The redevelopment of the Aspen Club and Spa in Colorado, including the addition of 20 timeshare condos, will break ground in Q3 this year.

First proposed in 2005, the US$65m (€47m, £38.6m) project to drill geothermal wells in the area of the existing tennis courts – where the new condos will be – received approval in 2010.

The Club’s owner and managing director, Michael Fox, told local media that the company had been trying to find the right kind of investors. He mentioned that a well-respected regional bank has stepped up to provide most of the financing but declined to name the institution.

"Laying out a working sewer system on the site has been a much greater challenge than I ever could have imagined," Fox said in a statement.

"Alas, with the help of the Aspen Sanitation District, we have figured out a configuration that will work for everyone involved."

The Aspen Club’s SpaAspen currently has 34 treatment rooms and a wide assortment of spa services and signature body treatments.

The project will begin with the demolition of the existing pool structure, along with digging and pouring foundations for the buildings housing 14 condos – replacing the tennis courts.

The club plans to partner with local tennis clubs to meet the needs of tennis-playing members.

Later this year, work will shift towards inside the club, rebuilding the spa and physical therapy areas of the club. The current entrance to the club will be stripped down to its foundations and rebuilt, while a second storey – housing six condos – will be added to the building.

New locker rooms, affordable housing and a new pool deck are also part of the project.

Fox also stated that the club will remain open throughout the overhaul.

In 2011, the Aspen Club hired Poss Architects + Planning to create the condos with the help of PCL construction. Greg Mozian and Associates has been brought on board for the club’s landscape design.

The Club also brought in Mark Harmon and Eric Calderon of Auberge Resorts – a collection of luxury hotels, resorts and private clubs – to help create the condos.

Originally built in 1976 as a tennis and racquet club, the current facility was taken over by Fox in 1996 and remodelled into the current 75,000sq ft (6,967sq m) facility spread on five acres of land next to the Roaring Fork River.