142-room hotel near Bob’s Place still moving forward in Avon
Developer asks for six more months on permit application deadline
AVON — Developing open space isn’t so controversial when the open space is a parking lot located in the town core.
Nevertheless, developers eyeing the area known as “Lot B” near Bob’s Place have had a share of problems in their efforts to turn the property from a 126-space parking lot into a 204-space parking lot with a 142-room hotel on the side.
Keith Hampton with Treadstone Development visited the Avon Town Council last week to ask for six more months to file his permit application with the town. The project was originally approved in December of 2016, for two years, and a one year extension was granted last year.
While a 1- or 2-year extension might be a more common request in a case like his, Hampton said he thinks he’ll only need six months as the project is indeed starting to turn a corner.
“The challenges have been many,” Hampton said. “And it really all traced back to the start of development on that lot back in the 1980s, and all of the various agreements and different developers and PUDs and all the various things that happened.”
Over the last few months, Treadstone has been busy checking names off their hit list of agreements needed to start development.
“We’ve had to work very closely with our neighbors — the Avon Center, Alpine Bank, the Sheridan — to really work through all of those agreements,” Hampton told the council on Nov. 12. “Over the last month, and particularly the last couple days, Avon Center formally approved the third amendment to this giant agreement that had existed out there, forever, that really cuts through all of these agreements.”
Hampton said the Avon Center agreement maps out how things like parking, recreation areas and other shared elements the hotel will have with the Avon Center will work. The Avon Center is home to commercial and residential units. He also said just last week an agreement with Alpine Bank was worked out involving how parking will be managed, as well.
“That was formally approved and signed about 20 minutes ago,” Hampton told the council on Nov. 12. “So things are happening very quickly.”
With the neighboring agreements now in place, Treadstone has set its sights on executing financing for the project.
“Once (financing) closes, then all the other things can start to follow very quickly,” Hampton said. “We’ve been in discussion with brands, we’ve been in discussion with contractors and marrying all those various pieces of input, and so we’re very excited about it, I think it’s been a long road and we’ve invested substantially in this project, and we’re excited to see it come forward.”
Treadstone’s request for six more months received unanimous approval from the council.
“Will shovels go in the ground in the spring?” asked council member Amy Phillips.
“That’s our aim,” Hampton replied.
According to Land Title Guarantee Company, October was the best month of this year for real estate sales. In October alone, there were 230 transactions, with a dollar value of more than $261 million. Both are high marks for the year so far.