Steamboat 700 back on market for $30 million
July 18, 2013
Steamboat Springs — 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.
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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