Heavy interest in Vail employee housing complex
VAIL, Colorado The town of Vail, Colorado put out a call for developers to rebuild the towns largest employee housing complex and received 10 responses, including a Vail architecture firm and Corum, the company that manages Edwards Lake Creek and built Buffalo Ridge in Avon.The town put out a request for qualifications for developers in December 2008 to redevelop the 10-acre Timber Ridge. The deadline for responses was 3 p.m. Thursday.The interested companies are as follows: Alliance Residential Company, of Denver. American Housing Foundation, of Dallas, Tex. Balke Brown Associates, of St. Louis, Mo. Core Companies, of Denver. Corum Real Estate Group, of Denver. Fritzlen Pierce Architects, of Vail. Gorman & Company, of Oregon, Wis. McCormack Baron Salazar, of Los Angeles, Calif. The Pacific Companies, of Eagle, Idaho. Vail Valley Strategic Alliance, of DenverThe Vail Local Housing Authority will review the responses on Feb. 5, and the Vail Town Council will discuss the submittals at its Feb. 17 work session. Finalists will be announced on Feb. 18, with interviews scheduled for the week of Feb. 23. The council will chose a developer on March 3 with whom to negotiate exclusively.The 198-apartment Timber Ridge is owned by the town and has been the focus of much attention as the town council has looked to expand and improve the housing. In the past, the council has considered and rejected redevelopment plans for Timber Ridge from Mark Masinters Open Hospitality/Hillwood Capital Partners and well as Vail Resorts Development Co.Interested companies were required to identify a comprehensive project team, provide experience and background in similar projects, show financial capacity for the project, and have a plan for the redevelopment. The town plans to retain ownership of the land, build the project in phases, and eliminate the towns debt on the 5.04 acres being redeveloped.The first phase would create a minimum of 600 affordable, deed-restricted rental beds. The council also made it clear that doing the redevelopment would not take the place of any developers employee housing obligation.Timber Ridge was built in 1980 and is the largest rental development in Vail. It was purchased by the town for $20 million in 2003 to preserve the property as affordable rental housing for local employees.