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KEYSTONE, CO-Intrawest Placemaking, a subsidiary of Canada-based Intrawest Corp., hired auctioneer Sheldon Good & Co. Colorado LLC to host a sealed bid sale of the 23-acre Alders subdivision in the Ski Tip neighborhood in this ski resort in Summit County, just off Interstate 70, 75 miles west of Denver. It is the nation’s fourth most visited ski resort.

Steven L. Good, chairman and CEO of his Chicago-based namesake company, says this is a “rare opportunity,” that he expects to appeal to a “world-class developer.” He notes that the land is being offered because Intrawest and Vail Associates are dissolving a partnership to develop the land at Keystone. Keystone is owned by Vail Associates.

The Alders subdivision is currently divided into four parcels. Each has an approved density of 69 to 81 equivalent units per parcel for development. The planned unit development allows up to 303 equivalent units, which offers a variety of uses on the four-parcel acreage. They may be developed for residential from single- to multifamily use to hotels.

Alders is one of the few development sites of its size with zoning in place. Site plan approval and construction can begin quickly, Good says. “This property has never been on the market,” Good says. “The owners are utilizing the sealed bid event because this type of property is not easily valued. It is unclear at this point whether the value of the sum of the parts will exceed the value of the whole.”

Good says the sealed bid format allows for combination bidding. “From the buyer’s side, you can purchase any one parcel, multiple parcels, or the entire four-parcel acreage,” Good says. “From the seller’s side, it allows Intrawest to garner all of the bids simultaneously and to make an intelligent choice. The seller would not have been able to do this if it had marketed the parcels conventionally.”

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