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
City Proposed Budget Is 13% Up
The full proposed budget for the city of Aspen is $175.29 million, 13.7% higher than the adopted 2024 budget, the Aspen Daily News reported. The 2025 proposed budget includes new requests for affordable housing, infrastructure projects, environmental protection projects and more. About $57 million would go toward infrastructure projects. The lion’s share of that funding would go toward phase zero of the Lumberyard housing project, the Castle Creek Bridge, water and electric facility improvements, and the Armory Hall redevelopment.
Other major capital projects accounted for in the 2025 budget include city-wide asphalt improvements, a joint project with the Colorado Department of Transportation to replace asphalt with concrete at the intersection of Mill and Main streets, and ADA pedestrian improvements on city streets and sidewalks. There also are requests for nine new full-time equivalent positions in the city.
Another $790,000 for the Maroon Creek Trail
The Aspen City Council approved an additional $790,000 in emergency funds for the Maroon Creek Trail project to cover extra work needed to address unforeseen soil conditions on the trail, the Aspen Daily News reported. Construction on the Maroon Creek Trail began in April. The new, wider trail was meant to connect the Aspen Recreation Center to the Highway 82 roundabout with a paved surface that is maintained year-round, meets Americans with Disabilities Act guidelines and reroutes the trail from the Aspen School District to maximize student safety. The Aspen Parks and Open Space department requested the 13.5% budget increase to make up for necessary additional excavation of the site due to poor subsurface soil conditions.
Confidence Low in City Government
Overall confidence in Aspen government is low, according to a recently conducted community survey, the Aspen Daily News reported. Of the 449 residents surveyed by the city, 22% rated confidence in city governance as good, 36% rated it fair, and 32% rated it poor. The survey asked respondents to rate several facets of Aspen city government and livability of the city in terms of poor, fair, good or excellent. Polco, which surveys communities across the country, compared Aspen’s responses to a national benchmark. Overall confidence in Aspen city government was 32%, lower than the poll’s national benchmark, and confidence in the overall direction the city is taking was 30%, also lower than the national benchmark.
Mezzaluna Closing, ZigZag Opening
The Cooper Avenue spot that houses Mezzaluna will be converted to a modern French-American bistro late this year, the Aspen Daily News reported. Mezzaluna's owners are expected to close their downtown Aspen eatery in the first week of October. Romain Pavee will be co-owner and operator of the bistro, ZigZag Aspen; Pavee is a luxury hospitality industry specialist with two decades of experience.
Longtime Aspen residents Scott and Carly Weber will be partners in ZigZag Aspen. The Webers are local real estate brokers and founders of CS Weber Investments, which focuses on redeveloping residential properties in luxury resort markets. In addition, the Webers are former owners and operators of The Regal, a Galena Street dance club that closed in 2014.
Former Library Receives Historic Designation
In exchange for allowing an “AspenModern” historic designation on what was once the former Pitkin County library, the building’s owners will receive a range of benefits and rights from the city, the Aspen Daily News reported. The historic designation will protect the structure from demolition or character-changing renovations in perpetuity.
In exchange for allowing the historic designation on the building (which will likely reduce the property value by reducing the possibility for development), the property owners will be allowed to generate 10 transferable development rights, which they can sell on a local market.
TDRs (transferable development rights) have recently sold for around $600,000. TDRs are tradable rights that allow property owners to build 250 square feet of floor space beyond what is already entitled on their parcels. The rights are meant to limit the scale of building development in Aspen.
Council Selects Food-Centric Renovation for Armory
The Aspen City Council has chosen the less restaurant-intensive of two designs for Armory Hall put forward next July, the Aspen Daily News reported. Their current preference is a food hall and community space with five kitchens, two bars and four non-kitchen vendor spaces. Much of the basement floor would become an event space and potentially a game room.
The ground level and the basement floor would both open to the outside in new ways. Large new doors and windows allow access to a new outdoor seating area arranged along Hopkins Avenue. A new amphitheater-like lightwell would bring sun and pedestrian access to the basement floor from Conner Park. Council has a goal to begin construction in 2026, and staff has said the construction process should take between 18 months and two years.
Sales Tax Faring Well
Sales tax collections of $15.6 million for Aspen through the first half of 2024 marked a 7% increase over the same period last year, according to the city’s latest financial report, the Aspen Daily News reported. Aspen’s retail and lodging economy generated $655.3 in taxable sales from January through June. Through the first half of this year, the city added $55.9 million in overall tax collections to its coffers. RETT collections can serve as a barometer for the health of real estate sales within the city limits. Through July, RETT collections amounted to $12.7 million for the city, trekking 8% ahead of last year’s haul through seven months.
