Saturday, August 30, 2003
Steamboat Springs The corner of Village Drive and AprÃs Ski Way will be transformed this winter by the construction of a six-story luxury condominium building. The long-awaited Chadwick at Steamboat Springs is notable in a recovering real estate market because all 23 residential condominiums are under contract at prices ranging from just more than $600,000 to $1.2 million.
Crews from Drahota Construction broke ground on the project this week and construction superintendent Paul Barry said construction will continue at full pace throughout the winter.
Developer Richard Friedman said the sales effort for the Chadwick was very focused.
"I outsourced the marketing to my California office," said Friedman, who is based in Florida. "They accounted for 16 of the sales."
Those 16 sales came from the states of California and Washington as well as the city of Atlanta, he added.
The building, designed by Vaught-Frye Architects of Fort Collins, will occupy a site once owned by American Skiing Co. Local business owners Bill and Kay Stuart purchased the land several years ago and have leveraged their equity into ownership of a 6,000-square-foot commercial condominium on the ground floor of the building. They will move their gourmet grocery/deli/liquor store, Market on the Mountain, across Village Drive and expand to offer indoor and outdoor seating.
The construction timetable anticipates Market on the Mountain will move into the new building at the end of 2004 with residents moving into their units in early 2005.
Jim Cook, who was the listing broker for the project and will oversee a management company created for it, said the Chadwick will give Steamboat renewed credibility as a real estate market that can support high-end projects, while adding much needed inventory at the highest end of vacation rental properties. Already, he noted, most of Steamboat's high-end rental units are already booked for late December.
"Is Steamboat ready for better product? Clearly we are," Cook said. "I think this is going to be a watershed moment in the development, or redevelopment, of the base area."
Cook promises that the Chadwick concierges provide service on par with that offered by the Four Seasons or the Ritz Carlton.
"They will cater to the residents' every need," Cook said. "A personal profile of each owner will be maintained noting birthdays, anniversaries and personal preferences in dining, beverages and entertainment."
Construction will go forward with Concord Wilshire Development LLC serving as the liaison between the owner and general contractor, Friedman said.
Construction superintendent Barry, who served in a similar capacity for the Steamboat Grand, said a pre-tensioned concrete construction method being used for the Chadwick is the same as used in the Grand.
"Really, short of structural steel, pre-tensioned concrete is the best method for building through the winter in Steamboat," Barry said. "We can temporarily heat it and protect it. I think the days of halting construction here because of winter, are all over."
Barry said Drahota would probably have 10 of its own employees working on the project at any given time. Bids from subcontractors are being evaluated. Although the concrete will be purchased locally, there's a chance the concrete contractor will be from out of town. Typically, out-of-town contractors pool local skilled labor to assemble the crew they need, Barry said.
Friedman and partner Brooks Kellogg are also developing 28 luxury homes in the new Eagle Glen and Eagle Crest subdivisions on Eagle Ridge Road. The mix includes 16 single-family homes in the $1.8 million range and 12 luxury townhomes at $900,000 each.
Friedman is eager to see the Chadwick take shape.
"It is the gateway to the Steamboat base area," he said. "That's why it has to be special."
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