$29 million holds up Gates construction
VAIL” Only one more step stands between restarting construction on the Gates on Beaver Creek.
Gates developers, JMJ Developers, must secure about $29 million in insurance before the town of Avon will give the go-ahead to resume construction at U.S. Highway 6 and Avon Road. The insurance, also called a completion bond, will ensure the project will be completed even if JMJ pulls out.
The Avon Town Council imposed several stipulations on JMJ in December before council would extend the developer’s building permit, zoning and other parts of the development agreement. Among the requirements was proof of a $37 million loan for construction, which JMJ secured this month.
“This was a positive step toward getting this thing done,” said Avon town attorney John Dunn. “But they cannot start work until the town has the completion bond.”
The Gates, formerly known as Chateau St. Claire, is planned to include 49 condominiums that will cost between $900,000 to about $2.6 million. The two- to four- bedroom units will be from 1,268- to 2,680 square feet, including 16 two-story penthouse suites.
The Gates, which has suffered though a stop-and-go construction process, was dubbed Chateau Not There, but Timothy Barton, president of JMJ, said he’s happy with the progress made.
“We’re very happy with the way the city has kept involved with us,” Barton said. “It’s a big project that’s going to be good for the city.”
Barton said he’s also impressed with the presales of the Gates ” more than 30 percent of the condos have already been sold.
“This project is going to be food for the tax base in Avon, and they’re going to have some more good quality residents living in the city,” Barton said.
But even once the Gates is clear to build, JMJ won’t be completely out of the woods yet. Getting steel, which has been in low supply, will be another obstacle.
“Until the steel comes, there’s not much for us to do,” said Barton, who expects the steel to arrive in March. “Then we’ll be back in full construction. We’re very excited about it now.”
Staff Writer Nicole Frey can be reached at 949-0555, ext. 14621, or email@example.com.