Steamboat Springs A group of developers has finalized the purchase of 540 acres west of Steamboat Springs for approximately $25 million. The land is owned by Steve and Mary Brown.
The property makes up about 85 percent of the land in the West Steamboat Springs Area Plan, or WSSAP. The master plan was updated last summer and outlines how the property should be developed to accommodate growth in Steamboat.
Besides the 540 acres the developers are calling Steamboat West, the developers also have an adjoining 160-acre piece of land under contract. The principal owners of the development company Steamboat 700 LLC are Mark L. Fine, with Mark L. Fine Associates; Jim Zeiter of Insight Realty Holdings; and Danny Mulcahy of DM Hollo Management. Mulcahy is the Steamboat West project manager.
The deal closed Monday, but had not been recorded with the Routt County Clerk's Office Tuesday afternoon.
The Steamboat 700 developers have begun preliminary planning and market analysis for Steamboat West, Mulcahy said.
"The immediate need is affordable housing, and that's likely to be the first phase of the project," Mulcahy said.
The WSSAP plan requires that 20 percent of the housing meet affordable-housing requirements.
Mulcahy said it would likely be two years before housing is built. The Steamboat 700 developers have designed and built master planned communities in Nevada, including Summerlin and Green Valley. Their experience includes mixed-use projects, office buildings, business parks, industrial warehouses and retail centers.