Vail council to be briefed on municipal building plan
Vail, CO Colorado
VAIL, Colorado – At its meeting tonight, the Vail Town Council will receive a mid-point progress report from Triumph Development LLC on the feasibility of redeveloping the Vail Municipal site. Initial findings based on a conceptual site planning study indicate the site can accommodate a new 55,551-square-foot medical office building and 21,850 square feet for municipal offices. The item is listed sixth on the meeting agenda, which begins at 6 p.m. in the Vail Town Council Chambers. The discussion will also include an overview of municipal financing options presented by Jonathan Heroux, managing director of Piper Jaffray and Co., an investment banking firm with a specialty in public finance.
The redevelopment progress report will include an update on the “due diligence” process that has been under way regarding site design and site access as well as a presentation of a schematic building program. Also being studied is an assessment of underground utilities, soil conditions, site access options, potential impact to state owned right-of-way, South Frontage Road improvements and preliminary schematic design. When complete on Feb. 1, the report will be used to better define the possibilities of the project and begin to determine the estimated cost of constructing the new buildings.
The potential redevelopment has been under analysis since May, when the Town Council authorized funding to share in the cost of an initial space assessment in a joint initiative with Vail Valley Medical Center, Steadman Clinic and the Steadman Philippon Research Institute. On Oct. 17, the Town Council authorized an additional $99,982 to cover one-third of the cost for the current phase of the feasibility study. The Vail Valley Medical Center, Steadman Clinic and the Steadman Philippon Research Institute are covering the remaining two-thirds of the cost.