Times staff writers Bill Shaikin, E. Scott Reckard and Walter Hamilton and researcher Scott Wilson contributed to this report. This is something of a pattern; in an opinion piece for the Crested Butte News, local writer Mark Reaman described contacting the CEOs realtor to see if he would discuss future plans. Jeff is pretty open about what he hopes to accomplish., The Colorado Sun jason@coloradosun.com To learn more, go to coloradosun.com, Report a paper delivery issue/suspend delivery. Frankly, I was a little surprised that he thought the amount was excessive, considering what he pays a third string outfielder for the Dodgers.. Ask Penn about the new owner and hell be talking landlords, not baseball. Everyone coming here is initially welcomed (thats our business after all) but not everyone gains deep acceptance as part of the tribe. | Now I suppose I should be careful writing about rich fellas. Email: jason@coloradosun.com Twitter: @jasonblevins So what does it mean looking down at facts and rumors of this magnitude? Some came up and hugged him. More by Jason Blevins, Got a story tip? While there are many wonderful activities available here, acceptance might be deeper if you (again, the universal you) roll up your sleeves and help organize those activities. Mt. He was always one of the smartest guys in class, plain and simple, and fairly quiet, said Sankot, who was on the golf team with Walter. They arent necessarily scrambling to pay their landlord. But you never know, Kopf said. 62. Kim Christensen is a former investigative reporter on the Los Angeles Times projects team. Sign up for our daily email newsletter or to receive breaking news delivered to your inbox: Choose from several print and digital subscription packages, 2023 Durango Herald | Hes a great guy, and I know he will do great things to enrich our community.. He also purchased the Gunnison Savings and Loan Building at 501 Elk Ave., which is home to a bank, a spa and a tattoo shop. Federal Election Commission records show that Walter last year contributed $30,800 to the Democratic National Committee and $5,000 to Obama for America, and he has supported a variety of civic causes in Chicago. And let me be super clear I like and appreciate the people that sit on that board and those that work in the districts administrative offices. Things are changing and Im not just talking about the weather forecast that promises big snow in Crested Butte over the next week, although thats pretty good news. Finally, understand that no matter how long you come here or live here, or how much you own here, you (again, the universal you) will probably always get some grief and push-back. The point is that getting grief is all part of it, and if you can't take it, you won't be accepted deeply. Former Blackstone executive Chad Pike started acquiring and rebuilding historic properties in the town in the late aughts including what is now the uber-luxury Scarp Ridge Lodge and Public House restaurant and music venue on Elk Avenue, as well as a fishing lodge on the Taylor River and cabins near Lake Irwin. With Walter and now Hermanson, its likely that Crested Butte will see more investment. But Sibley pointed out that Walter followed a long line of wealthy investors coming to Colorado. Its a long-term play for him, McElroy-Swan said. Both are quick examples of a wrong and entitled attitude that if you spend the money, you are automatically part of the community. Telling stories that matter in a dynamic, evolving state. For some people its not the same.. So alas, I have no idea if he plans to develop all the property, let it sit and flip it in a year or just hold on to it forever and preserve it the way it is. They are appreciated. Greetings from Crested Butte! All contribute to a deep community in the mountains. Copyright 2023 Crested Butte News, Inc. All Rights Reserved. Walter spends a good bit of his off time with his wife and daughter in Crested Butte, where one of his limited liability companies in January paid $4 million for a 6,521-square-foot ski retreat on 1.5 acres. So why is Hermanson buying now? Crested Butte is renowned as the ski area's more challenging section, while the bottom half levels out to ideal beginner and intermediate skiing. Im from the Midwest and we arent really comfortable talking about people and their money but, holy cow, thats impressive. I for one am thankful we arent seeing that happen hereunless Mark or Jeff takes offense at my editorial and decides to sue me for mentioning how rich they are. I hear the hot dog guy is raising his price to seven figures that for Mark Walter is probably like $20 to many of us. After she finished laughing, Reaman wrote, she basically indicated I probably had a better chance of getting Donald Trump to chat with me about Almont., Even Roemer, who owned the Wooden Nickel before Walter bought it, said he hadnt been able to get any information about the plans. I dont think someone who made $116 million Tuesday morning (am I really reading that right?) I totally agree. Theres a new heavyweight investor buying up properties on Crested Buttes historic Elk Avenue. Adele Broughton. Crested Butte is pretty flush as sales tax and short-term rental payments boomed during the pandemic. Crested Butte, like all resort communities in Colorados high country, had a record-setting year for real estate sales in 2020. The point is that getting grief is all part of it, and if you cant take it, you wont be accepted deeply. For Crested Butte, it feels like a tsunami. They are very unassuming, very polite, and they care deeply about the city and their family, Zrinsky said. Denver developer Kyle Zeppelin, who has reinvigorated blighted areas of the city, recently bought a historic hotel in downtown Ouray. He joined The Times in 2005 and left in 2022. Their street was featured in a 2006 Chicago Tribune Magazine story headlined Attack of the Giant Houses! that skewered mansions going up on Chicagos new Gazillionaires Row. The Walters were not mentioned. Whenever there is change, there is angst, but there is also opportunity. It has been in negotiations to buy Deutsche Banks asset management business, a move that would quintuple its holdings to more than $600 billlion, Bloomberg News reported in February. Hes got the trust, Walton says. But Crested Butte town manager Dara MacDonald might have it worse with an even richer billionaire. One thing Hermanson learned in developing