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Keystone Resort's Hunki Dori parking lot sold to developers with big designs

FIRST PRINTED IN THE SUMMITDAILY.COM

News | February 11, 2019

By Eli Pace

This rendering from the developer's website shows concepts for a planned development that could transform the base of Keystone Resort. Vail Resorts, the owner of Keystone Resort, announced on Monday that it has closed on a deal to sell four acres at the base of Keystone Resort to a development teams that hopes to build a new hotel, about 95 condos and commercial space there.

One River Run Acquisition LLC

Vail Resorts has closed on a deal that could land a new hotel, about 95 residential condominiums and more than 12,000 square feet of commercial space where a parking lot currently sits at the base of Keystone Resort.

Vail Resorts, which operates Keystone Resort, announced on Monday that it has agreed to sell of four acres at the base of the River Run Gondola to One River Run Acquisition LLC, a Colorado-based development team. A diagram on the developer's website confirms the sale encompasses the Hunki Dori parking lot.

The One River Run project, as it's been coined, has been envisioned as part of the Keystone Planned Unit Development for more than two decades now and represents "a critical piece" of Keystone's base, according to a news release from Vail Resorts. In it, the company says the planned development at Hunki Dori will help make Keystone "an iconic North American mountain resort."

A resort spokeswoman declined the newspaper's request for details of the sale.

However, the release says the developer is proposing a full-service, 107-room RockResorts-branded hotel. RockResorts is a subsidiary of Vail Resorts and already manages various properties in Summit County and beyond.

The new hotel would come with a spa, restaurant and banquet space. Other pieces of the planned project call for approximately 95 condos and more than 12,000 square-feet of commercial space, including some restaurant and retail space that's supposed to be operated by third parties.

"As a member of the Keystone community for more than 25 years and owner of multiple area businesses, I am extremely proud to be a part of the team that will develop a premier base area project at Keystone," he added.

One River Run Acquisition LLC is comprised of a group of Colorado developers with experience in commercial, multi-family, mixed-use, residential, medical and hospitality developments, in addition to building, managing and operating more than 200 Yum! Brands properties, which include Taco Bell, KFC and Pizza Hut.

The development team also has deep ties in Summit County and Keystone with ownership of Base Camp Wine & Spirits, Sauce on the Blue, the Inxpot, and Sauce on the Maggie. Along with Rashidi, the developer's website lists Ryan and Jeff Geller and Scott Russell as the other members of the team.

"This sale to a Colorado-based third party provides a tremendous opportunity to add a vibrant mix of lodging, retail and services to a prime parcel of land at Keystone Resort and a prominent gateway just steps away from the mountain," said James O'Donnell, executive vice president of hospitality, retail and real estate at Vail Resorts.

The project will have to go thought the county planning process.

"We're working with the developer as we're going through the review process," said Don Reimer, Summit County's planning director. "We anticipate it going to public hearings sometime this spring, but we don't have an exact date yet."

Keystone is one of the closest ski resorts to Denver and the Front Range and boats having more than 3,000 acres of skiable terrain with an average of 300 days of sunshine a year.

VAIL RESORTS ANNOUNCES SALE OF FUTURE RIVER RUN BASE AREA DEVELOPMENT

PROJECT WILL FURTHER DEFINE KEYSTONE AS AN ICONIC NORTH AMERICAN MOUNTAIN RESORT DESTINATION

SITE FIRST APPEARED IN VRDC.VAILRESORTS.COM

KEYSTONE, Colo. – Feb. 11, 2019 –Vail Resorts announced today that the sale of a parcel of land at the base of the River Run Gondola in Keystone to Colorado-based One River Run Acquisition, LLC (ORRA) has closed.

The One River Run project has been envisioned as part of the Keystone Planned Unit Development (PUD) for more than two decades. It represents a critical piece of the Keystone base area and will further define Keystone as an iconic North American mountain resort.

"We look forward to collaborating with the Keystone community throughout the development process to significantly enhance the tremendous destination that Keystone represents and create added value and enjoyment for locals and destination guests," said ORRA partner, Shervin "Shevy" Rashidi. "As a member of the Keystone community for more than 25 years and owner of multiple area businesses, I am extremely proud to be a part of the team that will develop a premier base area project at Keystone."

On the four-acre site located adjacent to the River Run Gondola terminal, the developer is proposing a full-service 107-room RockResorts-branded hotel, spa, restaurant, and banquet space to be managed by Vail Resorts' hospitality division, approximately 95 residential condominiums, and more than 12,000 square-feet of commercial space, including third-party-operated restaurant and retail space.

One River Run Acquisition, LLC (ORRA) is made up of a group of seasoned Colorado developers. The organization's development experience includes commercial, multi-family, mixed-use, residential, medical facilities, hospitality development and building, managing and operating more than 200 Yum! Brands properties. In addition, the group has deep ties to Summit County and Keystone including ownership of Base Camp Wine & Spirits, Sauce on the Blue, the Inxpot, and Sauce on the Maggie.

Keystone Resort features more than 3,000 acres of skiable terrain, an average of 300 days of sunshine a year, convenient lodging and a variety of on- and off-snow activities, making it the ideal location for winter and summer vacations. As one of the closest ski resorts to Denver, Keystone is the ultimate family resort destination. Convenient touches like front-row family parking and complimentary red wagons to help parents tote gear and kiddos to and from the slopes help make a family visit to Keystone easy and hassle-free.

About Vail Resorts, Inc. (NYSE: MTN)

Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts' subsidiaries operate 15 world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge, Keystone and Crested Butte in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher in Australia; Stowe and Okemo in Vermont; Mt. Sunapee in New Hampshire; Stevens Pass in Washington; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.

About One River Run Acquisition, LLC

One River Run Acquisition, LLC is part of a conglomerate Colorado-based development company that has been involved with projects from Denver to Aspen for the past 28 years. Current and past projects include commercial, multi-family, mixed-use, residential, medical and hospitality development. For more information on One River Run visit www.orrkeystone.com or contact Jens Werner at jens@recommglobal.com or (970) 845-8525.

January 09, 2017