The Crested Butte News Serving the Gunnison Valley since 1999
Hopes to start new construction next spring
The Wildhorse at Prospect development, located on the back of the ski mountain, is getting a new lease on life. Developer and long-time Crested Butte resident Jeff Hermanson of Larimer Associates has purchased the undeveloped lots from a bank that held the property after bankruptcy. The property includes six abandoned foundations that have long been considered an eyesore and hazard in the town.
The plan is to build custom mountain ski homes in the neighborhood. At build-out, the property can accommodate 55 homes. There are already 30 houses built on site.
Hermanson’s Larimer Associates purchased the 25 vacant lots that included the six foundations that were never utilized. Construction on a couple of the existing foundations is set to begin in the spring of 2014.
“This is a great project,” said Hermanson. “I am excited to be there. I’ve been looking at it for a long time. It is a well-designed project and the views are gorgeous. It is already a solid property and we have the chance to give it a new narrative.”
Hermanson said covenants in place would ensure the quality of the project. He is drawing on a local team to help move the project to the next level. Crockett Farnell will be the builder for Wildhorse and he plans to start construction on two of the existing foundations this coming spring. Channing Boucher will be the real estate agent for the project, while Priscilla Banks will be the primary interior decorator. Sunlit is the architecture firm.
“One thing that made the project appealing was the local homeowner’s association,” said Hermanson. “They solved many of the problems that were out there as a result of the bankruptcy. Frankly, they did the heavy lifting that will allow us to come in and shine it up and end up with a good community development.”
HOA president Chris Cappy is looking forward to working with Hermanson and his team. “Our opinion is that this is a very positive development, not just for us but for the area in general,” Cappy said. “It shows that things are picking up. Having someone of Jeff’s caliber come in is the best possible outcome. His team is highly qualified and they know Crested Butte. The pace they are talking about as far as starting with the new development is a big plus for the whole area. There’s nothing about this that has a downside.”
Cappy pointed out that the development is turning into a neighborhood. “It started out with some speculators but the ownership base is now a real community and that can only add to the whole project,” he said.
Mt. Crested Butte town manager Joe Fitzpatrick is excited about the purchase as well. “We are very happy to have someone coming in to finish those foundations,” he said. “It will help everyone. This has the potential to be a great subdivision in Mt. Crested Butte. It is so beautiful back there and leads up to some spectacular homes and views. The access to hiking and biking and skiing is special in Wildhorse. We are very happy with this move.”
The foundations were first constructed in 2006 by the original developers, Wildhorse LLC. Fitzpatrick said the town issued a “notice of nuisance violation” in August 2011, declaring the unfinished foundations a nuisance. The property was taken over from the original developers in February 2012 and in November 2012 a bank took over the property.
Boucher explained that the property has dedicated ski access. “It is also five minutes from Snodgrass and has tremendous solar and wonderful views.”
The developers will build a couple of homes next spring and test the market before constructing more. “A lot of the look is determined by the covenants and is great,” Hermanson said. “The idea is to provide high-quality homes that aren’t over the top. They won’t be larger than 4,000 square feet but we won’t cut corners on quality.”
Hermanson has lived in Crested Butte for 40 years. He developed the Wood Creek Condominiums in 1979 in Mt. Crested Butte with George Reinhardt. “I love this place and am excited to be part of this new development project,” he said.
