Reporter- Denver Business Journal
Curious how much it costs to buy a piece of land on a Colorado ski resort mountain? Try $5.2 million per acre.
Vail Resorts Inc. (NYSE: MTN) sold 2.1 acres of land at the base of Breckenridge Ski Resort’s Peak 8 to an affiliate of Breckenridge Grand Vacations Inc., which developed the Grand Timber Lodge and Grand Lodge at Peak 7. The land carried a $11.1 million cost.
Grand Vacations has plans for a 75-unit timeshare, ski-in/ski-out resort with a restaurant and spa.
“This is an exciting time for Breckenridge Ski Resort, with continued investment both on the mountain and at our base areas,” said Alex Iskenderian, senior vice president and chief operating officer of Vail Resorts Development Co. “Improving the bed base at Peaks 7 and 8, and having a gondola taking our guests to and from town, has transformed the Breckenridge experience.”
The new development will be where the Bergenhof Day Lodge is located. That lodge will be demolished in coming weeks. Grading and utility work is scheduled to start this summer, with new resort construction starting next spring.
Breckenridge Ski Resort is continuing to add summer activities to the mountain and finishing Peak 6, which will open 543 acres of new ski terrain for the 2013-2014 ski season.
Homebuilder poised to start new development in Jeffco
KB Home (NYSE: KBH) bought 68 lots for a new home development called Lyons Ridge in Jefferson County. The lots are near the Red Rocks Country Club, southwest of Colorado Highway 285 and C-470.
The sales price and previous land owner weren’t disclosed.
“Market activity in the metro Denver area has been encouraging and we feel now is the right time to invest in land and open new communities like Lyons Ridge,” said Matt Mandino, president of KB Home’s Colorado division.
Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog. Phone: 303-803-9232.