Cisneros checks out of Aspen Four Seasons project
The Miami-based real estate arm of the Cisneros empire withdrew a key annexation proposal
October 02, 2016 03:30PM
Patrick S. Freeman, president of Cisneros Real Estate
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
Source: The Real Deal