Garage builders add $250M plan
VAIL, Colorado ” The Texas developer who wants to rebuild the Lionshead parking structure has set his eyes on a potential $250 million development across the street
Mark Masinter of Open Hospitality Group is working with Bob Lazier as well as homeowners at the Lifthouse and the Lionshead Arcade to redevelop those buildings, Lazier said.
“We’re committed to doing stuff in Vail for a long time,” said Masinter of Dallas-based Open Hospitality Partners.
Longtime resident Lazier owns the retail space in those buildings ” which includes Bart and Yeti’s and the French Deli ” as well as the parking garage next door.
“I have forged a very, very close friendship with Bob Lazier, and we’re working together on a lot of things that he already has current involvement in,” including the Lionshead Arcade building, Masinter said.
“We’re exploring lots of things together,” he said.
A $150,000 study on the development was recently completed, Lazier said. The adjacent Vail 21 building isn’t on board yet, but could be soon, he said.
“We’re trying to get Vail 21 to join the whole thing, also, and take it to the town and ask them questions,” Lazier said. “The marketplace is not very strong right now, so we’re waiting for a couple things to work themselves out.”
The redevelopment, which is at least two years away from starting, would have stores, restaurants and parking, Lazier said. The new building could be almost twice as big as what’s there now, he said.
The buildings there were built in the 1970s and don’t measure up to newer developments in Vail, Lazier said. The project is using 4240 Architecture, which also designed the Arrabelle at Vail Square and is designing the Lionshead parking structure proposal, Lazier said. That will create continuity of design in the neighborhood, he said.
The owners of the property have a “letter of intent” with Masinter to develop the project, Lazier said. Open Hospitality Group, also with Hillwood Capital, also of Dallas, has a $900 million proposal to redevelop the Lionshead parking structure into condos, timeshares, a four-star W hotel, a five-star St. Regis hotel, a conference center, stores, restaurants and even more public parking.
“I really believe in what he’s doing,” Lazier said. “I think they’re absolutely first-class developers.”
But the Lionshead project can’t move forward without approval from Vail Resorts, which holds a deed restriction on the property.
In 1998, the Vail Town Council approved the Lionshead Redevelopment Master Plan, which allowed bigger buildings to be built to foster redevelopment in the neighborhood. The council said Lionshead, a slopeside village centered around Vail Mountain’s only gondola, “lacks the charm, character, appeal and vibrancy expected of a world class resort.”
Staff Writer Edward Stoner can be reached at 748-2929 or email@example.com.