Vail to review operations for Residences at Main Vail
Discussion will include how the development could help house displaced Timber Ridge residents as that redevelopment gets underway
As August approaches, the town of Vail is preparing for the Residences at Main Vail to open. And on Tuesday, March 21, the Town Council will review some of the development’s operations policies, including rent, pet policies, parking fees, how it could factor into the relocation of nearby Timber Ridge residents, and more.
The Residences at Main Vail property is currently scheduled to open to residents on Aug. 1, 2023, with 72 for-rent, deed-restricted units. According to a memo in the March 21 packet, these units will become available for rent by June 1, or even sooner for Timber Ridge residents.
The development has had an operating committee, which has come up with policies around parking fees, pet policies, utilities, rental rates, deed restriction terms and a first option to lease for current Timber Ridge residents.
However, before these policies are officially implemented, the Vail Town Council will give its input at Tuesday’s meeting.
Rent and fees
Residences at Main Vail’s 72 units are a mix of 14 one-bedroom, one-bathroom units; 31 two-bedroom, one-bathroom units; and 27 two-bedroom, two-bathroom units. These units, according to the memo, are meant to be a “quality product for affordable rents.”
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The monthly rents are proposed as follows:
- One-bed, one-bath: $1,700
- Two-bed, one-bath: $2,025
- Two-bed, two-bath: $2,160
According to the packet, these are “considered ‘affordable’ for people earning between 80% and 100% of Eagle County Area Median Income.”
Each unit has in-unit laundry, exterior storage space and is anticipated to allow up to two pets (dogs and/or cats) per unit. Currently, the fees for pets will be a $200 security deposit and $25 monthly pet fee, per pet.
Residents will also have limited access to parking (including ADA and electric-charging spots). With a total of 72 units and an estimated 144 residents, the committee is proposing a $50 parking fee for tandem covered spaces and $100 per month for a single open space.
Additional fees for residents could come through utilities.
“All utilities such as electric (electric heat), water/sewer and trash will be allocated to individual units and billed monthly to tenants based on the “RUBS” method (Ratio Utility Billing System) which factors in things like number of tenants per unit, square footage, number of bedrooms/baths, etc.,” the memo reads.
All of the units at the Residences at Main Vail will be deed-restricted per the town’s existing deed-restriction terms. Residents that work 30 hours a week on average to an Eagle County-based employee and earn 75% of their gross income in the county will qualify.
However, the committee is also proposing a three-tiered leasing preference. These tiers are as follows:
- Employed in Vail as an “essential service position such as health care, emergency services, first responders, teachers, early childhood care providers, etc.”
- Employed at the time of lease execution at a business licensed in Vail
- Employed at a business in Eagle County, but outside of Vail
According to the memo, it is anticipated that the units will be filled through a lottery process using these leasing preferences.
Prioritizing Timber Ridge
However, given the expected timing of the redevelopment of Timber Ridge — which will displace the nearly 250 residents that currently live there — the committee is also anticipating giving preference to these residents. Construction is expected to kick off at Timber Ridge in the spring of 2024, with residents expected to be able to start moving in by November 2025.
Given the timing of the redevelopment and the opening of Residences at Main Vail, the new development has long been identified as a potential spot to relocate the Timber Ridge residents.
In the memo, the committee is suggesting giving current Timber Ridge residents the “first opportunity” at leases.
“This exclusive offer will be open for one month, and then The Residences at Main Vail will open up to other renters, following the leasing preference requirements,” the memo reads.
With nearly two years slated for the new Timber Ridge Village apartments to be built and move-in ready, “current Timber Ridge residents would sign a 1-year lease with an auto-renewal for another year to help guarantee housing at an affordable rent until the new Timber Ridge is available as a housing option.”
Timber Ridge residents could also get a break in rent at the Residences at Main Vail. In analyzing the different rents, for the same unit type, Timber Ridge residents would experience a $366 increase in rent, which the operating committee felt was “not realistic.”
For that reason, it is proposed that the current Timber Ridge residents will be able to rent a two-bedroom, one-bathroom unit at a discounted rate of $1,800. This discount would only apply to this unit type.
Vail’s Town Council will also receive an update on the Timber Ridge redevelopment on Tuesday, following a free reservation system launched nearly two weeks ago to gauge interest from businesses and individuals to purchase units.
At Tuesday’s meeting, the council will be asked to review how the redevelopment’s 284 units will be allocated. Currently, the town is proposing that around 150 units will be allocated for businesses, around 40 to the town and around 90 for individuals.
The Town Council will review both the Residences at Main Vail operations and Timber Ridge redevelopment update at its Tuesday, March 21, afternoon council meeting, which begins at noon. Individuals can find out more information about how to attend the meeting or provide public comment at VailGov.com/Council/Agendas.
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