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SNOWMASS VILLAGE, CO-Hypo Real Estate Capital Corp. and DekaBankare supplying the majority of funds for the acquisition and partialdevelopment of the Snowmass Base Village project by a joint ventureof New York-based Related Cos. and WestPac Colorado LLC. Theentitled one-million-sf, 20-acre development site at the base ofthe Snowmass Ski Area was acquired from a joint venture of AspenSkiing Co. and Intrawest Corp.

The 19-acre, multi-phase base village development site is slatedfor a mixture of whole-ownership condominiums, condominium-hotels,retail and restaurants. More specifically, the development callsfor a total of 600 for-sale residential units, approximately 200condo-hotel rooms, and 127,000 sf of retail consisting of 11 newrestaurants and bars and other skier services. Of the 90whole-ownership condominiums available in the first phase ofdevelopment, 87 have already been pre-sold, according to HRECC. Thefirst phase, which also includes 40,000 sf of retail space, isunder construction and slated for completion by the start of the2008 ski season.