Brown property deal closes

Key to city's housing future: 540 acres west of Steamboat

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Danny Mulcahy of DM Hollo Management is a principal owner of Steamboat 700 LLC, which closed the purchase of 540 acres west of Steamboat Springs for $24.6 million.

— The sale of Steve and Mary Brown's property west of Steamboat Springs, seen by many as the catalyst for development in the West of Steamboat Springs Area Plan, has closed.

Steamboat 700 LLC purchased the 540 acres just west of the city for $24.6 million.

The property makes up a good portion of the land in the WSSAP. The master plan was updated last summer and outlines how the property should be developed to accommodate growth in Steamboat.

In addition to the 540 acres the developers are calling Steamboat West, the developers also have an adjoining 160-acre piece of land under contract. The 700 acres account for about 80 percent of the land in the WSSAP, which envisions between 1,100 and 2,600 homes.

The principal owners of 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. The developers previously worked together on projects in the Las Vegas area. Mulcahy is now based in Steamboat and will be the Steamboat West project manager.

The deal closed Monday, and was recorded in 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. "Our property is likely the best solution for affordable housing.

The WSSAP plan requires 20 percent of the housing meet affordable-housing requirements. Mulcahy said he has hired a firm that specializes in affordable housing to consult.

"There is a need for the entire range of housing in this market : rental, attainable and market rate," Mulcahy said.

Mulcahy said it would likely be two years before housing is built, but the timing largely depends on the city. The property would have to be annexed into city limits before it is developed.

"We have to develop something that will work today and be flexible in the future," Mulcahy said. "We're not coming in here with any grandiose plans of a Marabou or a Catamount."

Essentially they are doing "neighborhood development," Mulcahy said.

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.

Mulcahy said he began negotiating for the Brown property in October, 2005. As soon as the deal was finalized, Mulcahy began meeting with community leaders about Steamboat West.

"For the next 18 months, I will be meeting with nearly everyone in the community," Mulcahy said.

Steamboat 700 also took out a full-page ad in today's Steamboat Today to publish

"An open letter to the Steam-

boat Springs Community."

"Right now we're telling people who we are," Mulcahy said.

Routt County Commissioner Diane Mitsch Bush said the purchase of the Brown property was good news.

"Routt County is very interested in collaborating with the new owners, and we look forward to working with them," she said.

Comments

another_local 7 years, 1 month ago

Lucky for us the property is not yet a part of the city. That gives some leverage to the city in the negotiations about how the property will be used. Otherwise, you would have established use by right and far less ability to influence things.

I hope, that in addition to the unnatractive deed restricted things the city council seems to be in love with, that there is a push for in-expensive market rate properties and rentals. Those are much more helpful in the local housing market long term than property where the owner can't make any money when they sell.

I have heard there will be a proposal for a big-box commercial area.

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Jason Miller 7 years, 1 month ago

I remember the first time i came to steamboat in '90.It was a beautiful little town,not anymore.I cannot imagine what it is going be like after they build another 1100-2600 homes.Oh yeah affordable homes and rentals.I cannot wait to see what they consider affordable.

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Brian Smith 7 years, 1 month ago

jester1cp,

Sounds like you are sad that Steamboat is changing? I was sad in 2001 as well, moved away. What was even sadder, was that all I could think of was how to get back, and now I appreciate Steamboat even more than I ever did. Even with the changes, this is a much better place to live than almost any other I can think of or have visited. Unfortunately, we are not the only ones who realize what a great place this is. Did you honestly think that after you moved here, that no one else would?

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waterguy 7 years, 1 month ago

This is the time to address traffic problems on the west side of town. At the very least, the road between Dream Island and Elk River Road needs to be widened to 4 lanes!

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SkiTownUSA 7 years, 1 month ago

Regardless, all this development is destroying the reason many came here in the first place- the natural beauty. First it is west steamboat. Then soon enough, rather than the beautiful open fields you see coming into town from rabbit ears, you will see a field full of mcmansions.

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ColoradoNative 7 years, 1 month ago

Jester....I remember what Colorado was like long before you even arrived to this state.

I just love how new comers to my state like to complain and busy things are these days.

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bcpow 7 years ago

CN..."your state" is a laughable term likely coming from a cracker. Or did you actually come from a tribe that used to soak in the springs around here?

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oofcboy 7 years ago

is that like saying" your country", or are you saying you are older than this person and this state is more yours than theirs. times are a changing you may slow it down but you will not stop it ,more people same amount of land ,

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sbspowderhound 7 years ago

No one can control where they were born.

Seems that lots of people who are "Native" to Colorado have a "Holier than thou" attitude. Unless you are Ute you are not a local.

Steamboat is a town "doomed for success"

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CHAUNCEY COOKE 7 years ago

The first post says it all.There is leverage on how the land will be developed and let's work toward wise options.

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thecondoguy1 7 years ago

agent= good thinking, lots of wisdom.............

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agentofchange 7 years ago

Here's the "real deal" people... if you are stuck in the past... enjoy your memories. if you look forward to the furture... may you be wise in your choices... but if you live in the "present" ... enjoy! ! Yes, enjoy. These are exciting, yet frustrating times for our area of the west. Enjoy, and be creative. Remember, unles you are an amoeba, from this area, you are not a native. Get REAL !! Be part of the solution. Agent

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