With high peaks, high aspirations, high real estate prices and high rollers, Aspen, Colo. — the quintessential Rocky Mountain high — finds itself on another upswing while balancing its roles as posh resort area and authentic red-brick frontier town.

Shifts in prosperity have marked Aspen’s transition from 1880s silver boomtown to recreational mecca. When the American economy went back to the gold standard in 1893, the once-bustling mining town languished for half a century of “quiet years,” while the population dwindled to barely 1,000.

During World War II, Army skiers training nearby discovered the marvelous slopes, and some of them returned after the war to develop the 5,000 acres sprawled over four peaks into the Aspen Skiing Co. Also in the 1940s, the town attracted Continental Can Co. industrialist Walter Paepke and his wife, Elizabeth, who set about creating their Utopian notion of the “Aspen Idea,” a place where natural beauty, culture, ideas and physical activity would promote a healthy mind, body and spirit.

A mix of people from ski bums and hippies to dropout billionaire visionaries began flocking to Aspen to savor its well-rounded lifestyle, which allows working in the office, exercising outdoors amid natural beauty and attending a ballet, concert or lecture — all in the course of any day.

“It’s unbelievable,” said Karl Obermayer, a local ski-clothes wholesaler. “You get in Aspen what you normally get only in a large city, but with the advantages of fresh air, good water and healthy, slender people in good shape.”

Skiers poured in, and celebrities — the late gonzo journalist Hunter Thompson; actors Jack Nicholson, Antonio Banderas and Kevin Costner; and tennis stars Martina Navratilova and Chris Evert, to name a few — moved in. By the 1970s, Aspen was the place to see and be seen.

But as the 20th century waned, so did the town. Skiers aged, and snowboarders — representing the growing younger generation — were not allowed. As the demographics changed, the resorts declined. After a sharp post-9/11 drop in visitors, concerned municipal leaders set aside rivalries and joined forces to develop a plan to reinvigorate the town with new and upgraded hotels, improved signs and the installation of tables and benches to make public spaces more inviting. The snowboarding ban was reversed, and the city began hosting the Winter X Games and the Aspen Comedy Festival.

These days, the lectures, programs and conclaves at the Aspen Institute and the Aspen Music Center as well as at newer organizations — the Aspen Center for Environmental Studies, Aspen Center for Physics, Aspen Writers’ Foundation, Santa Fe Ballet, Aspen Opera Theater, Aspen Art Museum and Aspen Historical Society, among others — add to the rich cultural mix that complements Aspen’s undeniable natural appeal.

A full calendar of festivals is taking shape. In addition to the X Games and comedy festival, this year Aspen will see a design conference; food and wine, film and jazz festivals; a marathon; mountain biking championships; and a rugby tournament. The cultural lineup is so packed that tourism is no longer a seasonal affair. Aspen has become a year-round resort, with summer accounting for 48 percent of overall activity, compared with winter’s 52 percent.

But tourism is merely the town’s second major industry: Nothing touches real estate. Since land is scarce in the narrow Roaring Fork Valley, the demand for Aspen’s historic Victorian cottages, condominiums and building lots has led to astronomical jumps in prices. With the average house costing just less than $4 million, and the lot for a double-wide trailer in Smuggler Park going for $525,000, Aspen is among the most expensive markets in the country. Even garage parking spots start at $130,000.

In a growing trend, people who can’t afford single properties are purchasing “fractionals” — paying for a percentage of a resort or hotel unit in return for three to four weeks of guaranteed residency. These private residence clubs, with shares priced from about $65,000 at the Innsbruck Inn and the Limelight up to around $2 million at the likes of the St. Regis or Ritz, are also a boon to the local tax base.

Real estate–related businesses are also flourishing, with contractors, landscapers, architects and interior designers in great demand. “Just try to get a contractor or plumber in this town — it’s impossible,” one decorator told me. “They’re maxed to the limit.”

Aspen is also taking steps to meet new challenges relating to its workforce, traffic, resource management and character. Regular bus service, provided by the Roaring Fork Transit Authority, carries waiters, housekeepers, guides and bartenders to and from more-affordable homes in Basalt, El Jebel, Carbondale and other communities that line the Roaring Fork Valley out to Glenwood Springs, a corridor that is fast becoming a 40-mile-long suburb of Aspen proper. Downtown parking regulations limit auto congestion, although the final traffic bottleneck into town from Glenwood is still a sticky daily problem.