Larimer Square and Union Station as destinations is the importance of restaurants in placemaking, he says. Hermanson delights in watching his daughter and her classmates work in her schools garden. Jeff's philanthropic and social responsibility efforts are principally focused on hunger awareness, food-system reform, and land conservation. I havent heard much. Council just approved spending close to a quarter-million dollars on a new boat launch area in the Slate River annexation. Title Crested Butte Historic District, Elk Avenue, Crested Butte, Gunnison County, CO I would guess you know more than a few second homeowners who volunteer on various boards or volunteer with various events. Im pretty sure whatever decisions he makes are going to include the calculus of how this place remains cool and soulful., Norton isnt saying that to disparage the other big investor, he says, its just that Hermanson has the long history that makes most of us believe hes going to nail it., And if he doesnt nail it on the first go, hell nail it on his second, he says. . That puts at risk the character that Jeff is trying to protect, says local broker Scout Walton, whose family once owned Crested Butte Mountain Resort. He says hes saddened to see so many locals leaving Crested Butte due to the shortage of affordable housing. The Colorado Sun is a reader-supported, nonpartisan news organization dedicated to covering Colorado issues. Look, change is constant and money brings change. The Crested Butte area saw 480 sales total $523 million in 2020, up from the previous record of 317 deals worth $227 million in 2019, according to market reports compiled by local broker Frank Konsella. Its not easy to live or even visit here. From Colorado, at least, the scouting report is good. Walter paid $2.15 billion for the Dodgers in 2012, and the 2020 World Series champions have the highest payroll in baseball. By the way at the close of the stock market Tuesday, Marks gain was just $93 million but he did gain another $18M Wednesday according to Forbes. Rumor has it he has his eye on the empty land between the Wooden Nickel and Mountain Spirits, the Big Blue REI across from the hardware store, the air development rights for anything above three stories and the hot dog cart at the Four-way. And Mark is probably busy gearing up for an end of the season run for a World Series ring with his Los Angeles Dodgers or working on his English accent so he sounds authentic when dealing with the Chelsea Football Club of which he is a part owner. Still, it seems the right thing to do. The Grubstake building, 229 Elk Ave. in Crested Butte, is made up of three buildings under one roof. And Crested Buttes first restaurant, the Wooden Nickel. Historically, longtime restaurant and retail operators in mountain towns own their buildings. The family also recently sold undeveloped homesites in the slopeside Prospect community, but not to Walter. Shocking! Its not even close to the same as it was in 1993, he says. And, and, and. All together, the new purchases totaled more than $20 million. I was alarmed that someone would come in and buy up so much commercial property in the community, former Gunnison County Commissioner Jim Starr told The Daily Beast. Something like this can really be a platform for philanthropic and other activities and community development and citizenship, which I think the world is in need of now, he said. Oh wellIll keep throwing the offer out to Mr. Walter to see if he has 15 minutes to talk local restaurants, vacant land and buildings, future hotels and employee housing. The frontside of the mountain, specifically, the trails off of the Red Lady Express, offer incredible, wide-open and . Hermanson doesnt have firm plans for what he hopes to see at the three buildings. Unlike some others in his lofty economic orbit, namely current Dodgers owner Frank McCourt, Walter until recently was seldom in the news and apparently liked it that way. Several people have asked me if Ive been watching the drama at the, A reason to rethink acceptance at the end of the road. Make no mistake, both these guys have major bank so they might have other things on their mind than our piddly community here at the end of the road. The only thing that weve been told by his representatives is that, at least with the Wooden Nickel, hes interested in continuing the operation as it has been, Roemer said. The investment group that has shepherded Sixth Street Station hopes the hotel and homes will be built, said Chris Kopf, the broker who sold the downtown project. High in . Hermanson spent a decade with the Crested Butte Land Trust, where he served as board president for three years. It ranks as the largest project ever greenlighted by Crested Butte. Im here to support and help my people as much as I can. Lucky timing, lucky choices, lucky outcomes. He has served on the Board of Directors of We Don't Waste and has been a board member and served as the President of the Crested Butte Land Trust. There are other small towns in the mountains that are reporting out-of-town buyers acquiring multiple commercial properties. Many locals, second homeowners and tourists Ive met quickly get this place and want to be part of the deeper community and not just skim on top of what they see as a weird but still undiscovered mountain town that offers investment opportunities. Anyway - Mark Walter, a quiet part-time resident in Crested Butte since 2009, attracted attention this past winter with a sudden flurry of commercial property purchases. Dana Crawford, the legendary developer who worked with Hermanson on Union Station, has purchased as many as 10 buildings in downtown Trinidad. Several years ago, as part of a Milken Institute campaign to raise money to fight prostate cancer, Walter toured Major League Baseball parks with former Dodgers manager Tommy Lasorda. Mt. But he's planning on opening that business towards the end of May., The purchases left Schmidt somewhat confused, as commercial property in ski towns can make for tricky economics. Eric Roemer owned the Wooden Nickel for 40 years. He is a lifelong Rangers fan, attending World Series games the last two seasons. He was just a genuinely good guy at that time and you could tell he was destined for success. According to the Googles, he also owns a big piece of the Los Angeles Dodgers and tons of property in other places. 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