Editors note: This story has been updated to show that 970 Basecamp, LLC. purchased the corner at U.S. 40 and Curve Court across the street from Cook Subaru. The lot at the intersection of U.S. 40 and Colorado 129 is the site where Chef Chef Collin Kelley plans to create a chef-driven market and dining establishment.

Last week developer Kevin Riegler said the sale of the Lofts at Steamboat Basecamp will not change the mission he started, or the goal of providing attainable rental apartments in Steamboat Springs.

“The six or seven years that we’ve been working on that project have been a pretty interesting time from a macroeconomic standpoint and a Steamboat evolutionary change standpoint,” Riegler said.

“(Steamboat Basecamp) was a bit of pioneering when we first developed the idea, the thesis, that in a place like Steamboat Springs there is demand for rental apartments. It just wasn’t there, and certainly not this scale.”

The first phase of Basecamp, called the Lofts, included 73 modern rental units — as well as retail space that includes Orange Peel Bikes, M3 Golf Lab and Steamboat Fit — and recently sold for $41.6 million. The sale of the 64,000-square-foot building, recorded as a real estate transaction on March 18, showed that the property was purchased by 970 Basecamp, LLC.

In a separate transaction, the vacant lot at the corner of U.S. 40 and Curve Court across the street from Cook Subaru, also sold for $2 million.

Rielger, however, said the sales will not end his involvement with the development, which is in the process of planning an additional building with 72 rental apartments. The property currently includes the original tower that was completed in 2023 offering one-, two- and three-bedroom apartments. The developers also built the Basecamp Row Homes, which includes seven units, including some still for sale.

The developers had previously planned to build 20 additional row homes on the remaining lot, but Riegler said given the current market and the need for rental units, that spot will be used for apartments.

“There’s just wasn’t enough demand,” Riegler said. “Meanwhile, the (Lofts) rental apartments have been sitting at near 100% occupancy since the day it opened.”

Riegler added that it is common for developers to rely on investors and banks to finance projects. In this case, he said, a larger capital group stepped in to purchase the Lofts and support the next phase of the development.

“I would call that an incredible success in terms of community impact, neighborhood creation, and all the things that certainly we get excited about from a development standpoint … there’s been a lot of challenges, but we feel very proud about the outcome and impact for the community at Steamboat Basecamp,” Rielger said of the development.

“It was important to us to find the right group that believes in the local impact side and the group that we ended up with, technically we’re selling it to, has an incredibly long-term commitment to Steamboat Springs.”