Strict building and zoning codes regulate the allowed square footage for any new structure, with stringent rules requiring fire water reservoirs and forbidding new fireplaces. Under Aspen’s progressive conservation program, homeowners wanting to install costly driveway heating systems must meet strict regulations established by the town. Wind power is utilized; water use is monitored; batteries and computers are recycled. The Aspen Skiing Co. operates a first-in-the-industry micro-hydro power plant that uses the snowmaking system to channel spring runoff through a turbine to generate electricity.

Looking to the future yet respectful of its past, Aspen is forging ahead as a mountain town with a plan.

LODGING

For both food and accommodations, three major resorts have long been the mainstays: the renovated century-old landmark Hotel Jerome (330 E. Main St., tel 970 925 2784, http://www.hoteljerome.com), the Aspen Ski Co.’s posh ski-in/ski-out Little Nell Resort (675 E. Durant St., tel 970 920 4600, http://www.thelittlenell.com) and Starwood’s St. Regis Resort, with its fancy Remede Spa (315 E. Dean St., tel 970 920 3300, http://stregisaspen.com). Other choices include:

HYATT GRAND ASPEN

The newest of the luxury resorts at the base of Aspen Mountain, the Hyatt offers fractional rooms that come with parking, ski valet, pool, health club, Internet access, plasma TVs and a popular new lobby bar, the Wine Spot. $$$$
HYATT GRAND ASPEN
205 S. Mill St.
tel 727 803 9400, fax 727 803 9402
http://www.aspen.hyatt.com

SKY HOTEL

Located at the base of the mountain and across the street from the Little Nell, this boutique hotel — with its sleek style, cool modern decor and comfortable first-floor lounge — appeals to the trendy Los Angeles crowd. $$$
SKY HOTEL
709 E. Durant St.
tel 970 925 6760, fax 970 925 6778
http://www.theskyhotel.com

DINING

With more than 80 bars and restaurants crowded into 10 square blocks, it’s no wonder Aspen was voted Ski magazine’s No. 1 spot for nightlife. Again, the three classic favorites prevail: the Hotel Jerome’s Century Dining Room; the Little Nell’s Manana; and celebrity chef Todd English’s Olives in the St. Regis.

For burger and taco fare, try Little Annie’s (517 E. Hyman St., tel 970 925 1098), Ajax Tavern (685 E. Durant Ave., tel 970 920 9333) or the Hotel Jerome’s J-Bar (330 E. Main St., tel 970 920 1000), or drop into Boogie’s Diner (534 E. Cooper Ave., tel 970 925 6610) for classic meatloaf — Bill Clinton stops by twice a year for a strawberry shake.

MATSUHISA

In a space furnished with spare but comfortable tables and booths, this Western outpost of New York City’s renowned Nobu serves fresh sashimi and innovative takes on classic Japanese foods. Dine at the sushi bar under the rolled bamboo ceiling, and watch chefs creating popular dishes such as black cod marinated for 48 hours in sweet miso, and the salmon-and-avocado “Andrew Roll,” concocted for a local fan. A new upstairs lounge offers drinks, sushi and more-casual dining. $$$$
MATSUHISA
303 E. Main St.
tel 970 544 6628

D19

Americanized Italian fare is featured at one of Aspen’s newest cozy bistros, named for the date of its late-December opening. American buffalo osso bucco served with whipped cauliflower and candied lemon and Colorado venison carpaccio with winter cranberry jellies are among Chef Dena Marino’s adaptations. For dessert, try a scoop of ice cream floating in espresso. $$$-$$$$
D19
305 S. Mill St.
tel 970 925 6019

SYZYGY

Waterfall panels decorate this contemporary art deco dining room/jazz club. The nouvelle cuisine includes crispy duck breast with lychee-mint compote and Kobe strip loin with fingerling potato hash. Talented jazz combos perform starting at 10 p.m. $$$-$$$$
SYZYGY
520 E. Hyman Ave.
tel 970 925 3700

DIVERSIONS

If you don’t want to spend anywhere from $350 to more than $1,000 on a temporary membership you’ll need to join the elegantly outfitted, celebrity-studded crowd at the Caribou Club (411 E. Hopkins St., tel 970 925 2929), an alternative is Belly Up (450 S. Galena St., tel 970 544 9800, http://www.bellyupaspen.com). Just a year old, this comfortable downstairs bar features diverse and popular live music acts ranging from Dr. John and Jimmy Buffett to Galactic, Peter Cincotti and the Hairy Apes BMX.

Starting around 9 p.m., the crowd swings into action at Club Chelsea (415 E. Hyman Ave., tel 970 920 0666), centrally located on the Hyman Avenue Mall. Besides dancing to DJ music in the main room, you’ll find a clubby, speakeasy-style lounge with bottle service in the back room.

