A new development in the River Run Village base area of Keystone Resort has netted more than $58 million after a majority of its units sold months before construction is expected to begin.

The Alcove Residencies at River Run — situated at the southern edge of the base village at the confluence of the North Fork and Snake rivers — is set to feature 24 luxury townhomes priced between $2.4 and $4 million. 

In a statement, Paul Jorgensen — CEO of Replay Destinations— which is developing the project, said “our strategy of focusing on the luxury end of the market in highly sought-after, experience-driven locations with innovative design is proving to be very resilient.”

Alana Watkins, a spokesperson representing Replay, told Summit Daily News that the developer is not disclosing the cost of the project, but that it expects it will raise $72 million in revenue.

According to Michael Lytle, a Keystone-based broker for Slifer Smith & Frampton Real Estate, the project is one of the first home developments in the area in 20 years. The other is the Kindred Resort, a 4-acre hotel and condo complex which broke ground earlier this year. 

Lytle said he’s “thrilled with the early success of Alcove,” which was approved by the county in June before the land was acquired mid-November. Over the summer, Lytle said a reservation program was opened for potential buyers, with 20 of the 24 units now sold. 

The remaining units are expected to cost just under $4 million. Of the units sold, Lytle said 85% of buyers already own homes in Keystone. 

“I don’t think we’re going to find much trouble finding buyers for those final four townhomes,” Lytle said. “There’s quite a bit of demand. We’re getting inquiries every day about those four units.”

The development features three- and four-bedroom townhomes ranging from 2,273 to 2,730 square feet and are equipped with two-car garages, electric vehicle chargers, gas fireplaces and covered terraces.

And with its location near two rivers and surrounding open space, Lytle said the townhomes struck a chord with homeowners already in love with Keystone. 

“Part of the appeal was that location, with protected wetlands and open space, a fantastic ski area and views,” Lytle said.

Currently, the site sits on an existing parking area which Lytle said meant developers had to ensure new parking spaces would be added to the nearby Power Line Lot off Montezuma Road. Lytle said he expects construction to begin near the end of ski season in mid-April with completion in late 2024 or early 2025.