Step aside, Aspen. There's a new town aiming to be Colorado's luxury hot spot.

Construction in Colorado's Snowmass Base Village.Monica Humphries/Business InsiderSnowmass is a Colorado ski town that's undergone major development in the past decade.For years, Snowmass was often compared to its neighbor, Aspen.

Now, it's creating its own reputation with fine dining, luxury real estate, and a family-friendly mountain.If you spend enough time in Snowmass Village, Colorado, a family metaphor is bound to come up."Snowmass was just a sleepy second cousin to Aspen," Bo Bedford, a former Snowmass ski patroller, told Business Insider.

"Snowmass was Aspen's little sister, and now we're becoming our own," Sara Stookey Sanchez, the public relations manager for Snowmass Tourism, said.For decades, the town of Snowmass was rarely mentioned without reference to its glitzy neighbor, Aspen. Now, with the help of a $1 billion development and new luxury experiences, Snowmass is ready to ditch its younger sibling title and take center stage.

A view of buildings that make up Colorado's Snowmass Base Village.Monica Humphries/Business InsiderA shiny new developmentTucked in Colorado's Rocky Mountains, about a three-and-a-half-hour drive west of Denver, is a ski town with a familiar name. Aspen has long drawn a wealthy set of visitors, with a neighborhood nicknamed Billionaire Mountain and waitresses eager to share the latest celebrity spotting.

Fifteen minutes away is Snowmass Village, which, for years, was a quiet town with two main areas. The Snowmass Mall was the heart of the ski.