After enjoying generous portions of Jimmy’s “fierce American food” (lump blue crab cakes, center-cut ahi tuna and the big, 28-ounce rib-eye on the bone), revelers gather here (upstairs at 205 S. Mill St., tel 970 925 6020) to dance off the calories during the signature Saturday “Salsa Night.”

At Home with Helen Kalin Klanderud, Mayor of Aspen

Mayor Helen Kalin Klanderud, who holds degrees in social work and law, came to Aspen from Denver in 1971 as a divorced mother of three. She served on Pitkin County’s progressive Board of County Commissioners before being elected mayor in 2001, and is serving the third and final two-year term allowed by law.

Global Traveler: How do you go about upgrading a town that reveres its unique and historic character?
Helen Kalin Klanderud: Keep in mind the past and the present and the future — it’s all about balance. That’s the biggest challenge. I think we’re at a point where we need to be especially cautious. We revved things up and got someplace; now we’re at a point where we have to be really careful and not go overboard.

GT: How do you answer critics of the strict zoning regulations here?
HKK: I’m not a supporter of government regulation, and I’m very cautious about regulating. My approach is to be careful, not to get stuck. There is always an argument about the stringent growth controls placed in the ’70s, but I think the type of development that’s taken place here could have been far worse, and not just in sheer numbers. Who knows what results there could have been? The land use regulations preserved a lot here, but there has been a price to pay for it. We do have fewer complaints now. People are hiring planners and lawyers who are sophisticated in telling clients, “Look, this is what you can and cannot do.”

GT: Some people argue that Aspen is getting too trendy and modernized. How do you justify the face-lifting and renewal?
HKK: There’s been a lot of concern about all the hotel redevelopment. The truth is, it’s all taking place where it ought to take place: at the base of the mountain. In the ’70s there was down-zoning, and a lot of the original lodges started declining. You can’t just continue to deteriorate.

In some ways I miss the old times — the charming smell of wood smoke, recognizing everyone in town. But if we’d had no change and no vision to look forward, we might be back in the quiet years again, a remote funky mountain town, where no one could afford to stay except people with trust funds.

GT: What is ideal to you about Aspen?
HKK: The marvelous physical wonders that are here. When I step off the plane, I feel the magic, a spirit that seems to go beyond what you can describe. There’s something about the light — the green of the foliage and the blue of the sky. In the winter it’s so beautiful to ski; in the summer there are all the cultural opportunities — and that’s increasing in the winter, too.

In the end it’s the people. This is a people-oriented town. You’re not anonymous here, and there is a community here, regardless of what people think. People talk to you on the street. It’s a great day when some challenging issue comes up. There may be debate, but the discussion is amicable and civil and everyone arrives at a solution.

GT: What do you think is the unique factor leading to Aspen’s character?
HKK: Aspen has always attracted dreamers, visionaries and risk-takers. Think about the miners who came here. Silver mining was a risky business. And then there was the “Quiet Time,” when the whole economy changed. The people who stayed on were courageous and brave and so were the ski developers. And the city attracted families who wanted to change the context of life they were living. Besides the early hippie dropouts, there were people like me, who had professions or jobs that weren’t really fitting anymore. We wanted something else, and here we found this magnificent environment and cultural opportunities, plus other people with the same needs, and we all ended up here.

GT: What do you consider most important for Aspen’s future?
HKK: I’d hope that the population would remain about the same, though the city needs to regain its diversity. And it’s important that Aspen retains its integrity. It’s based on the “body, mind and spirit” concept of philosophy. I think that should carry on in the future, and it would be a tragedy if that ever left.

GT: Aspen hosts the X Games every January. How do you feel about the inundation of snowmobilers and tattooed and pierced snowboarders?
HKK: Look, the city used to be so stodgy. Now, guess what? We got them back — a new generation. You can’t just be an aging community. We have the imagination of the next generation, and that is central to Aspen’s future.

INFO TO GO

One factor helping to preserve Aspen’s charm is its inaccessibility. An hour off the main highway — and a 220-mile, four-hour drive from Denver — it’s a hard place to reach, which is a deterrent to daytrippers. Private planes have the easiest access, although the weather frequently interferes with the takeoffs and landings at Sardy Field (ASE). Most commercial flights arrive at Denver International Airport (DEN), where rental cars, limousines ($800 one way) and limited mountain shuttle service ($108 one way) offer alternatives to connecting flights. Another option is flying into Vail’s Eagle Airport (EGE), a one-and-a-half hour drive from Aspen. Railway aficionados can take Amtrak to Glenwood, then catch a bus into Aspen.