Burgess Creek boom
Purchase price of mountain parcel increases tenfold in two years
October 7, 2007
Steamboat Springs — A 1970s-era office building that sold for $1.15 million in November 2005 recently sold for $11.5 million.
The Ski Country Enterprises Building is on Burgess Creek Road just before the turn onto Storm Meadows Drive. Part of the attraction of the property is that it has a direct pedestrian link to Ski Time Square, which is poised for major redevelopment.
A limited liability company held by Steamboat Springs business people Jeff and Kristi Brown sold the property in September to a second limited liability company, Ski Country LLC, which is based in Henderson, Nev.
Elements of the development team advancing one of the biggest projects in Routt County, Steamboat 700 LLC, are also based in Henderson. However, Danny Mulcahy – project manager for Steamboat 700 LLC – said this week that his company has no connection to the transaction on Burgess Creek Road. Documents on file with the Colorado Secretary of State’s office tie the purchasers to a residential address in Henderson but do not provide their names.
Documents on file at the Routt County Clerk’s Office show the Browns, with partners, purchased the property from Ski Country Enterprises two years ago for $1.15 million and looked into redeveloping the site. The Browns bought out their partners for $2.2 million in June.
The sale included an existing easement, and Kristi Brown confirmed the property came with a pedestrian access to Ski Time Square next to the existing Kutuk condominiums at the upper end of the commercial district. Jeff Brown said they took the extra step of acquiring a separate ski-in easement from Kutuk and the Bronze Tree condominiums.
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The pedestrian easement would give the Ski Country property comparable access to the Headwall ski trail as some of the new buildings being proposed by the Atira Group/Cafritz Interests, as part of the redevelopment of Ski Time Square.
“I though it really was a perfect property,” Jeff Brown said. “It was out of the noise, but you wouldn’t have to drive to restaurants or shopping. We were really going to develop it. I was excited about it.”
Presented with a sure thing, however, and knowing that completion of a redevelopment project might have been five years out, Brown said he couldn’t turn down the purchase offer.
In an unrelated matter, the Browns also sold Mambo Italiano restaurant last month. The real estate at 521 Lincoln Ave. sold for $960,000. There was a separate transaction involving the business itself. Brown declined to divulge that price.
The Browns also own The Cantina Mexican Kitchen and Tequila Bar at 818 Lincoln.
Asked whether he and his wife intend to continue in the restaurant business, Brown said:
“We still own the Cantina, and it’s not for sale. Right now, there are no offers, and nobody has approached us.”
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