Giving Network Awards $575,000 to 15 Nonprofits
The Giving Network has awarded $575,250 to 15 local nonprofits that serve the Roaring Fork Valley community, the Aspen Daily News reported. As part of the overall mission of Aspen Community Foundation, the donor-led Giving Network brings together local philanthropists to explore pressing community issues in the Aspen-to-Parachute region.
The funds will be distributed to the following nonprofits: Harvest for Hunger, Alpine Legal Services, English In Action, Stepping Stones, Raising A Reader, RESPONSE, Challenge Aspen, FocusedKids, CASA of the Ninth, Valley Settlement, Aspen Valley Land Trust, Aspen Youth Center, Pathfinders, The Meeting Place and Early Learning Center of Aspen.
Mike Harrington Named New Wheeler Director
The city of Aspen has announced that Michael Harrington will join the Wheeler Opera House as its new executive director. Harrington, who has spent most of his career in New York City, will bring 22 years of experience in leading arts organizations in strategic planning, nonprofit board management, organizational development and the creation of community arts programs.
Snowmass Village
Coney Glad Lift Gearing Up for Winter
As Snowmass inches closer and closer to ski and snowboard season, it awaits two monumental amenities, the Aspen Times reported. The first is the replacement of the longtime Coney Glade Chairlift with the new Coney Express, which will be accessible from the Snowmass Mall and will have a mid-station access point. The Coney Glade Chairlift was originally installed in 1986. In addition to a new lift, Snowmass’ Lynn Britt Cabin underwent a major renovation and expansion this summer and will open this winter with an expanded outdoor patio, grill and bar area.
SkiCo Eyes the SHOP Housing Project
Aspen One/Aspen Skiing Co. has proposed a new housing development near the Campground lift called The SHOP, which stands for Snowmass Housing for Operations Personnel. The property is currently home to a vehicle maintenance facility and about nine apartments for employees. SkiCo wants to construct a three-story, 24,000-square-foot building with 30 units. The unit mix includes one- and two-bedroom units. A parking lot, e-bike station and extra storage are also part of the site plan.
The 30-unit mix to meet the needs of the young, mostly single professionals early in their career. The SHOP will provide onsite housing for maintenance facility workers and potentially other SkiCo employees who work in Snowmass. Higher density seemed incompatible with the site and its location because it’s over 1 mile from the nearest bus stop, so a live-work situation of keeping employees close to their job seemed more appropriate.
Council Seats, Housing on November Ballot
Seats for Town Council and mayor, and an $86 million affordable housing project, will be on the Snowmass Village ballot in November, the Aspen Times reported. Snowmass Town Council first authorized the town to enter into an intergovernmental agreement with Pitkin County to add a Draw Site project ballot question to the Nov. 5 ballot in early July. A Snowmass ordinance requires voter approval for any single project that costs more than 40% of the town’s most recent general fund revenue (about $11 million in 2024). Voter approval would keep the option open for the Draw Site, which is still going through a planned unit development (PUD) process. But it does not obligate the town to build it if extenuating circumstances arise.
Basalt
Town Eyes Residential Compost
Organics make up a large share of municipal waste and the town of Basalt is working to divert food and yard waste through a residential drop-off location for composting, the Aspen Daily News reported. A 2022 study from the county identified that food refuse comprised nearly 20% of the waste coming from the town and to the Pitkin County Landfill/Solid Waste Center.
After success with programs like Leaf Drop days and holiday tree recycling, the Basalt Green Team is ready to develop composting through habit formation, which they say can be achieved through providing a free drop-off location for residential composting. Staff has already identified a site for the drop-off location, near the town’s public works building off of Original Road. The town is looking to commercial and restaurant composting in the future.
Jimbo’s Turns to Trailer Operations
Jimbo’s Liquor is preparing to relocate its operation footsteps away to a trailer in the parking lot ahead of the demolition and redevelopment of the old Clark’s Market building, the Aspen Daily News reported. Gonzo Mirich, owner of Jimbo’s, has been preparing for this moment since he first signed a lease on the space eight years ago.
In mid-October, Mirich will relocate the business to a 10-foot-by-30-foot trailer in the parking lot. Mirich, who called the future setup “Jimbo’s Express,” said that the homeowners association of surrounding businesses signed off on the plan. Liquor laws strictly dictate the storage of alcohol to be sold commercially, which limits Mirich’s options. A temporary lease in another location would be an arduous process limited by the location of surrounding liquor licenses, so Mirich prepared with the town of Basalt for an expansion of his license to a parking lot location. They will move into a new larger location that is under contract.
