Capital Square Begins Construction on 119-Unit Steamboat Basecamp Mixed-Use Multi-Family Resort in Steamboat Springs, Colorado

0

STEAMBOAT SPRINGS, CO – Capital Square, a leading national sponsor of tax-efficient real estate investments and a developer of multi-family mixed-use communities, announced the start of construction on Steamboat Basecamp, a 119-bedroom mixed-use multi-family property. units in Steamboat Springs, Colorado. Development is expected to be completed by fall 2023.

Located at 1901 and 1950 Curve Plaza, Steamboat Basecamp will feature 75 apartments for rent, as well as 30 condominiums and 14 townhouses available for purchase. The building will also include nearly 8,000 square feet of commercial rental space. Marketing and pre-sales of the townhouses have begun, resulting in five reservations.

“Steamboat Basecamp is an excellent development that will serve as an ideal complement to Steamboat Springs, one of the nation’s most popular mountain resort destinations,” said Whit Huffman, co-general manager. “There is huge demand for quality living options in the region, but also significant barriers to entry for new developments, including a rapidly shrinking supply of available land capable of accommodating major projects like Steamboat Basecamp. As a result, even at this early stage of construction, we are experiencing substantial interest in the property from potential residents.”

Steamboat Basecamp is at the “main and main” of the rapidly growing West Steamboat neighborhood, just off Highway 40 and less than two miles from downtown Steamboat Springs. The popular Steamboat Ski Resort, which is undergoing a $200 million expansion that will make it the second largest ski resort in the state1, is just four miles from the development.

Nestled in the Rocky Mountains about 150 miles northwest of Denver, Steamboat Springs is a popular year-round tourist destination often referred to as “Ski Town USA” for its excellent skiing and snowboarding opportunities. This beautiful area also boasts geothermal hot springs, zip lining, rafting and many other outdoor activities enjoyed by residents and over 500,000 visitors annually.2 The rustic town was founded in 1900, making it rich in history that focuses on miners, ranchers, and the Native American Ute tribe.

Steamboat Basecamp is less than two miles from a thriving downtown area with a variety of restaurants and entertainment venues. Where the adventurous spirit meets functional living, these properties will offer residents access to a communal rooftop lounge, courtyard, and ski and bike tune-up shop.

“Steamboat Springs enjoys a high employment rate and projected future job growth of 57% over the next decade, making it an ideal area for those looking for a lively lifestyle- work-play3,” explained Adam Stifel, director of development. “The local real estate market is booming, with demand for homes far exceeding available supply, leading to significant price appreciation. Steamboat Basecamp will help meet the demand for quality housing in the area, while providing potentially significant benefits to investors in the development.

Capital Square formed a joint venture with May Riegler Properties to develop Steamboat Basecamp, which was funded by nearly $17 million raised from accredited investors in CSRA Steamboat Basecamp LLC, a private placement sponsored by Capital Square. Capital Square and May Riegler have partnered with KASA Architecture, which serves as the building’s architect, Deneuve Construction, which serves as the project’s general contractor, and JNS Architecture, which oversees the interior design.

Share.

Comments are closed.