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Cattle Creek Plans Are On Hold
Stalled project is latest sign of financial difficulties for developer Related WestPac
By John Colson
Special to the Sun
The Cattle Creek Colorado project, a large residential and commercial development proposed between Glenwood Springs and Carbondale, has been pulled off the table for now, according to a member of Garfield County's planning staff.
The project, formerly known as Sanders Ranch, Bair Chase and Cattle Creek Crossing, was to have been the subject of a hearing before the county planning commission on July 22, said planner Kathy Eastley.
But she received a letter recently from project executive Andrew Dance of Related WestPac, developer of Base Village at Snowmass among other properties, asking that the Cattle Creek application be pulled from the agenda.
Eastley said the letter gave no reason for the move, other than to say that “it does not make sense for us to continue with the project at this time.”
Related WestPac has been undergoing financial difficulties since late last year, when the collapsing stock and credit markets made it difficult to secure financing for its various projects. The company halted construction on buildings in Snowmass Village because of money woes, as well as the partially built Little Nell Residences at Snowmass.
Concerning the Cattle Creek project, six contractors filed liens against the development in March, claiming they were owed a total of about $464,000 for work already done. A spokesman said the company would be working with the contractors to resolve the problem as quickly as possible. Related is in a partnership with the Riverbend LLC in the Cattle Creek project.
In a related development, the Aspen Daily News reported on July 1 that there have been more than $3 million in liens filed in Pitkin County against Related, of which some $647,000 have been released.
Related also is in default on a $110 million loan used to buy four lodges in Snowmass.
A spokesman, Steve Alldredge, told the Glenwood Springs Post Independent that Cattle Creek is a very different proposal separate from the company's projects in Snowmass.
According to Eastley, old documents called for construction of more than 1,000 residential units on 288.9 acres of land in the vicinity where Cattle Creek joins the Roaring Fork River. The project also envisioned 30,000 square feet of commercial and retail space and a site for a school.
But in withdrawing the application from the hearing, Eastley said, “the project is back at square one.”
She said the developers had postponed an earlier hearing, in March, to work on several issues such as access off Highway 82 into the project; a conservation easement along Cattle Creek and the Roaring Fork Transportation Authority's trail easement through the property had to be factored in.
She had contacted the company recently to see if any progress had been made on those issues, she said, and added, “I'm not sure there has been a significant amount.”
Still, Eastley said, “They think that they'll probably resubmit later this year.”
jcolson@postindependent.com
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Tuxedo Reserve expansion draws critics in community
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Base Village, located in Snowmass, CO, is a Related Companies (developer of Tuxedo Reserve) affiliate.
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