The Grubstake housed a tea house, a cafe, an art gallery, and a fishing shop, which Walter has kept active. Down valley, where the East River joins the Taylor River, Walter spent $6.3 million for Almont Resort, a 60-acre riverfront compound of cabins, homes and commercial buildings first established in 1893. Hes got enough dough to live wherever he wants and he sticks with Crested Butte through all our ups and probably our more numerous downs, Norton says. Frankly at this early stage, Im a skeptic but still have an open mind on both issues. Los Angeles, Another Trevor Bauer defamation suit is thrown out, Dennis Schroder leads depleted Lakers to crucial win over Thunder, Despite cap issues, Chargers GM Tom Telesco says Keenan Allen isnt going anywhere, Georgias Jalen Carter charged with racing in crash that killed teammate, staff member, High school baseball and softball: Tuesdays scores. Mark is related to Andrew Preston Walters and V Joseph Walters as well as 3 additional people. Billionaire investor Mark Walter, the owner of the Los Angeles Dodgers, is staking a claim in Gunnison County. Today, it houses several stores. I was never a fan of the district plan for a giant 30,000-square-foot fire station, a 10,000-square-foot search-and-rescue building and a fourplex of affordable housing in that spot but I lost that argument when voters approved the bond issue to provide just that last November. (The Forest Service rejected the ski area expansion in 2010. Walter and his wife, Kimbra, have owned a relatively modest home in Mount Crested Butte since 2009. The top half of Mt. Personally, everyone says Mark Walter is a great down to earth guy who loves Crested Butte. But I really would like to have him share his goals with the community that he is part of. Tisha McElroy-Swan, the broker who helped Walter assemble his Crested Butte portfolio, said he did not share any insights about his plans for the buildings with her. Maybe in his case his operators and his tenants will have an economic advantage. As urbanites flee cities for mountain enclaves, many resort areas like Telluride, Vail, Aspen and Crested Butte saw sales-dollar volume and home prices hit highs. I havent heard much. I really dont know what his plan is, but it could be exciting, Roemer said. The Walter family also is big on wildlife protection, with the Walter Conservation Foundation owning a 17,000-acre endangered wildlife refuge in Florida as well as supporting species conservation and wildlife habitat protection in North America and Africa. The insider who spoke on condition of anonymity said the firms success owes largely to Walters fiscal discipline and his skill as a very focused, very careful investor. For Crested Butte, it feels like a tsunami. Pike spent almost a decade renovating his Gunnison County properties, all of which support his high-end, 13-property global adventure travel company, Eleven Experience. I see a similar opportunity here in Crested Butte. His most overtly public move came in 2012, when Walter joined forces with Magic Johnson and several other entertainment figures to buy the Los Angeles Dodgers for a record-breaking $2.15 billion.But Walter's activity in Crested Butte has drawn lots of local attention among its population of about 4,700. As more people come here faster and with more money, the integration process that used to welcome newcomers and explain what made this valley different from other pretty mountain communities is harder to maintain. Hermanson also wants to take his work in Denver to address hunger into Crested Buttes restaurants. 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. As more investors eye rising inflation and look to park their dollars in assets, Walton warned, there are not a lot of places left for them to go., Jeff is not someone swooping in and saying the right words. A lot of claims, actually. For some people its not the same.. Things turned when the CBFPD board got offended after the town of Crested Butte pushed them for some climate sustainability measures and the affordable housing to be included in the first phase of the project. One, until recently, housed the Montanya Distillery tasting room, which this month relocated to a newer building on Elk Avenue. And by the way, if Mark wants to share his plans and where he sees the place heading through the paper, he can always give me a ring (349-0500 and his realtor has my cell). Drop us a note at tips@coloradosun.com. ), Alvarez this month told Crested Butte News editor Mark Reaman his vision for the parcel includes a 10-acre campus for the nearby Rocky Mountain Biological Laboratory and a mix of housing in an eclectic community with lots of local people here.. According to the Forbes real time net worth calculator, he has $4.4 billion in wealth as of this week where if I am reading this right, Tuesday morning he pulled in another $116 million before noon. It was such a positive thing and it went a long way as a great placemaking tool, he says. Giani said Walter plans to visit Crested Butte sometime this summer, and "At that point there will probably be a chance to sit down and figure out . Mark Walter, who owns the Los Angeles Dodgers, is buying up Crested Butte's downtown buildings Billionaire has bought several restaurants, bars and shops on Elk Avenue, but he's not revealing details about his plan for the historic buildings. Copyright 2023 Crested Butte News, Inc. All Rights Reserved. And it makes sense that while to someone like me, spending tens of millions of dollars on property in the Gunnison Valley is wild, it wouldnt be for some people who on a good day makes eight figures (on paper anyway) before lunch. Over the last decade, Guggenheim Partners has built a reputation on Wall Street for being low-key but aggressive. 