Steamboat 700, the 536-acre development parcel rejected for annexation by city voters in March 2010, is back on the market with an asking price of $30 million.

John F. Russell/file

Steamboat 700, the 536-acre development parcel rejected for annexation by city voters in March 2010, is back on the market with an asking price of $30 million.

Steamboat 700 back on market for $30 million

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— Steamboat 700, the 536-acre development parcel rejected for annexation by city voters in March 2010, is back on the market with an asking price of $30 million.

David Baldinger Jr., of Steamboat Village Brokers, has listed the property.

Steamboat 700, which gradually would have added about 2,000 new home sites to the city of Steamboat Springs, originally was purchased in March 2007 by Steamboat 700 LLC, represented by Danny Mulcahy. The development group purchased the original 540 acres for $25 million and placed an additional adjoining 170 acres under contract.

The 540 acres were within the West of Steamboat Springs Area Plan identified as the place for the city to grow under a join agreement between the city of Steamboat Springs and Routt County. It would have allowed development proposals there to come through the city planning process even though it was outside the city in rural Routt County. The anticipation was that the land first would be annexed into the city.

Steamboat 700 hoped to include the 170 acres, which was beyond the urban growth boundary in the community plan, within its development but eventually relented and focused solely on the land within the boundary. They anticipated it might take as long as 20 years to see the mix of proposed housing units built.

After more than two years of debate and public hearings, the Steamboat Springs City Council voted, 4-3, in October 2009 to approve an annexation agreement that would have allowed the permitting process to go forward. However, opposition group Let’s Vote easily collected more than the needed 829 signatures on a petition to put the agreement to a public vote. On March 2010, city voters rejected the agreement by a margin of 61 to 39 percent.

Mulcahy told Steamboat Today in the aftermath of the election that the development group had anticipated several options for moving forward if it was rejected, but the property since has languished with no discernible activity.

To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com

Steamboat 700 timeline

March 19, 2007: Steamboat 700 LLC, led by principal and project manager Danny Mulcahy, closes on the $25 million purchase of 540 acres of land owned by Steve Brown and Mary Brown, just west of current city limits. Adjoining 170-acre plot of land put under contract. The land is within the boundaries of the city’s West of Steamboat Springs Area Plan and has been identified by city staff as a site for future growth.

July 26, 2007: Steamboat 700 LLC hosts an open house to gather public input on preliminary designs and planning for the Steamboat 700 property. More than 170 people attend the event at Olympian Hall in Howelsen Hill Lodge.

Nov. 20, 2007: Steamboat 700 developers submit to the city Planning and Community Development Department their most detailed vision to date for the 700 acres. The plan foresees between 1,837 and 2,243 residential units with as many as 448 of them being deed-restricted community housing units.

Jan. 15, 2008: The first major public presentation of the Steamboat 700 development drew mostly enthusiasm from a packed Centennial Hall audience during a joint gathering of Steamboat Springs’ City Council and Planning Commission. The city’s main goal was to discuss the process by which the annexation request and proposed development would be reviewed.

April 16, 2008: The Steamboat Springs School District asks developers of Steamboat 700 to provide 14 acres for a new elementary school and to cover half the cost of building it.

May 30, 2008: Local officials tour the former Stapleton International Airport in Denver, which has employed new urban design principles that Steamboat officials hope to see implemented in Steamboat 700.

Aug. 13, 2008: Steamboat 700 developers tell city planners they intend to move forward with pared-down development and annexation proposals after their application to extend the urban growth boundary by 185 acres was denied Aug. 12, 2008.

March 3, 2009: City Council votes unanimously not to require the developers of Steamboat 700 to bring water rights or large-format retail to the table as a condition of annexation. Instead of water rights, Steamboat 700 is asked to pay for improvements to put the city’s existing water rights to use.

Sept. 29, 2009: Routt County Board of Commissioners votes, 2-1, to send a letter in support of Steamboat 700 to the city. Later that day, City Council gives preliminary consideration to a collection of ordinances and resolutions annexing Steamboat 700.

Oct. 13, 2009: City Council votes, 4-3, to approve the annexation of Steamboat 700, a project ultimately expected to bring about 2,000 homes, 380,000 square feet of commercial space and 4,700 residents to the western edge of the city.

Oct. 20, 2009: Steamboat Springs residents form a committee known as Let’s Vote to lead a petition drive to send the Steamboat 700 annexation to a public vote. The group begins collecting the 829 signatures needed to put the issue to a vote.

Nov. 17, 2009: City Manager Jon Roberts confirms there are more than enough verified petition signatures to put Steamboat 700 to a public vote. Let’s Vote collected about 1,500 signatures.

Dec. 15, 2009: City Council unanimously approves a public vote on Steamboat 700 and schedules a mail-only referendum election to conclude March 9, 2010.

Dec. 22, 2009: Good For Steamboat, Let’s Vote campaigns formalize efforts for and against Steamboat 700, respectively.

Feb. 18, 2010: Ballots are mailed to city voters, and residents pack Olympian Hall for public forum about Steamboat 700.

March 9, 2010: City voters reject Steamboat 700 annexation.

July 18, 2013: Steamboat 700 back on market for $30 million

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Comments

cindy constantine 1 year, 3 months ago

Hmmm-Am I mistaken or was this property annexed by the City when I wasn't looking---My math says seven, 75 acre parcels @ $4,285,000/each for the 30 million price. Has real estate really recovered that much? I must be missing something here. Help me understand this pricing???

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John Weibel 1 year, 3 months ago

Probably hopeful that the market in steamboat has recovered enough so that someone else may take over their mistake. They may see the writing on the wall that the fed has been printing money, fueling the inflation fire. That fire will bring about higher rates, which will put downward pressure on housing prices in the future. So they may be hoping someone will bail them out.

We are in a unique time, with need inflation and want deflation going on (relative to real purchasing power).

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Scott Wedel 1 year, 3 months ago

There is no rule that the list price must be documented as a fair price. Considering they paid $25M in 2007 then there is little reason to believe it is worth $30M today. Especially after the annexation was rejected by the voters.

$30M is probably a number the current owners would like in order to get out of the investment without losing much money.

I think it won't sell for close to that. Even the argument saying that parcel is needed for SB growth is now known not to be true. SB planning is seeking public comment on various growth plans and they show how SB can significantly growth without annexation. That SB has a whole lot of vacant land zoned commercial and chunks of it along South Lincoln could be zoned high density residential to handle years of growth. So it will be even longer before there is pressure to annex SB 700 to handle SB's growth.

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