birth rates continue to steadily decline. Statewide, enrollment declined by about 10,000 students, the biggest drop in K-12 enrollment that Colorado has seen since the pandemic.