Cisneros checks out of Aspen Four Seasons project

Miami /
Oct.October 02, 2016 03:30 PM

Miami-based Cisneros Real Estate withdrew its proposed annexation of land into the City of Aspen for the development of a Four Seasons hotel.

Cisneros Real Estate owns the unincorporated three-parcel property where it planned to build a Four Seasons inside, not outside, the city limits of the Colorado resort community.

Patrick S. Freeman, president of Cisneros Real Estate, said in a letter to Aspen’s community development director and city attorney that the timing of the annexation proposal was unfavorable.

Freeman reports directly to Adriana Cisneros, CEO of the Miami-based Cisneros conglomerate. Forbes magazine estimates that the Cisneros family fortune is worth $2 billion.

The local development climate in Aspen been discouraging for developers in general, not just Cisneros Real Estate, according to The Aspen Times.

In March, the Aspen City Council imposed an ongoing one-year moratorium on the filing of applications to develop property in districts with commercial zoning designations.

Prior to the moratorium, voters had approved a referendum limiting the ability of the Aspen City Council to grant variances and other concessions to developers.

“We concur that the timing is not right for a major annexation to go before the City Council,” Freeman said in his letter to Aspen city officials. “The challenges facing this community are ones that we are committed to helping solve through thoughtful collaboration. We believe allowing the city time to align its land-use code with the Aspen Area Community Plan and to address the concerns that led to the current moratorium are necessary first steps in this collaborative process.” [The Aspen Times] — Mike Seemuth


Related Articles

arrow_forward_ios
Diego Colmenero and Charlie Porchetto from Urbanica plan to break ground on Edgewater hotel (Urbanica)

Urbanica completes $9M assemblage for Edgewater hotel

Urbanica completes $9M assemblage for Edgewater hotel
Rendering of the project

Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach

Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach
Bulgari CEO Jean-Christophe Babin and 100 21st Street, Miami (Bvlgari via Twitter, Getty, iStock)

Bulgari plans first US hotel on oceanfront Miami Beach site

Bulgari plans first US hotel on oceanfront Miami Beach site
HFZ looks to sell Shore Club South Beach hotel

HFZ looks to sell Shore Club South Beach hotel

HFZ looks to sell Shore Club South Beach hotel
Simon and David Reuben with St. Regis Bal Harbour (Getty, Google Maps)

Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour

Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour
Tudor House Art Deco and Essex House hotels (Wikipedia Commons)

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive
Diego Lowenstein, Dayssi Olarte de Kanavos, Paul Kanavos, and Ronny Ben Josef, with The The Sagamore (Credit: The Sagamore Hotel)

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore
Pharrell, Eric Birnbaum and David Grutman with a rendering of the hotel (Getty, Linkedin, Goodtime Hotel)

Pharrell, David Grutman partner with developer to launch South Beach hotel

Pharrell, David Grutman partner with developer to launch South Beach hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...