Editor’s note: The following is an excerpt from the Vail Homeowners Association monthly report. We publish weekly excerpts from the association, which keeps a close eye on economic and political trends in and outside of the town. The newsletter electronic version with links to supporting documents is available at www.vailhomeowners.com.
The redevelopment of Ski & Snowboard Club Vail may also be inching toward litigation, as no jointly agreeable solutions are forthcoming. But the project may be overshadowed by larger development plans for the Golden Peak neighborhood.
Concerns continue: Several major neighborhood property owners are still dissatisfied with the expansiveness of the proposed redevelopment of the Ski & Snowboard Club Vail.
Present plans call for the addition of a third and fourth floor, as well as expansion of the building’s footprint. The size of the building will most likely be evaluated by independent sources to determine if two condominiums of approximately 9,000 square feet, with an estimated market value of $2,000 per square foot, are overly sufficient to pay for two floors of the club’s uses, including an underground parking structure for around 14 cars.
Again, protective covenants at issue: As with some of the other projects, there are substantial protective covenant issues involved in the Ski & Snowboard Club Vail redevelopment. But, unlike the golf course covenants, those covering the Ski & Snowboard Club Vail site are amendable. But any amendment must be “accepted by written consent of the owners of 75 percent of the privately-owned land” within the scope of the Vail Village 7th Filing Covenant.
As a practical matter, that may be an unattainable goal unless there is a compromise solution on the size and scope of the new building. If the town of Vail proceeds without such a solution, ignoring the covenants, then litigation may follow.
Larger Golden Peak issues: With the improving economy and the belief that the luxury real estate market is poised for a comeback, developers have recently proposed speculative redevelopment of much of the Golden Peak neighborhood, including relocating the Ski & Snowboard Club Vail proposed building to another location.
This is a long way from happening, but it is yet another matter that the Vail Homeowners Association will be monitoring and taking action on as warranted.
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