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Town of Vail seeks to sell commercial property in Vail Village

VAIL — The Vail Town Council has instructed staff to retain the services of a commercial real estate seller’s broker to assist in selling a town-owned commercial space, located at 100 East Meadow Drive in the Vail Village Inn, Phase V building. The 3,700 square foot unit was acquired by the town as part of a mitigation obligation when the Phase V building was constructed nearly 30 years ago.

NAI Mountain Commercial has been selected to assist in the sale of the commercial property. The property is being listed for sale at $1.6 million.

Over the years, the lower level space has been home to the Colorado Ski Museum, Plum TV, Vail Valley Partnership, the 2015 FIS Alpine World Ski Championships and other temporary office uses. Most recently, the town leased the space to SoulCycle for a Vail pop-up event during the 2018-2019 holiday season. 

Prior to deciding to sell the commercial property, the council reviewed utilization of the space, evaluated the ongoing cost of ownership of the property and contracted for a commercial real estate property appraisal to be completed to determine an estimated fair market value. In the end, the council determined the space would likely see increased utilization and greater overall community benefits if sold to a private owner.

The space has been largely underutilized during the town’s ownership of the property, and, if sold, would result in increased property and sales tax collections for the town. In retaining a commercial real estate broker to represent the town’s interest, the broker has been instructed to ensure the future use of the property remains commercial in nature, and that the net proceeds from the sale are to be used to achieve the town’s housing goal. 

For more information, call Steve Sendor or Erich Schmidt at NAI Mountain Commercial, 970-476-6415

Four Seasons Resort Vail launches two-year renovation project

VAIL — A decade can be a long time in the luxury lodging business. That’s why Four Seasons Resort and Residences Vail is getting an extensive upgrade.

Changes include a re-do of Flame restaurant and The Remedy Bar, as well as upgrades to the hotel’s 122 guest rooms and suites, as well as the lobby, corridors and meeting spaces.

The work will take this year and much of 2020. The hotel will remain open during the work.

Perhaps the biggest change is in the residences. Extell Development Co. in 2018 received town of Vail approval to change a number of the hotel’s fractional-fee condos to full-ownership units.

Six of the original 19 fractional units will be retained in the fractional pool. The remaining 12 units will be turned into 12 residences, eight new hotel rooms and 18 lock-off units.

Of the new condo units, one was finished in 2018. Only eight are still available for sale. Three of those units are sold “as you see them,” meaning they still have the fittings and furnishings that came with the fractional-fee units. The remaining five will be done with designer renovations.

Prices range from $4.5 million to $16.9 million.

Custom touches for owners

Dana Dennis Gumber, of Slifer Smith & Frampton Real Estate, is the listing broker for the new units. Gumber said the current fractional units all have the same fittings and furnishings. Buyers of the whole-ownership units will be able to add their own touches.

Owners of the whole-ownership units will also be able to put their units into the Four Seasons’ international rental program.

That’s a lot of outreach to potential renters, Gumber said.

Extell Vice President of Development Kurt Krieg said the sales of the new residences will help finance the rest of the changes at the property.

Those changes are going to be extensive, Krieg said, fitting with the Four Seasons brand.

Upgrades to restaurants

AvroKo, a design company with offices in New York, San Francisco, London and Bangkok, has worked at Union Station in Denver. That firm will do the work on the Flame and The Remedy Bar restaurants.

At The Remedy Bar, a kitchen will be installed at the bar level. Food currently comes from the Flame kitchen, two floors below the bar.

Renovations at Flame will include a new menu, as well as chefs tables and a closed, private room. Flame will also enclose some current outdoor space.

Krieg said the $40 million project will also include work to the hotel’s conference and banquet facilities. That work will include new colors and finishes in the meeting rooms.

The idea, Kreig said, is to get the work done with minimal disruptions to guests, employees and the rest of the town. And, he added, the improvements will “meet or exceed” the Four Seasons’ promises to those same groups.

“We’re excited and proud of this project,” Krieg said. “It’s been a well-received project.”

Vail Daily business editor Scott Miller can be reached at smiller@vaildaily.com and 970-748-2930.