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Coleman Continues To Invest In Purgatory Resort

on December 30, 2017 - 6:04am
DMR News:
 
DURANGO, Colo. Officials at Mountain Capital Partners, ownership group of Purgatory Resort, announced that they have purchased seven parcels of land that are immediately adjacent to Purgatory’s base area. 
 
The land was purchased from affiliates of Durango Mountain Resort (DMR), which is owned by Ambassador Chuck Cobb and his partners. The parcels purchased, totaling approximately 14 acres, include future phases of Purgatory Lodge, Peregrine Point, land between Lower Hades and Pandemonium ski trails, as well as other mixed-use projects. 
 
“We’re excited to complete the land purchase that is around the base village area of Purgatory Resort to further our number one goal of enhancing the overall skiing experience. Skiing always comes first for our company,” said James Coleman, managing partner of Purgatory Resort. “Now that we have possession of this land, we’ll be able to build necessary resort and skier amenities, future hotels and condos, and continue to grow the market.”
 
The parcels were initially included in Coleman’s original proposal to purchase Purgatory Resort from DMR in 2015, but both parties had agreed to hold off on negotiating the purchase until after settling the resort operating assets and both entities could properly focus on the real estate portion.
 
“It’s great to finally complete the sale of these parcels to James,” DMR CEO Gary Derck said. “It’s important for the development of these close-in sites to be integrated into James’ plans for the future of Purgatory Resort. We anticipate that James and his team will continue improving the experience in Purgatory Village with these strategic parcels.”
 
The seven parcels have La Plata County Parcel Plat approvals for up to 415 residential development units. No specific details or timeframe have been set for the development of these parcels.
 
DMR has additional development parcels at Purgatory Resort available for sale, joint venture or partnership.

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