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. The L.A. Dodgers have been getting all the ink, but they arent the only recent acquisition by Chicago financier Mark Walter. Well, first, he came into a good bit of money last year when he sold Larimer Square. Lucky timing, lucky choices, lucky outcomes. Its been a tough year for buyers, and the sellers are in a good spot, Konsella said. 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. The new locals spend less time with the mid-timers and more time with people of similar economic means. I really dont know what his plan is, but it could be exciting, Roemer said. If youre willing to mingle and experience golf, softball, pickleball, hockey, dance, a drink with a local or whatever with people outside of your comfort zone, you might find deeper community. (Colorado has 37 restaurants on the 2020 list.). Year-to-date, we have sold 65 home and condo properties valued at $32 million. Union Station, for example, would not have happened, he says, without help from the city of Denver and the Regional Transportation District. Rising property taxes and theyll likely rise considerably next year given new valuations that will come out based on this springs real estate boom are making it harder for working class people with property (not people like Mark or Jeff) to keep living here. That started a chain reaction of fear and loathing in Fat City that turned a community against its once main communication outlet. He is, according to a host of financial and news reports that mostly focus on his ownership of the Dodgers baseball team, not a fan of the limelight. Billionaire investor Mark Walter, the owner of the Los Angeles Dodgers, is staking a claim in Gunnison County. My claim to fame is that Ive been skiing Rabbit Ears on the Headwall with her for the last two years. (Thats a very steep, challenging run, by the way. That made me laugh. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Got a tip? Hes also private, unassuming and almost studiously unflashy. But some residents are concerned that Walters investments may change that. We dont know what the future holds, but he seems to be a fairly square shooter. I said I was a photographer and journalist and thats allowed me to work at and sometimes own newspapers here over the decades. Walter also acquired a building with a health club and office space on Elk Avenue for $1.7 million, and the undeveloped Sixth Street Station project for $5.5 million. The panel determines who qualifies. He is a trustee of the Solomon R. Guggenheim Foundation, which oversees Guggenheim museums and art collections in New York, Italy and Spain. The CBFPD board picked up its plans and said so long to the town. But a benefit of COVID is people really appreciate the remote mountain town of Crested Butte. Sie knnen Ihre Einstellungen jederzeit ndern. Jeff is pretty open about what he hopes to accomplish., The Colorado Sun jason@coloradosun.com Hes got the trust, Walton says. Thats old school Crested Butte. He spent more than a decade on the board of We Dont Waste, which distributes unused food from city restaurants, schools and grocery stores to nonprofits and food pantries. Down valley, where the East River joins the Taylor River, Walter spent $6.3 million for Almont Resort, a 60-acre riverfront compound of cabins, homes and commercial buildings first established in 1893. He joined The Times in 2005 and left in 2022. 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. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. Mark Walter, who owns the Los Angeles Dodgers, is buying up Crested Butte's downtown buildings Billionaire has bought several. After a fire destroyed all but the building’s rock walls, it became a theater in 1918, part of a large chain of Princess Theaters sprinkled across western Colorado. Several people have asked me if Ive been watching the drama at the Aspen Times. We just cant keep up anymore, Hartigan says. You will get plenty of help and people will teach you things about this place if you are open to learning. He now owns a significant share of the town's business properties, plus a wild card or two elsewhere in the Upper Gunnison River valley. Whether its been modified no one knows at this time. Theyre not even the most important, at least not from John Penns perch at the old Grubstake Building in downtown Crested Butte, Colo. Its a long-term play for him, McElroy-Swan said. Its not easy to live or even visit here. The $1.7 million theyll pay in interest and principal this year would have paid for a nice fourplex of workforce housing. The point is that getting grief is all part of it, and if you cant take it, you wont be accepted deeply. Adele has been a part-time resident of Crested Butte for 16 years and a longtime volunteer at the Center for the Arts, including three years on the Board of Directors. The Crested Butte News Serving the Gunnison Valley since 1999 The Mark Walter Group and the town of Crested Butte have both been wildly supportive throughout this project. 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