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The Status Of Steamboat Springs Chadwick Estates

By Expert Author: Wade Katin

Garrett Simon, of Meriwether Management Co. has proposed a multi--family development for parcels along Eagle Glen Drive close to the base of Steamboat Ski Area. The land was originally a part of the Chadwick Estate Villas development which came across financial problems and Meriwether obtained the lots in March 2012 from Bank Midwest for $900,000. The proposed development will be comprised of a 10 unit multi-family building and to duplex style houses. This may be the largest addition to the multi-family property inventory in Steamboat Springs in a long time. http://www.trulia.com

The brand new units that are being proposed and also 2 triplex buildings approved earlier will use the infrastructure and the amenities developed by the original project developers. The 10 unit building is being described as an alternative to town house options and the units, measuring 2000 and 3000 feet each, will likely be built on a single level to illuminate the ineffectiveness associated with multi-level buildings. This is ideal for people who desire to live on the same level.

The initial stage of the intended project will cover the triplexes which were authorized earlier in 2013 and work on the 10 unit building could very well begin in the summer of 2015. The developer believes that the homes will probably be used as primary homes as well as second homes. Individuals who normally would have spent only a few months yearly in Steamboat Springs are beginning to stay for a longer time and might therefore find the single level properties extremely desirable. As construction commences, it will be accompanied by a pre-sales program. Being extremely conservative, the developer claims that the phasing of the project would allow the building of a single building at a time to test out the market demand. Additionally, he is convinced that development of smaller projects will be faster than the larger projects that were fashionable some time ago

Earlier, the bank had foreclosed on Chadwick Estates for too many homes that remained unsold in addition to vacant land once the principal balance due became more than $11.7 million. The foreclosure and the property are both a portion of a complicated labyrinth of real estate sales, lawsuits and financial transactions which are in turn linked to just about the most high-profile arrests in the Steamboat Springs area in recent years. Brooks Kellogg, the managing member of Chadwick Real Estate Group, was was taken into custody by law enforcement officials at Denver International Airport on suspicion of trying to fund the killing of a Florida man associated with a suit against him and one other business person from Steamboat Springs.

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