Its future will now include investment by Colorado Springs real estate developer, The Case Group.
Michael Balloun of Arlington, Texas took the property over last month through a deed in lieu of foreclosure from its previous owner. A week ago, a new contract was signed to turn the property over to the recreation district.
The newly formed district’s future is predicated on Huerfano County’s approval of the recreational district the sale of bonds to finance improvements. More than 600 jobs could be created by the revamped development which is projected to include a new hotel, conference center, lake, mountain coaster attraction, zip line, downhill skiing, a snowboarding half-pipe and a tubing hill.
In addition, a portion of the property will be sold to The Case Group, which says it plans $7 million worth of improvements.
The 225-acre ski area has been closed for 10 years, but pending approval, could see as much as $14 million in redevelopment. The property is just south of La Veta, Colorado about 90 miles south and west of Colorado Springs.