Developer Tries to Quell Fears at Former Ginn Project Near Vail

Financier Lubert Adler had replaced Bobby Ginn with Crave Real Estate as developer of an exclusive ski and golf resort in Minturn, CO.

Palm Coast, FL – November 13, 2009 – Lubert Adler has selected Crave Real Estate to replace Bobby Ginn as the real estate developer at two ski resort projects; Battle Mountain in Minturn, CO and Burke Mountain in VT. The Canadian company is playing the same role in LA’s ski resorts as Reynolds Communities is playing in LA’s golf resorts; Hammock Beach, Reunion.

By: Scott N Miller –
MINTURN, Colorado – November 13, 2009 — The new developers of a proposed private ski resort at Battle Mountain vowed Thursday to complete the project. But a few things need to happen first, and that’s going to take some time.

Project manager Dave Kleinkopf and Crave Real Estate founder Lorne Bassel held a community meeting at the Minturn Inn on Thursday and packed the room. People were there to hear from the new team responsible for turning several thousand acres on Battle Mountain into a resort.

Crave took over the project earlier this year from Florida-based developer Bobby Ginn, who had shepherded the plan through its initial town approvals and a successful vote to approve annexing the land into the town. But Ginn’s projects elsewhere have hit rocky times financially, and Lubert Adler, a Philadelphia-based private investment company that financed the project, decided to give the project to Crave.

Kleinkopf talked about himself and Bassel — both ski-industry veterans who have had a hand in developing resorts at Winter Park and Copper Mountain and in Europe. And he discussed how the plans for the resort have — and haven’t — changed.

Bassel said he believes the days of big condo-hotel developments in resort areas may be over. The plans for Battle Mountain call for a slower-paced project driven by desire to be there rather than investment potential.

Toby’s Commentary:  Minturn will be another example of downsizing one of Bobby Ginn’s visions. Like the Gardens at Hammock Beach, the golf course will be the first to go. Developers are realizing they should avoid high fixed-cost amenities.

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