Lionshead garage redo still alive in Vail?
VAIL, Colorado – Vail has proposed a new agreement with the developer who wants to put hotels on top of a renovated Lionshead parking structure.
The group, Open Hospitality Group-Hillwood Capital, would have to pay $100,000 to exercise its option to build the development – and up to another $300,000 to extend the agreement through the end of 2011.
The developer wants to build a $900 million complex that would include a W Hotel, a St. Regis Hotel, condos, timeshares, stores, restaurants, a conference center and even more public parking.
The agreement would last for six months. The developer would have to pay another $100,000 each for up to three six-month extensions. The agreement could be extended to August 2011 at the latest.
Mark Masinter, a representative for the Texas developer, said his group is still combing through the proposal and will likely make a counter-proposal.
“We’ve got to get through the whole thing,” he said. “We’re hoping to come to an agreement in short order that’s fair to everybody.”
Masinter has been working with Vail since 2006 in an attempt to redevelop the town-owned property.
While the town of Vail has approved a conceptual plan for the project, ski company Vail Resorts holds a “deed restriction” on the property, which means it must give the go-ahead for the project to happen.
Vail Resorts has expressed concerns about losing parking during the reconstruction of the Lionshead parking structure. Vail Resorts won’t lift the deed restriction until it starts to move forward on Ever Vail, the $1 billion ski village planned for West Lionshead that also includes a new parking structure, Masinter said.
“Vail Resorts has to get through their process, and after that, we’re next,” Masinter said.
A Vail Resorts spokeswoman did not immediately return a phone call Thursday afternoon.
The Lionshead parking garage needs a bunch of improvements over the next few years to keep it functional. Some council members recently suggested that the town abandon Masinter’s proposal so it could simply move forward with that maintenance.
In the draft agreement, Masinter’s group would reimburse the town for those improvements if the development eventually moves forward.
Masinter has 14 days to respond to the proposed agreement.
Staff Writer Edward Stoner can be reached at 970-748-2929 or email@example.com.