Vail postpones action on sale of remaining Chamonix parcel
VAIL — The Town of Vail has withdrawn the five development applications submitted to facilitate future residential development on its vacant parcel in the Chamonix Vail Neighborhood in West Vail as of Tuesday, Jan. 8. The applications had been set for review by the Town of Vail Planning and Environmental Commission on Monday, Jan. 14.
The decision to withdraw the applications, which were submitted on Dec. 6 and Dec. 18, came as a result of the town’s desire to further evaluate its options for the site. The town was preparing to sell the property on the free market with a list price of $875,000. An ordinance authorizing the sale to STK Capital LLC had been included for first reading consideration on the Town Council’s Jan. 8 agenda, but was withdrawn until further notice.
During the council’s approval of the Chamonix Vail townhome development in 2016, the property was intentionally left vacant due to the added costs in building affordably on the steep site. It was also acknowledged that an opportunity for a future transaction would infuse the town’s housing fund with proceeds from the sale. The development plan was approved by the Vail Planning and Environmental Commission in January 2017.
For more information, call Vail Housing Director George Ruther, 970-479-2145.
The valley’s commercial and residential property markets are similar in some ways — availability is tight and nothing is what you’d call “cheap.”