Town Hoping to Increase Safety on Willits Lane
Traffic on Willits Lane in Basalt is only getting heavier, so the town is collecting public input on ways to improve pedestrian and cyclist safety and promote multimodal transportation options in the area, the Aspen Daily News reported. Basaltines considered two plans for the road off of Highway 82 that runs from the Aspen Basalt Mobile Home Park through the back of Willits Town Center during an open house. Attendees were shown two options — protected bike lanes and an enhanced multi-use path. The project is in its early stages. The town aims to construct temporary installments on Willits Lane in early spring of 2025, including bollards and colorful crosswalks — which slow down traffic. Construction of the finalized improvements is estimated for 2026.
Carbondale
Downtowner Piloted in Carbondale
Over 3,000 passengers hitched a ride with Carbondale’s free Downtowner buses in August, the Glenwood Post Independent reported. The bus pilot program, inspired by Aspen’s Downtowner and Basalt’s Connect, began servicing the Carbondale Municipal Area in July. Since then, more than 5,000 passengers have requested a ride using the Downtowner app.
Carbondale’s Downtowner runs seven days a week, from 7 a.m. to 10 p.m. Monday through Friday and 9 a.m. to 10 p.m. Saturday through Sunday. Similar to Uber and Lyft, the app locates passengers via GPS and sends the ride request to one of two 15-seat buses. Passengers can travel to almost anywhere within the Carbondale Municipal Area, as well as two mobile home parks outside of municipal limits. The Downtowner doesn’t travel to schools or the Red Hill parking
Joan Dizon Named Head of Dance Initiative
Dance Initiative announced the hiring of its new executive director, Joan Dizon, the Sopris Sun reported. A second-generation Filipino immigrant, mother of three, professional dancer and real estate investor, Dizon is excited, honored and humbled to assume the position. She and her family lived in the Philippines before moving to the Valley a little over three years ago.
After seeing a flyer stating that Dance Initiative was looking for instructors, she decided to take a chance and joined the organization in October of 2023, beginning with teaching hip-hop dance in the schools. The opening for the executive director position became available while Dizon was already working as an instructor.
Glenwood Springs
Public Comment Being Accepted on Sunlight Chairlift
The White River National Forest is seeking public comment on Sunlight Mountain Resort’s proposal to replace the Primo Chairlift, which was built in the 1960s, the Glenwood Springs Post Independent reported. Sunlight Mountain Resort has proposed replacing the 58-year-old lift for an improved visitor experience, the ability to transport a greater capacity of people up the hill and to incorporate the latest lift technology. The double chair as it exists right now can bring up 1,200 people per hour. The more modern quad chair would bring 1,500 people per hour.
The new lift would be constructed in the existing lift corridor and alignment with some minor changes in the existing top and bottom lift terminals. As of right now, the lift replacement is primarily on Forest Service land with the lower 850 feet located on private property. Because Sunlight Mountain Resort operates on the White River National Forest under a special use permit, public comment is needed for the new lift to be approved.
Contaminated Recycling Fee Instituted
Glenwood Springs’ new Recycling Contamination Fee will charge households $24 per occurrence of contaminated recycle carts, the Glenwood Springs Post Independent reported. The fee is only applicable to residential recycling bins/dumpsters in the city’s Pay as You Throw (PAYT) program, which was first rolled out in October 2023. It does not affect commercial or multifamily recycling yet.
Reports show that roughly 14.5-16% of PAYT recycling loads shared between Glenwood Springs and Carbondale are non-recyclable (Mountain Waste and Recycling also services Carbondale’s trash and recycling program). On pick-up days, any recycling bin found to be contaminated will be marked with a green tag. Marked cans will either not be picked up, or will be picked up by the trash truck and managed as trash to avoid contamination of the whole load.
Pitkin County
Birth Rates Affecting Enrollment
Rising housing costs, Roaring Fork Valley municipalities reaching buildout, and declining birth rates could impact enrollment — and funding — for the Aspen School District, the Aspen Daily News reported. Enrollment could trend downward in the long term as Aspen runs out of space to build affordable housing and if Generation Z and Millennials continue to not have kids at a higher rate, as well as people leaving the state because of affordability concerns, movement with new construction throughout the state, and immigrant populations moving in and out of the state at a rapid rate.
Declining birth rates could also have an impact on ASD enrollment. Nationally, birth rates decreased 3%, according to the Centers for Disease Control and Prevention. People who gave birth in the physical Aspen School District boundary declined from 100 in 2016 to 72 in 2023. The state mandates how much money each school district can take in each year based on a funding formula that accounts for the total amount of students in the district and local sources of funding like property taxes. The state’s base per-pupil funding rate is $11,783 for fiscal year 2025.
