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05-20-14 Pre-Sketch Plan Applicaton , ovai-fico -r-ex "La heo,go . . '° ` , ' "i* ''* -`` Snowmass Base Village 7 �� ?� " �. - : Pre-Sketch Plan Application lication WORK SESSION � �, MAY 20, 2014 C RELATED Agenda I. Work Session Schedule II. Overview of Base Village Approvals Ill. Market Update IV. Market Observations V. Conceptual Master Plan VI. Proposed Framework for Moving Forward (RELATED 2 I . Work Session Schedule GOAL: Establish a framework for moving forward with the Base Village development First Meeting — May 20th 6:00 — 8:00 PM - Developer Presentation - Question & Answers Second Meeting — May 29th 4:00 — 6:00 PM - Round Table Discussion - Summary of Findings Third Meeting - TBD r RELATED 3 • , 111Overview of BVillage Approvals ;gligiiiiippr " `'`- , '�� 'N'...4C. '.. BUILT PROPERTIES AND FUTURE DEVELOPMENT ...,, 04' ...." C- ') ...`wg s `"^�''f�" r-'-s . ice• . µ / ,,..,� '� ... -- 2NN-..., _ ••�/ :f —_jam �' , '� • ': : r ' ;—� THE ENCLAVE ' - te =� �' v , _,•. �. • • 'a ' �•••MN/ IY •. �.,. •••• ` ` � .+1�, _ O . ` o ,i4 • . , , f¢ ` ` i+ .... A., 0 4. , t 001 • \ - ileipliNN .., „le- 4,v . .,,,- ,- .... .. , -,,,‘... , - .\-_.,,,,,,,,,,- :. : . _................. ............... - ____ ....... „.......... W. ... ,44 ! � -i - N0$D ROAD- K9 ' . • r ...„,-., ......, i \\4 \s," -04 BUILDING __ BUILDING '�' •�` � ,, ,` • BUILDING 5 -'•� ` 7 lOa AQUATIC 2 ' ' r. `�,,,• BUILDING . .: WIN s-` 8 Y ,� CENTER BUILDING 4ab • ! i � • =� %� i ;r- .'t`+ .. -•+kms •. 9ab z s•. iii 0 / '` .N 4. .• • .. A' li ' , +� •'� r. 4 • 5 BUILDING • 'lk I.,, � ,'• �.,. ' 1t.,•. .i v- \ z„ x; 9c t, '� . 4 , BUILDING 4114 �►40 BUILDING „„;.$'‘0r '� ^ti.-+ :«.v. ‘livT11 • 4, .N is `!e :�' .Y '[ + �. 'Illi ./ i;;1m 'i, /� +_ .�- •. ` f ��;\'� BUILDING �� a 1' "/ I r I . '• Ila, frill* t %h._...." •:'A ' .... ...• ' 9 .7„--,-.. .. •` j' t$� \� _ , ,10 `\�-� ,--,. .( ,,�.r �'ter,,.. - "' %,,,,.. 4,(4, /�i I. • ***\•,111 .- ..' I. _ �•.7•: w BUILDING e• `. . , "'�' < \ �• p � -- � ate- GARAGE (Below Grade) 41%0- • itio, ..., 1111111111a --.• .- :. �... ..,,�! q D.. i �-a .".� i . .le / Al I : I"!111107._ .,. ' - ,:... elg KV la 11* OUTLINE - \ � A %�- - _ _�� a - ••�- d :, BUILT Buildings 1, 2a, 2b, peo - y \ - -=' ` • " .s '" ' . PROPERTIES 2c, 3abc, 3de % tel'• . . �,� i 1iy - � • • .nlia" --- V .#"' - MI �':. ...- - „. --:, , ., -).;...9-1r - BUILT_. Buildings , 13b �, _ �, t �l+RRI� s PARTIALLY BU n s 7 8 ive ='i! ' ` ,, ,�� i�- = PROPERTIES ' 1' ' `'• , a - ....., ` FUTURE Buildings 4ab S 6 111 4, --'�`` y ,., T'�: , - _ p..• �I7 ` • DEVELOPMENT gab, 10a, 10b, 11, .............-----•s\ ♦♦ • LTE±± L ;;, IIPw ,, 12, Aqua Center ,,! opiai i „ -- al QII ..1 , . . istr-'... "•• '11 .7.Ittyp-•••••••• _ -.0. ( B R A � ,,, __ - y - 7 1-0-- NIP 3GV : - -i 7 RUSHREfKR� �M_ _-- 0 30 60 2r, N.,PT„i ~ ` _. ,,/ � R se L ' t 044, k;) . _ _- .- t ,. f -i - flRELATED 4 II . Overview of Base Village Approvals :t 4 ., ,,: / : ,, ENfa.At'r . #� ti 11.11). BUILDING 1 ''..'1 °''--1,' • BUIL aNG4-;' .�, • Y� � � -• � - _ � � /sot. • x . � * --+1T1I! semar c 21) MVP II v 6UtpNGS 0. aNG •�. - tab rND, got DING , BUIlDtN4 1 pr 6 ,,,,,...........4•• . . of lel ++ ..a BUtI.aNG `r,�art �!� r } .. i .... ' i M BUILDING , A. SJ \-,:-...f, .t.„..-...... :e �IILDING s �� 1 f �_ A� d� "witio a • +00. ' � T \ ` > rittot ` + OWNED SY TOWN OF . SNOWMASS VN 41111 it • • • OWNED BYTOWN Of . SNOWMASS VILLAGE 4 • 1 .1. 11111.11111111111111 Ilp ,,,� 00 ' TOWN Ofi1�1,,i3Oyf IOW- _ M IMO ihkdid ,1y YY ..:mow`# - • . n it 10 MORIN , •• •1. ••'•• . 