Steamboat council signals approval for Ski Time Square condo, hotel development

City of Steamboat Springs / Courtesy Photo
City Council members voted unanimously Tuesday on an initial approval for a zoning change that would allow construction of a mixed-use residential and commercial project at the Steamboat Resort base.
The proposed development, named The Stockman, would be built on a vacant lot at 1965 Ski Time Square Drive between the Torian Plum Condominiums and T Bar at Steamboat, and would include 204 multi-family condominiums, 41 hotel rooms and more than 24,000 square feet of commercial space.
Council members approved the project on a first reading of an ordinance, and they will vote again to approve the development at a special meeting scheduled for Friday.
Craig Cavileer with Fort Worth-based Majestic Realty Co., which is partnering with ski area owner Alterra Mountain Co. on the project, told council members Tuesday night that the four-sided development would include multiple restaurants, bars and a day spa planned for the site.
“They are a great partner and a big partner to us,” said Cavileer about Alterra. “They certainly own the property, and we were invited to talk with them about a partnership and development of the real estate.”
“We had a similar vision for what we wanted to create. They wanted a four- or five-star luxury resort property with the residential and hospitality component to it that would help engage the base village vision. We had the same vision. We shook hands and here we are,” Cavileer added.
The developers said they expected roughly 140 full-time employees to work at the property after it is completed but that there would be no construction of workforce housing units tied to the project.
“We don’t have any inclusionary zoning. We used to, that would require a development like this to either fund a lot of money or build some units into your property,” said council member Michael Buccino.
Buccino asked if the developers had considered adding workforce housing. Cavalier said they had not.
“It was important to us on Day 1 to understand exactly what the rules would be for engagement and what the vision was for the base area. We looked at a lot of different cities, a lot of different resort towns and when we ended up here, we said ‘OK, what do we have to do to comply and overstate our investment in the community,'” said Cavileer.
“We knew we didn’t have to do any housing; it is a whole different game when you are building a resort with housing. It changes your entire operating model, your business model, your cost, your investment, so that was off the table first,” said Cavileer.
Council member Steve Muntean said he thought the project was important for the development of an area that has been stagnant “for a very long time.”
“I just want to say that I really like this project, I think it is really well thought-out, and I am excited about that fact that once this project gets going, there’s going to be a lot of other projects up there,” said Muntean. “I think this is going to be a catalyst to really get that whole area developed up there.”
Council member Joella West said she agreed that new development in the Ski Time Square area has been “waiting for a very long time.”
“Here is the plan that will be the key to opening that back up and making it into what everyone has wanted it to be for decades,” said West.
West noted that all of the boxes for the development proposal had been checked and workforce housing requirements were not a part of the list of requirements for the developers.
“That is an ask that I don’t think anyone can grant,” West said. “We are not in a position to ask the developer to solve our housing problem at that level.”
“We still have a housing problem; no, they are not solving that. They are solving a different problem that is also important here,” added West.
Trevor Ballantyne is the editor for the Steamboat Pilot & Today. To reach him, call 970-871-4254 or email him at tballantyne@SteamboatPilot.com.

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