Lift One: Aspen's Transformative Real Estate Development
The Lift One Corridor Project represents one of the most ambitious real estate developments in Aspen's history. This complex undertaking at the base of Aspen Mountain promises to reshape the western approach to Ajax while creating significant investment opportunities for discerning buyers.
History and Background of the Lift One Corridor
The Lift One Corridor Project emerged from years of community planning and heated debate. The development centers around the historic Lift 1A area on the western side of Aspen Mountain, a location that has served skiers for decades but lacked modern amenities and infrastructure.
The project gained momentum when Aspen voters narrowly approved the corridor plan in March 2019 by just 26 votes. This approval allowed developers to move forward with plans that had been in discussion since 2013, when the land was still subject to restrictive conservation zoning.
The original Lift 1A has been a cornerstone of Aspen's skiing infrastructure, but the aging facilities and limited base area amenities made redevelopment essential. The new project aims to create a world-class base area that matches Aspen's reputation as a premier ski destination.
Current Status: Lift One Lodge and Gorsuch Haus Developments
The Lift One Corridor Project consists of two primary hotel developments that are currently moving through Aspen's approval process.
Lift One Lodge Progress
The Lift One Lodge has made significant strides in the approval process. The development team has completed their entitlement documents and is working toward securing vested rights for construction. The project recently submitted building permit applications to the City of Aspen, with approval expected in early 2025.
The 107,000-square-foot Lift One Lodge will feature 52 hotel rooms and one suite, plus 11 timeshare units totaling 51 lodging keys. The development includes six free-market residential units and 16,125 square feet of commercial space, all built above a 126-space underground parking garage.
Gorsuch Haus Development
The Gorsuch Haus project underwent a dramatic ownership change in March 2022 when the Oko Group, led by Vladislav Doronin, purchased the development rights for $76.25 million. This represented more than seven times what the original developers paid for the land.
The 64,000-square-foot Gorsuch Haus will contain 81 hotel rooms, four condominium units, and 7,700 square feet of commercial space. The building will sit above a 54-space underground parking garage and include one affordable housing unit.
City planning officials report that Gorsuch Haus developers are expected to submit their building permit application before the end of 2024, with both projects required to obtain permits by December 24, 2025.
Key Features and Amenities
- Ski-In, Ski-Out Access: Both developments will offer true ski-in, ski-out access through a new base area configuration. The new Lift One chairlift will extend downhill to a base terminal adjacent to Dean Street, creating seamless mountain access for guests.
- Historic Preservation Elements: The project includes relocation and restoration of the historic Skiers Chalet Steakhouse, which will be converted into a restaurant and bar. The Skiers Chalet Lodge will become a skier services building, ski museum, and public locker facility.
- Underground Parking and Infrastructure: Combined, the two projects will provide 180 underground parking spaces, alleviating parking concerns in the area. The city has committed $4.36 million in public funds to support the new base area infrastructure.
- Commercial and Residential Components: The developments will add nearly 24,000 square feet of commercial space to the area, creating opportunities for retail, dining, and services. The residential components include 10 free-market units between both projects.
Investment Opportunities in Lift One
Real Estate Investment Potential
The Lift One Corridor Project presents compelling investment opportunities across multiple asset classes. The ski-in, ski-out location combined with Aspen's limited development opportunities creates significant value potential.
Investors can participate through:
- Hotel condominium units with rental income potential
- Free-market residential condominiums
- Commercial space opportunities
- Timeshare investments with guaranteed mountain access
Market Positioning
The development benefits from Aspen's position as one of the world's most exclusive ski destinations. Limited inventory and high demand create favorable conditions for property appreciation.
The lodging district designation allows for short-term rental operations, providing flexibility for owners seeking rental income. This regulatory advantage enhances investment returns compared to traditional residential properties.
Long-Term Value Drivers
Several factors support long-term value appreciation:
- Proximity to Aspen's core skiing terrain
- Limited future development opportunities in the area
- Increasing demand for luxury mountain properties
- Infrastructure improvements enhancing accessibility
Impact on Aspen's Real Estate Market and Tourism
Market Transformation
The Lift One Corridor Project will significantly impact Aspen's real estate landscape. Adding high-quality lodging and residential inventory in a prime location will set new benchmarks for luxury mountain properties.
The development addresses a critical shortage of slopeside accommodations in Aspen. With limited opportunities for new construction, these properties will likely command premium valuations.
Tourism Infrastructure Enhancement
The project will enhance Aspen's tourism infrastructure by providing modern base area facilities. The new lift technology and improved pedestrian access will reduce crowding and improve the overall visitor experience.
The ski museum and public amenities will create year-round attractions, supporting Aspen's efforts to extend the tourism season beyond winter months.
Challenges and Controversies
Construction Complexity
City planning officials have described the Lift One Corridor as "the most significant construction project Aspen has ever seen." The complex coordination required between multiple stakeholders presents logistical challenges.
Construction will likely require closing the existing Lift 1A for at least one full ski season, possibly two. This temporary disruption has raised concerns among the skiing community about access to popular terrain.
Community Concerns
The project has faced community scrutiny regarding its scale and impact on local character. Some residents worry about increased density and traffic in an already congested area.
The sale of Gorsuch Haus to the Oko Group generated controversy, with critics questioning whether the transaction represented appropriate stewardship of community-approved development rights.
Regulatory Hurdles
Both projects must navigate complex approval processes involving multiple city departments. Building permit reviews are expected to take nine months to one year, adding uncertainty to construction timelines.
The projects require extensive coordination with the U.S. Forest Service, as the development affects National Forest land accessed by the ski area.
Future Prospects and Timeline for Lift One
Construction Timeline
Under the most optimistic scenario, construction could begin in summer 2025. However, this depends on successful completion of the building permit process and coordination between all stakeholders.
The developers have indicated that the new chairlift could be operational within 20 months of construction start, while hotel openings would follow 24-28 months later.
Economic Impact
The project represents a significant economic investment in Aspen's future. Construction will create hundreds of jobs and generate substantial tax revenue for the city.
Once operational, the developments will provide permanent employment opportunities and contribute to Aspen's lodging tax base.
Long-Term Vision
The Lift One Corridor Project aligns with Aspen's broader vision for sustainable mountain resort development. The emphasis on public amenities and infrastructure improvements benefits the entire community.
The project demonstrates how private development can contribute to public goals when properly structured and managed.
Lift One as a Game-Changer for Aspen
The Lift One Corridor Project stands poised to transform one of Aspen's most important recreational areas while creating exceptional investment opportunities. The combination of ski-in, ski-out access, luxury accommodations, and modern infrastructure will set new standards for mountain resort development.
For investors, the project offers rare exposure to Aspen's exclusive real estate market through multiple asset classes. The limited supply of comparable properties and strong demand fundamentals support compelling long-term returns.
The development's success will depend on effective coordination between stakeholders and successful navigation of the complex approval process. However, the project's strategic location and comprehensive planning position it to become a defining element of Aspen's real estate landscape.
As construction approaches, the Lift One Corridor Project represents more than just new development it embodies Aspen's evolution as a world-class mountain destination that balances growth with community values. If you're interested in learning more about this development or others, please reach out to Ryan Schwartz of Aspen Real Estate.