Public groundbreaking ceremony for Vail’s Chamonix townhomes is May 16 | VailDaily.com

Public groundbreaking ceremony for Vail’s Chamonix townhomes is May 16

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VAIL — A public groundbreaking ceremony to celebrate construction of Vail's newest neighborhood will take place at 11:30 a.m. Tuesday, May 16, at the development site located at 2310 Chamonix Road, just north of the West Vail Fire Station.

Members of the Vail Town Council and the design-build team will be on hand to officially recognize the many community members and partners responsible for the development. Members of the surrounding neighborhood, future residents and other champions of the project are invited to join the ceremony, which will include brief remarks from Mayor Dave Chapin, as well as a barbeque lunch. Parking will be available along the south side of the North Frontage Road across from the fire station

Tuesday's groundbreaking is the culmination of a master planning effort designed to create reasonably priced home-ownership opportunities for working families in Vail. The town purchased the 3.54-acre site in 2002. A public-private partnership was forged in 2016 following a request-for-proposal process in which the design-build team of Triumph Development West, R.A. Nelson and 359 Design was selected to move the project through the development review process. The Vail Local Housing Authority and town staff have provided additional support.

The Chamonix Vail development includes 32 townhomes in two- and three-bedroom configurations, with garages and other amenities. Purchase agreements for all 32 homes are in place following a lottery selection on May 3 from among the qualified buyers. The homes will be deed-restricted with maximum re-sales capped at 1.5 percent per annum of the original purchase prices. Pricing ranges from $399,000 for a two-bedroom, two-bath, one-car garage home to $739,000 for a larger three-bedroom, 2 1/2 bath, two-car garage home.

Chapin said Tuesday's groundbreaking represents a major milestone in the town's history.

"This has been an incredible journey for so many people involved — our development partners, past and present town councils, our boards and commissions, the staff, the West Vail neighborhood and, most importantly, our future residents," he said. "What a proud moment for this community."

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The town is financing the $17.7 million development with capital project fund dollars. Upon final sale, the town's $17.7 million will be fully recouped. The town has also invested $3.6 million in land and infrastructure costs to subsidize the homes.

Construction of the Chamonix Vail homes began on April 10; the first families will be moving into their new residences in December.

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