STEAMBOAT SPRINGS, CO - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and a developer of mixed-use multifamily communities, announced the start of construction on Steamboat Basecamp, a 119-unit mixed-use multifamily property in Steamboat Springs, Colorado. The development is expected to be completed by fall 2023.
Located at 1901 and 1950 Curve Plaza, Steamboat Basecamp will be comprised of 75 for-rent apartment units, as well as 30 condominiums and 14 townhomes available for purchase. The property will also include nearly 8,000 square feet of leasable retail space. Marketing and pre-sales of the townhomes has begun, which has resulted 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-chief executive officer. "There is tremendous demand for quality living options in the region but also meaningful barriers to entry for new development, including a rapidly diminishing supply of available land able to accommodate significant 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 lies at the "main and main" of the rapidly growing neighborhood of West Steamboat, just off Highway 40 and less than two miles from downtown Steamboat Springs. The popular Steamboat Ski Resort, which is in the midst of a $200 million expansion that will make it the second largest ski resort in the state,1 is just four miles from the development.
Nestled in the Rocky Mountains approximately 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 stunning area also has geothermal hot springs, zip lining, rafting, and many other outdoor activities enjoyed by residents and more than 500,000 visitors annually.2 The rustic city 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 flourishing downtown area which has 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 a ski and bike tune-up shop.
"Steamboat Springs enjoys high employment and projected future job growth of 57% during the next decade, making it an ideal area for those seeking a live-work-play lifestyle,3" explained Adam Stifel, chief development officer. "The local real estate market is thriving, with demand for housing far outpacing available supply, resulting in significant price appreciation. Steamboat Basecamp will help to satisfy demand for quality housing in the area, while providing potentially significant upside for investors in the development."
Capital Square formed a joint venture with May Riegler Properties to develop Steamboat Basecamp, which has been funded by nearly $17 million raised from accredited investors in CSRA Steamboat Basecamp LLC, a private placement investment sponsored by Capital Square. Capital Square and May Riegler have partnered with KASA Architecture, which serves as building architect, Deneuve Construction, which serves as the project's general contractor, and JNS Architecture, which oversees interior design.