Iconic Ski Time Square property sells for $2.9 million | SteamboatToday.com

Iconic Ski Time Square property sells for $2.9 million

The Clock Tower Square building and surrounding property has been sold for $2.9 million to a developer who wants to redevelop the site with additional residential, commercial and retail spaces.
Scott Franz

— The iconic Clock Tower Square building in Ski Time Square is a big step closer to getting a facelift and some new tenants.

Developer Blue Sage Ventures and capital partner GreatLand Group recently closed on their $2.9 million purchase of Clock Tower Square and some adjacent property.

Throughout the next few years, the developers have plans to spruce up the building and add new residences and commercial spaces around it.

The 2.6-acre property includes the Clock Tower Square building, the Xanadu condominiums and some vacant land between Burgess Creek Road and Ski Time Square Drive.

Steve Shelesky, one of the principals of Blue Sage Ventures and the managing partner of the venture, said the first step will be to talk to the homeowners association at Clock Tower Square about the possible improvements and renovations and the pricing.

“The goal of this is to improve the existing building in a way that makes it more of a feature, and to re-tenant it with uses that create a draw and serve as an amenity to the entire development,” Shelesky said.

Clock Tower Square has 13,000 square feet of commercial space, but much of it currently is empty.

A large luxury condominium project envisioned for the site in 2009 would have added 49,000 square feet of additional commercial space.

But it was never realized.

“I just look around the market and we see product deficiency, and we’d like to meet that demand with boutique projects that can be financed sooner rather than later,” Shelesky said. “We’d also like to provide some inspiring architecture at a price point that’s feasible today. Our long-term approach is we want to be good stewards for our investors, tenants and the town.”

In August, Shelesky said the redevelopment could add 80,000 to 100,000 square feet of new product at the base area.

It could start to replace some of the commercial spaces that were lost when a large part of Ski Time Square was demolished in 2008.

“We feel like we have a window to operate up there now without a lot of competition,” Shelesky said.

The redevelopment project is envisioned to occur in multiple phases.

A later phase could include the demolition of the old Xanadu condominiums to make way for a new residential development.

To reach Scott Franz, call 970-871-4210, email scottfranz@SteamboatToday.com or follow him on Twitter @ScottFranz10

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