The investment thesis we are initially pursuing is to acquire this well-located property in a joint venture relationship with the Church, whereby the Church contributes the land (and ski hill rights) to the venture and we pursue developing a village community including a town center, basic retail services, and a mix of residential units. The property would be planned as an historic “settlement” community, respecting the heritage of the place and allowing for a traditional town. Due to its proximity to the tonier residential sections of Bozeman, we believe the project could achieve the higher end of residential sale pricing in the area, although a mix of uses and price points will be necessary in order to foster a community with a town center.
Different development scenarios may, of course, be utilized to take advantage of market conditions.
Stillwater hopes to conclude the feasibility study phase of this project by Summer 2006.
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