Economy stalls another Vail Valley project
Vail, CO Colorado
VAIL VALLEY, Colorado ” Another project planned for Colorado’s Vail Valley is on hold because of the poor economy.
Developer and Arrowhead resident Ron Ward had an affordable rental project planned for west Edwards, but said Monday it was put on hold because he was nervous about the financing.
“We just don’t want to extend ourselves at this time until we get a little better handle on what’s happening in the economy,” Ward said.
Preliminary plans for the project included 80 or 90 affordable apartments on a four-acre spot just west of the Edwards trailer park. The rents at the development would be affordable for a family making about 80 percent of the area median income ” about $60,000 for a family of three, Ward said.
Ward had the initial plans for the project developed in October. At the time, he said he was waiting to submit plans to the county to gage community interest in the project.
Ward said Monday concern about whether people would be interested in the project didn’t factor into his decision to put it on hold. He thinks the interest is there.
“I think there’s interest there but the amount of money to go ahead is considerable,” he said. “We’re a little reluctant until we see what happens in the real estate market.”
Pedro Campos, a land planner with VAg Architects who was working on the project, said he only knew that the project had been stalled because of the economy.
“The project is on hold indefinitely based on the current and unclear status of the economy,” Campos said.
Ward said a final decision on whether to build the project will be made in the next month.
“It’s kind of a wait-and-see situation,” Ward said.
Other projects in the county have stalled because of the economy.
The developer of The West End recently refunded the housing deposits of more than 70 people that wanted to buy work-force and market-rate condominiums because it wasn’t moving forward with the project.
Midtown Group, the project’s developer, had 55 people under contract for deed-restricted work-force homes and 22 for market-rate condos.
Building permits issued by the county are down about 30 percent from the previous year, said Keith Montag, the county’s acting manager.
“A lot of It’s a lack of financing because of the economy,” Montag said.
Gypsum’s Sawatch View condominium project, a combination of 72 deed-restricted and free-market homes, was delayed in October because of the economy.
But developer Rick Beveridge of Beveridge Real Estate said the project has its financing and should break ground soon.
Staff Writer Chris Outcalt can be reached at 970-748-2931 or firstname.lastname@example.org.