Graystone Park sells for $5.1 million
Angler's Retreat developers hope to repeat success
Steamboat Springs — The second piece in the Ski Time Square Enterprises puzzle fell into place this week with the news that the 11.3-acre Graystone Park parcel sold to VGS Enterprises of Steamboat Springs for $5.1 million.
Partners Jerry Stanford and David Vandervelde intend to develop 17 luxury homes in the subdivision, which already has city approvals in place. The listing Realtor for the project said the homes would sell for prices in the range of $2 million to $2.5 million. A reservation process is not yet in place.
Ski Time Square Enterprises is the entity that owns the Sheraton Steamboat Resort Hotel and Conference Center, along with other assets. The owners have been marketing their Steamboat holdings for sale since early fall 2006.
Those efforts began to come to fruition last week when Washington, D.C. developer Cafritz Interests announced it had purchased the ski-in ski-out Thunderhead Lodge and Ski Time Square commercial center for their redevelopment potential. Documents filed at the Routt County Courthouse this week indicate Cafritz paid $53.9 million for the properties.
Ski Time Square Enterprises General Manager Chuck Porter said the sale of the hotel and the 18-hole Sheraton Steamboat Golf Course as a package is pending.
Graystone Park is adjacent to the golf course and the new homeowners will have access to memberships.
VGS successfully developed the Anglers Retreat subdivision beginning in 2001, when it created a neighborhood of high-end single-family homes with relatively small building footprints. All of the homes were designed to VGS’ specs and were built by Stanford and Vandervelde’s company. Homeowners there participate in a homeowners association that takes care of all of the landscaping.
The same will be the case at Graystone Park, according to listing Realtor Shelley Stanford of Colorado Group Realty. She is married to Jerry Stanford, but is not an officer in VGS.
Porter confirmed VGS has been talking to him about the acquisition for a full year and expressed his satisfaction that Stanford and Vandervelde succeeded.
“My hope was that it would end up with a local developer,” Porter said.
Although Graystone Park will be under separate ownership, the hotel/golf course management and members will need to work closely with the developers, Porter said.
“Anglers is a good, high-quality product, and Jerry is passionate about it,” Porter said. “I have a high comfort level that we have it in the hands of the right developer. It’s so visible, and it will interact with the golf course use – we’re connected.”
The creation of the homes at Graystone Park will necessitate a new road access to the golf course clubhouse. Homes will occupy the level bench where the road winds its way into the golf course from Clubhouse Drive.
Stanford is supervising the construction of the new access road from Steamboat Boulevard, Porter said.
An architect is developing four different floor plans for the new homes in Graystone and VGS hopes to break ground on as many as six by this summer, Shelley Stanford said.
“We’re ready to roll,” she said. “We’re going to build it out pretty quickly in groups of six and five.”
Graystone won’t be identical to Anglers in terms of architecture, Shelley Stanford said. Ranging from 3,000 to 4,000 square feet, they’ll be notable for post and beam timbers.
Anglers is tucked out of sight in heavy timber along Fish Creek off Anglers and Rollingstone drives. Graystone is situated on top of a hill with views to all points of the compass taking in Emerald Mountain, the ski area and the Flat Tops.
Stanford said many prospective buyers at Anglers asked for four bedrooms, and Graystone will respond to that feedback.
– To reach Tom Ross, call 871-4205
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