Steamboat developers look to Grand County
September 20, 2003
Steamboat Springs — A trio of Steamboat-based construction and development professionals has created a new company to build 26 golf-course duplexes in the new Grand Elk Ranch & Club near Granby.
Realtor and developer Jon Peddie has teamed with Rick Brodie and Tom Perkins, key members of the general contracting firm TCD, to create Mountain Sky LLC. They will build the $15 million Fairway Villas project at Grand Elk.
The first four units are scheduled to be completed by February, Peddie said. TCD will build them. TCD also was the general contractor on the completed clubhouse at Grand Elk.
“We’ve been tracking projects and looking for an opportunity in that area for about five years,” Peddie said. “We’ve all heard that Grand County was doing well. It’s kind of the Steamboat of 10 or 12 years ago.”
Grand Elk, at build-out, will include up to 800 homes. The core of the broader development group is a partnership of Larry Martin, Jerry D. Jones, Donald Heller and Richard Barnes. Principle financing is by Legg Mason Real Estate Services. Wells Fargo Bank in Steamboat Springs is the primary lender on Fairway Meadows.
Peddie said the new entity he formed with Brodie and Perkins, Mountain Sky LLC, has no formal tie to the Grand Elk developers.
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“They’re master developers,” Peddie said. “They did the golf course and clubhouse. We’re buying 13 duplex lots from them. We came up with our own architecture and they approved it, but there’s no formal relationship.”
Mountain Sky has hired Grand Elk’s marketing division to promote Fairway Villas on the Front Range. He expects Coloradans to be the primary market for the golf-course duplexes.
Each of the homes will have three bedrooms, two master suites and three and a half baths. They will range in size from 1,695 to 2,250 square feet. Prices are expected to range from $479,000 to $629,000.
Peddie said interior finishes on units at Fairway Villas would feature a mix of tile and granite, hand-troweled plaster walls and exposed timber beams.
Views take in the ski slopes of nearby Sol Vista ski area, Byers Peak and mountains in Rocky Mountain National Park.
Peddie predicted, when compared to other mountain real estate markets such as Steamboat, the homes at Fairway Villas will create an impression of good value among prospective buyers.
A membership in the Craig Stadler signature golf course is built into the price of the duplex units, Peddie said. The club includes a restaurant and swimming pool. Along with club membership comes access to private stream fishing and use of a marina at Lake Granby. Winter Park is about 10 miles away and club membership includes season passes at Winter Park and use of a private lounge, Peddie added. Association fees will be less than $500 a month.
Grand Elk General Manager Steve Bromberg said real estate prices in Grand County are 40 to 50 percent below what they would be for comparable products in other ski towns. The arrival of publicly held resort village developer Intrawest at nearby Winter Park will further elevate the market, he predicted.
“Things are going to ratchet up very quickly,” he predicted.
Bromberg said the loss of jobs on Colorado’s Front Range during the past two years has not dimmed his optimism about the pace of sales at Grand Elk. He observed that a number of people who already own vacation homes at another Colorado mountain resort are taking their equity out of those markets and using it to leverage a bigger home in Grand County. Along with increased buying power, he said, they are realizing the advantage of having their mountain retreat just 80 miles from Denver.
In addition to the residential component, a 40-acre retail center is planned close to Grand Lake. King Soopers has signed on to build its first grocery on the Western Slope. King Soopers began moving dirt this week, Bromberg said, and expects to be open in the fall of 2004.
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