Wednesday, October 15, 2008

Credit pinch slows projects in Steamboat


STEAMBOAT SPRINGS, Colo. (MTN) -- Tightened credit is delaying redevelopment work at the base of the Steamboat ski area.

Ski Time Square, a commercial area built in the early 1970s, and an adjoining property called Thunderbird Lodge have both been demolished during the last year.

But an agency of city government has postponed its planned issuance of $20 million in bonds to pay for new pedestrian area walkways and other public infrastructure improvements to complement the private sector work. City officials tell The Steamboat Pilot & Today nothing is likely to happen next year in upgrading public areas.

What will happen in the private-sector work remains to be seen. A major developer, The Atira Group, admits uncertainty, but retains hope that high-end real estate will not be as deeply affected.

"We're definitely in a challenging time for the next few months... But it's not as much of a concern with a higher-end project," said Mark Matthews, a vice-president with Atira.

Matthews told the newspaper that Atira Group is encouraged by continuing sales at another base-area project, called Edgemont. "The high-end market is still out there. This type of product is a lifestyle product," he said. Moreover, Steamboat Springs city officials have not even yet approved the projects. By the time that happens, he said, "we feel the credit markets will be different."

But Lou Antonnucci, the president of the Steamboat Springs City Council, said he fears the original timetable for a completed redevelopment within three to five years might be impossible.

"It's almost like our worst nightmare came true," he said. "The fact is, we've got a wasteland up there."

Steamboat's improved future, he continued, "really depends on there being buyers out there who are willing to buy a second home in Steamboat."




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