Capital Square JV Completes Phase One Construction Of Steamboat Basecamp Multifamily Development
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities, announced today the completion of construction of phase one for Steamboat Basecamp, a 75-unit mixed-use multifamily property in Steamboat Springs, Colorado. The project is being developed in conjunction with May Riegler Properties, a full-service real estate development and asset management firm.
Phase one consists of 75 for-rent apartment units and 8,343 square feet of leasable ground floor retail space, demised into four spaces. As of Nov. 13, 2023, 80% of the phase one apartment units have been leased, with initial move-ins scheduled to begin by the end of November. Leases for three of the retail spaces are anticipated to be signed shortly, bringing exciting resident amenities to the development.
"Capital Square is pleased to report this major milestone in the development of Steamboat Basecamp with the completion of phase one and the initial lease-up of apartments," said Louis Rogers, founder and co-chief executive officer of Capital Square.
Located at 1901 and 1950 Curve Plaza in the rapidly growing neighborhood of West Steamboat, just off Highway 40 and less than two miles from downtown Steamboat Springs, Steamboat Basecamp will also ultimately include 27 townhomes available for purchase. The property includes numerous community amenities, such as a ground floor lobby with space for coworking, ski gear repair area, rooftop lounge, and outdoor rooftop area with grilling stations.
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.1 The rustic city was founded in 1900, making it rich in history that focuses on miners, ranchers, and the Native American Ute tribe. 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,2 is just four miles from the development.
"Steamboat Springs is an ideal area for those seeking a live-work-play lifestyle, yet it suffers from a chronic undersupply of quality housing, which Steamboat Basecamp will help alleviate," said Whitson Huffman, co-chief executive officer. "Capital Square seeks to identify underserved locales like Steamboat Springs, where we can improve a community while providing a compelling opportunity for the investors and financial advisors we serve."
Capital Square formed a joint venture with May Riegler Properties to develop Steamboat Basecamp, which has been capitalized with funds 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.
Construction progress can be viewed on the Capital Square website at www.CapitalSq.com/construction-camera.
