VAIL — It's a bittersweet moment for Vail with this week's dismantling of a tower crane at the Solaris construction site. It's the last of a string of cranes that have been in use since 2004, a symbol of Vail's widespread redevelopment.

During the height of the construction activity in 2008, as many as eight permanent cranes filled the sky. There are new lodging units, additional amenities and increased revenues to the town following major investments by the Tivoli Lodge, Arrabelle at Vail Square, One Willow Bridge Road, Vail Plaza Hotel, Manor Vail, Mountain Plaza, The Willows, Lion Square North, Landmark and many others.

Kelli McDonald, the town's economic development manager, says the redevelopment has given Vail a competitive edge that will continue for the foreseeable future.

“It's very competitive out there — every resort is trying to be a year-round resort, too,” she said. “It was time to develop and grow to keep Vail's leadership position. The town is now in the same league with the mountain in terms of experience for our guests and residents.”

Redeveloped properties have generated an estimated $19.7 million in net new revenue to the town since the renewal began, including a record $9.1 million in 2008. More than half, $10.9 million, was from real estate transfer tax. Other sources include Vail Reinvestment Authority, $3.3 million; sales tax $2.7 million; recreation amenities fees, $1.6 million; property tax, $827,000; and lodging tax, $427,000.

When completed, the Solaris project will include new condominiums, underground parking, ice skating rink, movie theater, family arcade and a bowling alley. The targeted completion date, including the opening of residential units is scheduled to occur in July.

Yet to come will be the openings of the Four Seasons Resort and Ritz-Carlton Residences with completion targeted for this summer 2010 and fall, respectively.