Developer breaks ground on first wave of construction for The New Seasons at Keystone
June 21, 2018
Keystone has new condominiums on the market for the first time in perhaps as many as 16 years.
The New Seasons at Keystone, a set of four buildings with 32 condos on a small hill above the Snake River and Lakeside Village, stands as the next step in a local development project that dates back to almost the turn of the century, but hasn't seen any new construction in well over a decade.
As developers broke ground at the site on Monday, beside the banks of the Snake River and just steps away from a plethora of shopping and dining opportunities at Keystone's Lakeside Village, they struggled to contain their excitement.
"It's a beautiful day and I'm feeling a lot of gratitude," said Michael O'Sullivan, president of the Seasons Development Group and owner of Buckhead Renovations.
His children attended the ceremony with him, and after thanking a long list of people and agencies that have helped move the project along, O'Sullivan said that after six months of work, "This is only the beginning."
Overall, The New Seasons at Keystone is conservatively described as a $25 million project, and the first wave of new condos — two buildings housing 16 units — represents about $9.8 million of that total.
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"To say I'm excited about this really doesn't express my emotion," added Amy Nakos, the managing broker at Your Castle Summit who's been working as the lead sales representative on the project. "I'm ecstatic. This is super exciting to get to the point where we are embarking on building new units."
Nakos knows there's been a significant amount of new construction at Keystone as of late. However, based on everything she's been able to gather, The New Seasons will produce the first condos at Keystone since perhaps 2002, when building permits for the original Seasons at Keystone were approved.
All of the condos in the River Run Village were done in the late 1990s, Nakos added, but nailing down exactly what's a condo and when it was built isn't quite as concrete as pouring a foundation.
The Settler's Creek Townhomes, for example, were permitted in 2006 and 2007. They're listed as condos by the county, but as the name suggests, the accommodations could easily be described as townhomes, too. Still, aside from Settler's Creek Townhomes, there's been no new condos at Keystone since the original Seasons project, Nakos said.
Regardless of exactly when the last ones went up, it's been a longtime coming since any real estate agents have had new condos on their lineup of available listings.
Furthermore, the New Seasons at Keystone comes at an opportune time. Officials at the Summit County Assessor's Office project in May that Keystone condos could see a roughly 40 percent increase in value when the office wraps up its two-year data collection period at the end of this month.
In 2002, The Seasons at Keystone was built in a partnership of Intrawest Development and Vail Resorts. They never finished the project, which called for 40 additional units, however, and the land sat untouched until Vail Resorts decided to sell it last year to the Seasons Development Group, a largely family-owned business formed in a partnership with Michael and Dan O'Sullivan and Nick Hoffman.
Local property records show the Seasons Development Group bought the land for $3 million and closed the deal in April. A team of real estate brokers from Your Castle Summit, headed by Nakos, has been tasked with handling the sales, some of which have already been made.
Explaining the rollout, Nakos said the first wave will deliver two buildings with 16 condo units, and they're expected to be ready for move-ins sometime in mid- to late-2019. With the units, potential buyers can choose from one-, two- and three-bedroom floor plans, ranging in price from $419,000 to $829,000. Other options include upstairs lofts and vaulted kitchen ceilings on the upper-level units and a variety of finishes.
After those units have been built, attention will turn to The New Seasons at Keystone's second release, three more buildings with 24 additional condos on land at the intersection of Lake View Circle and Keystone Road, bringing the overall scope of the New Seasons project up to five buildings with 40 new condos by the time it's all said and done.
Nakos said the second wave of the project is still in the planning phases, and could change as it continues to take shape, but O'Sullivan believes the second wave of new condos should be ready by late-2020 or early 2021.
An on-site sales center is now open. Hours are by appointment only, but potential buyers can schedule times to visit the condos and see the different finishes and floor plans.