11 's1.. .. ... ..1 • cwi.r ns anis„ BASE VILLAGE AMENDED PLAN SNOWMASS BASE VILLAGE 1,*4 rile+TT 2 w•fx O2.AO'C'm IN RELATED 5 II . Overview of Base Village Approvals Area(GSF) 11111111.111111111.1 Commercial Retail/ Ski Related Communit Residential Residential BLDG Total Status Lot Building , , Services Restaurant 6; Facilities Facilities Unit Count Lot 1 Building 1 22,500 0 0 26,343 0 48,843 14 iliComplete Building 2A 40,041 1,895 11,926 0 16,190 70,052 29 Complete Building 2B 32,134 0 9,780 0 0 41,914 25 Complete Building 2C 32,088 3,222 1,601 0 0 36,911 23 Complete Building 3abc 0 4,043 8,607 3,697 0 16,347 0 Complete Building 3de 0 425 7,897 0 0 8,322 0 Complete Lot 2 Building 4ab 8,738 0 4,695 0 0 13,433 4 Not Complete/On Podium Building 5 91,854 3,765 1,400 4,505 2,287 103,811 57 Not Complete/On Podium Building 9ab 0 0 1,478 0 0 1,478 0 Not Complete/On Podium Building 9c 0 0 1,034 0 0 1,034 0 Not Complete/On Podium Lot 3 Building 6 14,731 0 2,555 0 0 17,286 9 Not Complete/On Podium 18,449 2,147 785 6,641 1,452 29,474 8 Partially Complete/On Building 7 Podium 66,175 9,890 3,882 5,210 10,927 96,084 27 Partially Complete/On Building 8 Podium Lot 4 Aquatic Center 0 0 0 0 3,500 3,500 0 Future Phase Lot 5 Building 11 64,220 0 0 0 0 64,220 50 Future Phase Lot 6 Building 10ab 119,629 0 0 0 0 119,629 90 Future Phase Lot 7 Building 12 55,435 55,435 41 Future Phase Lot 8 Building 13b 85,788 85,788 67 Partially Complete Lot 9 Building 13a 173,951 0 14,245 0 20,881 209,077 152 Complete 825,733 25,387 69,885 46,396 55,237 1,022,638 596 Complete 300,714 9,585 54,056 30,040 37,071 431,466 243 Partial/Future 525,019 15,802 15,829 16,356 18,166 591,172 353 Complete 36% 38% 77% 65% 67% 42% 41% UNRELATED 6 III . Market Update SNOWMASS TOWNHOME/CONDO ABSORPTION 2000-2014YTD 200 Original Hayden/ Viceroy Condominiums _ Capitol Launch 180 (closings in 2007-08) •Hayden Lodge/Capitol Peak 160 140 Original All Condos/TH except Hayden/Capitol/ Viceroy Launch Viceroy 120 (no closings) 14yr Average 100 _ _� Absorption 80 92 UNITS/YEAR 60 40 20 o° o' c 61) o`� \" rf' ` ti - Viceroy accounted for 41% of Snowmass condominium sales in 2012/2013 - Snowmass recovery has been led by Viceroy, primarily in $250k - $1.0m range - No new inventory below $250k or above $2.0m in market - The 141 current Snowmass condo listings, excluding Viceroy, represent about 1.5 years of inventory; including Viceroy's 90 unsold units increases inventory to 2.5 yrs rRELATED 7 IV. Market Observations Market Segmentation - Current product offerings do not address entry level and high-end/custom demand - GOAL:Expand target market by introducing new product types at broader price points Product Segmentation - Current PUD approvals lack diversity by only offering condo/hotel or condo product - GOAL:Introduce new product offerings with varying ownership types,finish levels and price points so that multiple projects can sell concurrently without competing with one another Branded versus Unbranded - Current PUD approvals assumes majority of development to be unbranded - GOAL:Introduce new boutique and national branded product to leverage their existing marketing and sales channels with broad national and international reach GRELATED 8 VI. Proposed Framework for Moving Forward Pre-Sketch Plan Work Sessions PUD Amendment Application#1—Framework • Extension of Initial Vesting date to November 3,2019 conditioned on achieving the following milestones: — Construction completion of Brush Creek Roundabout,Upper Wood Road improvements,and snowmelt system at entrance to Base Village parking garage — Submission of PUD Amendment Applications#2 and#3 by a date certain — Construction completion of buildings on Lot 2,3&8 by a date certain PUD Amendment Application#2—Viceroy Phase II Development • Change of use for Viceroy Phase II(Bldg 13B,Lot 8)to include skier services(i.e. a mountain club)on a portion of the first floor PUD Amendment Application#3—Podium Development • Change of use for Lots 2 and 3 to accommodate timeshare and fractional ownership II:RELATED 10 1.1. a _LV—I 3 8 2 41640, . .. ,. . • 4 , . . A . _ . • . 111101r4 .. 4-,IP 11 ft. .. . , .....0 si,IA". f" p •- ... ,,. •:. .•• P. •• • . t ... A . 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