Despite financing hurdles, Vail hotel project advances
VAIL ” A developer is moving forward with a plan to build 91 condos and 128 hotel rooms to replace the Evergreen Lodge.
T.J. Brink of HCT Development said Monday he wants to break ground next summer on the Vail Fairmont, which he said would cost more than $200 million.
Brink admitted it’s tougher to get financing now than it was a few years ago, but he said he’s confident the project will get the financing it needs.
“I am as confident as anyone else in this market,” Brink said. “There are certainly hurdles to it. … I have been assured by my lending source that we don’t currently have an issue.”
The Evergreen Lodge, built in 1974 near the Vail Valley Medical Center, has 128 hotel rooms and 19 condos.
The proposal will fit current zoning, which allows for buildings as tall as 82.5 feet, Brink said.
“It will really improve that area,” Brink said.
A public stream walk along Middle Creek is proposed along with the project.
If construction starts this summer, the building would be completed in 2011 or 2012, Brink said.
The proposal also includes a deli, restaurant, fitness area, spa, stores and conference space.
Brink also was a member of the group that is developing the Four Seasons, which is nearing completion at the main Vail roundabout.
Vail’s planning commission, which saw a presentation on the Fairmont project Monday, could approve the project next month.
Staff Writer Edward Stoner can be reached at 970-748-2929 or email@example.com.
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