Triumph Development breaks ground on new Timber Ridge Village in Vail
Of the 302 total units, roughly 60 units have already been purchased by local businesses to rent to their employees
The town of Vail hosted a groundbreaking for the new Timber Ridge Village on Wednesday, inviting community stakeholders to hold golden shovels for a ceremonial photo.
An hour later, earth movers were on site readying the 5.25-acre parcel for what promises to be a massive influx of locals by the 2025-2026 ski season.
The parcel was bought by the town of Vail in 2003 for $20 million. In his comments at the groundbreaking, Vail Mayor Travis Coggin saluted the council that made that purchase.
“20 years ago, there was a Town Council far smarter than the current town council, and they said ‘We’re going to buy this piece of land,'” Coggin said. “And look at the opportunity that they created.”
When the project is complete, it will consist of seven buildings comprised of 58 studios, 90 one-bedroom units 79 two-bedroom units, 67 three-bedroom units and eight four-bedroom units for a total of 302 homes.
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“It’s a $190 million construction project,” Coggin said. “That is a commitment to housing in our community, I think it’s a statement to the Mountain West about what communities need to be doing to make sure that our communities are vibrant, they’re great places to live, they’re great places to work, and they’re places that people will come and visit, because our stores are open, and our community members feel like they’re a part of our community and they love living here.”
Triumph Development is building the units and Mike Foster, a partner with Triumph, also spoke at the event, detailing the long process that had to take place before the groundbreaking could begin.
“Twenty-seven months ago is when we started the process with the town of Vail,” Foster said. “It’s been a journey … we worked really closely with the Town Council on this.”
The town of Vail is contributing about $40 million to the construction and will purchase $26 million worth of units. That is expected to translate to about 40 units.
Of the 302 total units, roughly 60 units have already been purchased by local businesses to rent to their employees. The Sonnenalp bought five units, Sweet Basil bought five units, the Eagle River Water and Sanitation District bought five units, the Eagle County School District bought four units, and several other businesses bought one or two units.
Habitat for Humanity Vail Valley purchased 10 units in a first-of-its-kind experiment for the local chapter of the national nonprofit.
Elyse Howard with Habitat for Humanity Vail Valley said ordinarily the group is both the developer and the financier, but for this project, it will limit its role to finance only, offering 0% financing loans to locals.
“This has not been done in the state of Colorado and I don’t believe it’s been done in the country,” she said. “This project is another opportunity for us to add incremental home ownership in our community.”
While the Habitat home building team is busy building more units in Gypsum, in Vail they won’t have to do the heavy lifting.
“Since Triumph is here building, it’s not taxing our construction resources,” Howard said. “I think our leadership sees this as a really unique opportunity for us to increase affordable ownership units in Eagle County in a different and unique way.”
For more information about Timber Ridge Village, visit timberridgevail.com.