Vail gauging interest in Timber Ridge from businesses, individuals
A free reservation system is now open for buyers interested in securing deed-restricted housing
The town of Vail and its partner, Triumph Development, are seeking input from Vail’s business community as well as individuals as to their interest in purchasing deed-restricted homes at the redeveloped Timber Ridge Village Apartments.
Projected home prices — which are subject to change — are as follows:
- Studio: $377,000
- One-bedroom: $433,000
- Two-bedroom: $655,000
- Three-bedroom: $868,000
- Four-bedroom: $1,080,000
If enough interest is generated, potential buyers will be required to make a fully refundable reservation deposit by June 1, 2023. A future earnest money deposit would be required to secure the purchase of a home. Amounts are yet to be determined.
A free reservation system is now open at TriumphDev.com/TimberRidge.
A home selection process, including eligibility for participation, criteria for selection, deed restriction terms and more will be created in response to the depth of the market and level of interest. The deed restriction that will be recorded on the homes requires the persons residing in the homes to be employed at a business located within the community and work a minimum of 30 hours per week on an annual basis. At least 75% of their income must be earned at the local business.
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The total estimated cost for the redevelopment of Timber Ridge is $152 million. As proposed, the town of Vail would contribute the land and provide the seed money for the site development and infrastructure, resulting in finished building pads ready for vertical construction. The estimated cost for this work is $38 million. Triumph Development would be responsible for all other development costs and guarantees to deliver the 284 deed-restricted homes at an estimated cost of approximately $114 million.
At least five of the seven buildings would be sold to business owners and individuals in the town of Vail, with two of the buildings potentially retained by the town as rental homes for individuals who meet the deed restriction qualifications.
Construction is expected to take place from May 2024 through the fall of 2025, with the development ready for occupancy by the 2025-26 ski season. For more information, contact Vail Housing Director George Ruther at GRuther@vailgov.com.
