Timber Ridge redevelopment in sight
Vail CO Colorado
VAIL, Colorado – The eastern side of Timber Ridge is one step closer to a major redevelopment that would provide almost as many employee housing beds as the entire site has now.
The Vail, Colorado, Town Council approved a pre-development agreement Tuesday with Vail Timber Ridge LLC. The agreement gives the developer an exclusive option to redevelop the site – the furthest the town has gotten with a potential redevelopment plan since it bought Timber Ridge in 2003.
The town established the Timber Ridge Affordable Housing Corporation to operate and manage Timber Ridge and Town Manager Stan Zemler is the president of the corporation. The pre-development agreement is between the town, the Timber Ridge Affordable Housing Corporation and Vail Timber Ridge LLC.
Darren Woody, partner with Vail Timber Ridge LLC, issued a statement after the Tuesday decision expressing the developer’s excitement over the progress.
“We are taking care to design a community which will be sustainable, affordable and offer amenities to support an active Vail lifestyle,” the statement said.
Vail Timber Ridge LLC now has until April 1, 2010 to submit an initial application for the project. The agreement is good for two years from Tuesday, but the town or the developer could kill the deal with 30-days notice.
The redevelopment would have 359 modern and efficient units and a five-story parking garage, according to Woody’s statement. There would be bike and ski storage and a fitness area and clubhouse, the statement said.
“This is going to be a highly sought-after location for the Vail workforce,” the statement said.
Councilman Farrow Hitt said this would be a great deal for the town if the project goes through.
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