Lionshead project survives in Vail
Vail CO Colorado
VAIL, Colo. – A deal between the town of Vail, Colo., and a Texas developer to build hotels, shops, condos and a convention center on an expanded Lionshead parking garage in Vail survived another round of negotiations Tuesday.
The Vail Town Council had a draft letter before it telling the developer, Mark Masinter, that it wouldn’t accept his proposed changes to an original agreement that expired earlier this summer. The town tabled its decision at its meeting two weeks ago because Masinter wasn’t there, but it voted Tuesday to allow negotiations to continue until the council’s Oct. 20 meeting.
Masinter had asked for changes in the deal, most notably an exclusive option to redevelop the site and payment of the option fee after Vail Resorts lifted its deed restriction from the site.
Vail Resorts holds a deed restriction on the property that it isn’t willing to lift until its Ever Vail project’s parking structure is built, a project that could take as long as five years from now, Councilman Andy Daly said.
Council members and local residents who came to the meeting all spoke highly of Masinter, noting how well he’s worked with the community and been open about his intentions for the development.
“(Masinter) deserves it because he’s dealt with this town in an honorable way, and he deserves that much in return,” said Vail resident Kaye Ferry.
Negotiations are open between now and Oct. 20, at which point the town can choose to kill the deal. Council members said they recognized the deal would likely look a little different from what was negotiated four years ago, when the economy hadn’t taken a nose dive. The overall project should be similar in scope, though, to what was originally planned, Councilman Mark Gordon said.