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New condos for locals?
Condos meant for read-round residents, no deed restrictions
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Lonnie Ford cuddles his cat, Indiana Jones, in his River Run apartment. Ford is being forced to move out because the complex is being renovated.
Nicole Frey/Vail Daily
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Nicole Frey
February 3, 2006
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EAGLE-VAIL — One hundred and seventeen River Run rental apartments on the Eagle River in Eagle-Vail will be transformed into The Canyons, at River’s Edge — and will be for sale.
According to Slifer Smith and Frampton Real Estate, riverfront property in the Vail Valley has become almost as precious as ski-in, ski-out locations. And the coveted locale spurred the decision to recreate the property free of deed restrictions.
Homes and apartments in some complexes in the Vail Valley have “deed restrictions” that set limits on how much a home’s value can increase each year. The policy is meant to keep homes affordable for year-round residents.
Nonetheless, Steve Milgrom, River Run’s managing partner, said he believes The Canyons, one- to three-bedroom condos that will sell for $252,000 to $685,000 will attract locals.
“We have what we believe to be very reasonable prices for the Vail Valley, and there aren’t going to be any price controls,” he said.
Current River Run residents, however, will be able to buy units at a discount, Milgrom said.
Built in 1982, Milgrom said River Run was very much in need of updating. The new units will have larger kitchens, living rooms and dining areas as well as higher ceilings and larger windows.
“Some residents are not happy about the situation, but most understand what’s going on,” he said.
The Canyons will be rebuilt in three phases. The first phase is tentatively scheduled to begin in April, and there will be a minimum of two months between phases. Because of the valley’s short building season, the third phase might not start until spring 2007.
Staff Writer Nicole Frey can be reached at 949-0555, ext. 14621, or nfrey@vaildaily.com.
Vail, Colorado
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