Groundbreaking is Tuesday for Timber Ridge rebuild | VailDaily.com
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Groundbreaking is Tuesday for Timber Ridge rebuild

Daily staff report
newsroom@vaildaily.com

VAIL — A community groundbreaking ceremony to commemorate a significant milestone for employee housing in Vail will take place on the grounds of the eastern half of the Timber Ridge Village apartments from noon to 1 p.m. Tuesday. Members of the community are invited to join staff and representatives from the Vail Town Council and the developer, Gorman & Company, Inc., for a groundbreaking of the new Lion’s Ridge Apartment Homes marking the start of redevelopment activity on the site. The ceremony, which is open to invitees and the town of Vail community, will include a free barbecue lunch with catering by Moe’s Original Bar B Que.

The town began working with the developer more than a year ago on a plan to redevelop the eastern half of the property. Following several reviews and modifications by the Town Council, the redevelopment documents were finalized and executed by the parties earlier this week. The documents include a long-term land lease and an option to allow the developer, Gorman & Company Inc. and Wright and Co., to purchase the land from the town within the next 10 years.

CONSTRUCTION BEGINS

Construction of the new Lion’s Ridge Apartment Homes will begin immediately and take 12-16 months to complete with delivery beginning in fall of 2015. The general contractor is Gorman General Contractors and the construction management company is RA Nelson. The project, comprised of one- and two-bedroom units, will include four, three-story tall buildings totaling 112 units with a mix of 84 two-bedroom apartments and 28 one-bedroom units.

Constructed in 1981, the Timber Ridge property, located at 1280 North Frontage Road West, is Vail’s largest employee housing complex. It was purchased by the town in 2003 for $20 million to retain the employee housing deed restriction on the property. In anticipation of a future redevelopment, the town rezoned the site in 2007 to retain its use as employee housing.

PUBLIC-PRIVATE PARTNERSHIP

Vail Mayor Andy Daly says Tuesday’s groundbreaking represents a tremendous public-private partnership that will long be remembered as a pivotal point in Vail’s employee housing progression.

“The agreements we have in place as well as the zoning and deed restrictions on the property provide assurances that this site will be used to provide homes in perpetuity for employees — the lifeblood of our community,” Daly said. “I couldn’t be more proud of this monumental accomplishment.”

“The town of Vail has been very good to work with in our getting this partnership done with Gorman & Company, Inc., Wright and Company and the town,” said local longtime developer Jen Wright, of Wright and Company. “Together, we have worked through issues and have come up with a good plan in Lion’s Ridge Apartment Homes which will serve a critical housing need in the ever-changing community of Vail.”


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