Steamboat Springs resident Mike Black rides through Dream Island Mobile Home Park on Wednesday.

Photo by Matt Stensland

Steamboat Springs resident Mike Black rides through Dream Island Mobile Home Park on Wednesday.

Dream Island sale fails

Green Courte's mobile home park contract expires

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— Green Courte Partners' contract to purchase Dream Island Mobile Home Park no longer is in effect. But representatives of the park's owner say they are talking without any sense of urgency to other potential buyers.

"We will be looking at a number of options for the property and hope to take the time necessary to pursue a comprehensive plan for Dream Island," John Eberle said. "Whatever we do, we will consider our residents, partners and the city of Steamboat Springs."

Eberle is the chief financial officer for Colorado Real Estate Investment Co. in Littleton. The company is owned by members of the Vukovich family, who also own manufactured housing neighborhoods in nine states, and two in Craig.

Eberle confirmed that the contract for Dream Island announced in May has lapsed, as did Jim Cook, Steamboat Springs representative for Green Courte.

Green Courte is the developer of Alpenglow and Howelsen Place, two residential and commercial developments nearing completion on Lincoln Avenue. They are also in the final planning stages for River Walk, on the east end of downtown. They had planned to modernize the housing in the mobile home park to meet the affordable housing requirements generated by a boutique hotel they hope to build in River Walk.

However, Cook said, the due diligence process for the park was complex because of issues related to its proximity to the Yampa River and aging utilities. Time ran out on the contract.

"We had a short fuse on that one," Cook said. "We had some very progressive discussion with people at the city, but the site was complicated."

Specifically, Cook said they learned that 16 of Dream Island's mobile home sites closest to the Yampa River are not just in the floodplain, but also in the floodway.

The term floodway, according to the Federal Emergency Management Agency, refers to "the channel of a river or other watercourse and the adjacent land areas that must be reserved in order to discharge the base flood."

FEMA requires that, "Communities must regulate development in these floodways to ensure that there are no increases in upstream flood elevations."

Base flood elevations are shown on FEMA's official flood insurance rate maps. The relationship between the base flood elevation and a structure's elevation are used to compute insurance premiums.

Redevelopment of the park's 16 pads in the floodway would require mediation.

"The only way to do that would be to change the river, but you wouldn't be allowed to do anything that would increase the (base flood) elevation upstream," Cook said.

Cook confirmed Green Courte's contract on the 14-acre mobile home park was for a purchase price just more than $5 million.

Seth Rollert, a real estate broker who has consulted with CREICO on other projects and is passively marketing Dream Island, said CREICO does not feel any urgency to sell the mobile home park.

"We've talked to a number of people who have a sincere interest in the property, but we're not ready to commit to any of those," Rollert said. "They've pretty much made a determination they don't need to sell it."

Cook acknowledged his group was disappointed their contract fell out, saying it would have worked well in tandem with River Walk.

"Who knows, maybe they'll come back to us in the future," he said.

- To reach Tom Ross, call 871-4205 or e-mail tross@steamboatpilot.com

Comments

rhys jones 5 years, 9 months ago

Now that Jim Cook's lawyers are out of the way, maybe it'd be a good time for Dream Island residents to band together and make their own offer.

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Matthew Stoddard 5 years, 9 months ago

"Eberle confirmed that the contract for Dream Island announced in May has lapsed, as did Jim Cook, Steamboat Springs representative for Green Courte."

Jim Cook has lapsed, also?

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ybul 5 years, 9 months ago

considering the lack of real estate transactions, the number of new condos coming on to the market, the number of existing condos for sale for considerably less within a stones throw of the new ones.

The housing will be available for a while. Maybe JC's eyes and dreams were far greater than the community can absorb. Especially considering the troubles in the credit markets.

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Jason Miller 5 years, 9 months ago

Yeah well the three job working poor will have a place to live for now. But for how long?

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ColoradoNative 5 years, 9 months ago

Ok Dream Island residents. NOW IS YOUR CHANCE. Instead of waiting to be tossed on the streets again you have some time to figure out what you are going to do. It's just a matter of time before the next deal comes along. Good luck to you all.

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steamberg 5 years, 9 months ago

Wow, someone at Green Courte finally woke up and pulled the plug on JC. Who in their right mind thought that bringing on 3 major developments at the same time in the same small town was a good idea? JC must be full of some good BS to have pulled that off.

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katrinkakelly 5 years, 9 months ago

I guess having to deal with buried Ute Indians "somewhere" on the property and the FACT that whomever redevelops there will have to raise the entire parks ground level by six to eight feet before building anything was finally revealed to JC. WARNING LABEL for all future fools needing to comply with affordable housing requirements.

rrrrrrrrrrrrriiiiiiiiibbbbbbbbbbbbbiiiiiiiiiitttttttttttt!!!!!!!!!!!!!!!

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shoe_Z_Q 5 years, 9 months ago

I'd like to see the place fixed up like it was when my Grandparents built it. It was a real nice place. Rich or poor, you wanted to be at Dream Island. I think the current owner should get with my Grandparents and look at some of the pictures and just restore it an then take care of it. Be proud of it.

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sieverding 5 years, 9 months ago

My husband lived in Steamboat in the 50's, 60's and 70's and had a favorable impression of Dream Island. I know that Angelo Icovetti had real pride in the place. Is he still alive? Everyone wishes they had more money but I think that the home ownership, yards, convenience, and proximity to the river gave Dream Island residents a better quality of life than renting someone else's condo by the ski area.

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shoe_Z_Q 5 years, 9 months ago

I am happy to see some people still remember what my Grandpa and Grandma Iacovetto's Dream Island was all about. Yes they are still alive and I pray the day does not come that they have to see it devistated by greed. They take pride in everything they do. I have some very nice memories of my days on DI with my family. I would hate to see anything happen other than restoration and the same pride my Grandparents had in Dream Island to come back.

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id04sp 5 years, 9 months ago

This is good news for the people at Dream Island.

Now they're only living in a flood zone, which is probably the reason the deal fell through.

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spukomy 5 years, 9 months ago

id, The flood zone isn't the problem, they've always been in one. It's the flood way. Nobody can legally alter a flood way.

It may be Jim Cook was the lesser of two evils. His plan would have meant the extraction of half the homes. Rumor - the new guy wants to have an arts center of sorts. Time is still not on their side.

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id04sp 5 years, 9 months ago

spunky,

Whatever. It's possible that the eventual new owner will find out that the only allowable use for the property is for the one that's grandfathered in-- the trailer court. Who's going to pay 6 million for that?

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sieverding 5 years, 9 months ago

In Madison WI, a philanthropist donated an arts center. Even with the free building it is having problems breaking even. Maybe the city council facility could be used for plays.

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