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The Ritz Carlton Residences will likely be the ones to build luxury whole-ownership condos in Ski Time Square at the old Thunderhead Lodge site.

Approval for the project was granted in May, 2009 but construction won’t start immediately.  Atira Group will do the construction, and Ritz Carlton has signed a letter of intent to run it.  (Atira Group is currently building Edgemont on the other side of the ski mountain.)

When Ritz Carlton develops a property, it can include:

• whole ownership residences as part of the Ritz Carlton Residences,
• a Ritz Carlton hotel,
• or fractional ownership opportunities as part of of the Ritz Carlton Club.

The Steamboat Springs property will have whole ownership Residences and possibly fractional units.

Ritz Carlton currently has three whole ownership properties in Colorado–Bachelor Gulch, Vail (at Lionshead), and Denver.  They also have one fractional ownership property in Aspen Highlands.  Steamboat Springs will be the fourth Ritz location.  It will also be the only one without a fractional ownership or hotel component.

Expect five star luxury when this project is completed.  Steamboat real estate prices are roughly half of Vail’s, and their Ritz-Carlton residences are priced from $2,800,000-$9,500,000.