Florida developer backs out of troubled resort project near Vail
VAIL — A Florida developer looking to build a massive private ski and golf resort off the back side of Vail Mountain near Minturn has officially bowed out of the proposed Battle Mountain project, adding a new chapter to the twisted and contentious history of the nearly 5,000-acre property.
Bobby Ginn, whose Ginn Company has developed golf and beach resorts across the Southeast, overwhelmingly won a Minturn annexation vote in May of 2008 – promising around $180 million in badly needed infrastructure funding for the struggling former mining and railroad town.
But the global recession and concurrent real estate collapse sent some of his Florida resorts into bankruptcy protection and stalled any progress on the Battle Mountain project, which would have included an 18-hole golf course, a ski area with a gondola, and 1,700 homes. The project is also tied up with litigation over land ownership and water rights.
Crave Real Estate, which is partly owned by Ginn Company backer Lubert Adler – a Philadelphia real estate investment firm – is taking over the Battle Mountain project, which will proceed more or less as planned, according to Crave’s David Kleinkopf.
“While there may be some challenges on the horizon, Crave Real Estate and this project’s financial partners are 100 percent committed to this project and its long-term viability,” Kleinkopf wrote in a letter to the town Wednesday.
Last month, the Colorado Independent reported Ginn was talking to other developers, seeking partners such as local golf resort developer Cordillera. Cordillera had sent a letter to homeowners in July saying it was in talks to take over the project and rename it Cordillera Mountain. Lubert Adler also is an investor in Cordillera.
Minturn activist Frank Lorenti, who forced a vote on the project last year, has said the town should renegotiate the annexation deal with Minturn to get more benefits up front. He also said it may have to go back to a public vote. Minturn Mayor Gordon “Hawkeye” Flaherty said the deal stands, even with a new developer.