Vail to host groundbreaking, naming ceremony for new housing development on June 17
Help name the new rental housing development formerly called West Middle Creek
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The Town of Vail and Corum Real Estate Group are inviting the community to help celebrate the groundbreaking of a new, locals-only rental housing development located just west of Middle Creek on the North Frontage Road in Vail. Due to site constraints, the event will take place at noon on Tuesday, July 17, at the Grand View Room, on the top level of the Lionshead Parking Structure.
The ceremony will include brief remarks and the opportunity for attendees to help name the new development. Light refreshments will be served. Town of Vail parking passholders receive two hours of parking for free in the Lionshead structure, while non-passholders receive one hour of parking for free.
Previously referred to as West Middle Creek, site work is already underway, with vertical construction anticipated to begin in September of 2026. The project will take approximately three years to complete. The new 268-home development will be comprised of 84 studios, 100 one-bedrooms, 84 two-bedrooms and 257 parking spaces, with two stories of podium parking and four stories of residential above. The development is deed-restricted, requiring that every rental home be occupied as a primary residence by at least one full-time employee of an Eagle County business.
The total project cost is $189 million. The town is contributing $10 million in cash to the development, with the rest financed through a successful bond sale in May that resulted in $126 million in Vail Home Partners housing revenue bonds and $63.2 million in certificates of participation sold. The housing revenue bonds were 15.8 times oversubscribed, with nearly $2 billion received in orders, while the certificates of participation were 8.5 times oversubscribed.
If the town does not refinance the debt, which will be an option in 10 years, the total interest cost will be $366.7 million. The cost, however, will be fully covered by project revenues. In addition to covering interest, operations and capital reserve payments, the development is expected to generate $88 million above those expenses over the 40-year financing period.
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The development is centrally located, with convenient access to Vail Village, Lionshead and the West Vail commercial area on Vail’s free public transit system. Along with some of Vail’s best views, the project will include a new bus stop, fitness center, package room, lobby area, coworking space, clubroom kitchen area and bicycle storage spaces.
For more information on the development and the town’s other housing initiatives, contact Vail Housing Director Jason Dietz at 970-479-2145.