SkiCo, Belly Up Partner for Outdoor Concerts
Belly Up and Aspen Skiing Co. intend to partner on summer music events at Buttermilk in 2025 and 2026, with a possibility to extend to future years, the Aspen Daily News reported. The events would span two weekends in mid-July or mid-August. Each weekend's offerings would include two or three consecutive days of acts running from about 2 p.m. to 10 p.m. Plans call for one stage, multiple food and alcohol tents, plus other infrastructure. Belly Up is proposing maximum ticket sales at 16,000, with ticket discounts of 50% or more for Roaring Fork Valley residents. Staff for the event would be around 500 people.
Occupancy Up Toward End of Summer
Overnight bookings in Aspen accounted for an occupancy rate of 70.3% in August, topping the 66.9% rate posted in August 2023, the Aspen Daily News reported. The report also showed the occupancy rate in neighboring resort town Snowmass Village rose from 48.4% in August 2023 to 55.9% in the most recent August. Aspen and Snowmass Village combined for an overall paid occupancy rate of 63.3% last month, a 9.8% increase over 57.6% in August 2023.
Three Events Slated for Winter, Including X Games
Three major snowsports events are coming to Buttermilk this winter. Aspen Skiing Co. announced the return of the Winter X Games to Buttermilk in January, along with the inaugural debut of of Snow League — Shaun White’s new winter sports competition league — in March, and the first U.S. venue to host the FIS Freeski World Cup’s slopestyle, big air and halfpipe events in the same week, the Aspen Daily News reported.
After extended speculation about the future of the X Games in Aspen, the event will return for its 24th straight year Jan. 23-25. The 2024 edition of the X Games came and went without renewal of a new contract from MSP Sports Capital, which purchased the event in late 2022. In June, X Games announced X Games League, a team-based format that will include multiple events. But in the meantime, Aspen will continue to be the pinnacle — and sole — host of the event.
Jeff Toscano Named Head of Aspen One
Aspen One — the parent company of Aspen Hospitality, Aspen Skiing Co. and Aspen Ventures — has announced the appointment of Jeff Toscano as CEO of Aspen Hospitality, the Aspen Daily News reported. Toscano has three decades of experience in the luxury lifestyle market.
Most recently he served as executive vice president of luxury and lifestyle hotels at Highgate. In that role, Toscano managed the strategy and operations for 31 hotels with more than 8,000 rooms, generating $1 billion in annual revenue.
He also has held executive roles at Hyatt Hotels Corporation, Davidson Hospitality Group, Two Roads Hospitality, Denihan Hospitality Group and Starwood Hotels and Resorts. He has led a number of high-profile projects such as The Surrey NYC, The Beekman NYC, Ventana Big Sur, and Carmel Valley Ranch. He replaces Alinio Avezedo.
“The Couch” Is on its Way to Montana
After nearly 40 years of service, Aspen Skiing Co. plans to remove and sell Aspen Mountain’s Gent’s Ridge lift — also known as “the couch” — before the beginning of this ski season, the Aspen Daily News reported. SkiCo sold the 122-chair fixed-grip quad lift to Maverick Mountain, a family-owned ski area in Montana. Apart from the terminal foundations, no part of the lift will stay in Aspen and none of the chairs will go up for sale, as SkiCo occasionally does with other retired lifts.
With last season’s opening of the Hero’s terrain and lift, formerly known as Pandora’s, Gent’s Ridge serves similar terrain but at a much slower pace and was temporarily closed during parts of last season. Other lifts affected by last season’s temporary closures included Coney Glade at Snowmass, Thunderbowl at Highlands, and the Little Nell lift on Aspen Mountain. Jeff Hanle, VP of communications for Aspen One (SkiCo’s parent company), said that the Thunderbowl lift is likely to be replaced one day.
E-175s Airborne to Aspen
The commercial aircraft landscape at the Aspen-Pitkin County Airport is set to change with two recent revelations in the aviation industry, the Aspen Daily News reported. SkyWest Airlines — a third-party airline that handles flights in and out of Aspen on behalf of carriers United, American and Delta — has announced the arrival of 25 Embraer E-175s by the end of the year. It’s likely that the currently serving CRJ-700s will be relocated to different routes, according to a SkyWest spokesperson.
It was recently revealed by United that SkyWest intends to fly at least one E-175 to Aspen later this year, though likely more. United confirmed its intention to fly the 70-seat aircraft this winter. The E-175 has a 93-foot, 11-inch wingspan, which fits the current 95-foot wingspan restriction. The 70-seat CRJ-700 has a 76-foot, 3-inch wingspan.