Vail Resorts buys two buildings near its shop
VAIL ” Vail Resorts announced Monday it had bought two buildings in Vail. The price for the buildings, which sit on 1.8 acres, was $10 million.
The resort company now owns the Vail Professional Building and the Cascade Crossing Shopping Center. The buildings are adjacent to the resort company’s shop west of Lionshead and across the South Frontage Road from the firm’s proposed Ritz-Carlton Residences at Vail.
Company officials said the property will eventually be used for new development, but there are no immediate plans for the land. Until plans are finished, the office and retail space will be run as it is now.
“Ultimately, we would expect to build more attractive facilities than currently exist in this part of Vail,” said Adam Aron, chief executive Officer of Vail Resorts.
The company’s shops and the buildings it just bought sit on about six acres of land. That property, which sits near a proposed new high-speed chairlift, could be used for both commercial and parking space, Aron said.
Whatever is developed on the property will become part of the company’s “Vail’s New Dawn” project that includes building at Vail Village and Lionshead. There is about $500 million worth of new real estate development tied to the New Dawn project so far.
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