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Clocktower on the block
The proposed St. Cloud development at the entrance to Ski Time Square would have comprised more than 78,000 square feet.
Tom Ross
07-01-2010
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Denver firm Marcus and Millichap Real Estate Investment Services has included Clock Tower Square and the adjacent Xanadu condominiums, at the base of the Steamboat Ski Area, among $60 million in lender-owned property and debt to be auctioned online Aug. 3 through 5.


The firm's Jake Steele said Wednesday that the Clock Tower/Xanadu package (they will not be separated for auction purposes) is one of just 60 assets statewide that are included in the auction, and among the most attractive ski town properties.


The bank-owned Steamboat Springs properties appraised at more than $10 million within the past six months, according to Steele. He said the minimum bid is $3.8 million, and there is an undisclosed reserve price that is somewhat higher, representing the lowest price the bank would accept.


Steele said interested bidders could register at commercialbid.com and begin their diligence. A refundable deposit of $10,000 is required to bid, and a successful bidder would be required to put down an additional deposit and be required to close on the transaction within 25 days.


A redevelopment team had entered the Steamboat city planning process in 2008 to build the St. Cloud luxury condominium project on the 4-acre site.


The developers were Jamie Temple, who was a partner in Storm Mountain Ranch, and Colgate Holmes, founding partner and former president of Ritz-Carlton Hotel and a former president of Hyatt International.
The St. Cloud would have comprised 781,339 square feet.


Temple and Holmes listed the land and buildings for sale at $15 million in 2009, indicating a preference for a new joint venture partner.


At one time, the developers had a letter of intent in place with Steamboat Ski and Resort Corp./Intrawest to acquire the adjacent parking structure to accommodate the St. Cloud. The parking structure is not a part of the auction.
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