Vail Town Council nears deal to a sell free-market parcel at Chamonix
VAIL — Following completion of the 32 deed-restricted Chamonix Vail townhomes in 2018, the town is preparing to sell a remaining parcel on the town-owned property.
The development site, located at 2420 Chamonix Lane in West Vail, is being sold on the free market with a list price of $875,000. Advertising materials prepared by the town indicate the property provides a rare opportunity to build three homes on the site.
During the Vail Town Council’s approval of the Chamonix Vail townhome development in 2016, the parcel 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.
Solicitations received from prospective buyers during the week of Dec. 17 have resulted in a purchase contract pending an ordinance authorizing the sale by the council. That ordinance is set for first reading on Tuesday.
In anticipation of the sale, the Vail Housing Department, acting on the direction of the council, has submitted five development applications to facilitate future development on the parcel by the third-party prospective buyer, STK Capital LLC.
The applications are: 1) minor subdivision; 2) zone district boundary adjustment; 3) conditional use permit; 4) variance and 5) a development plan for construction of a two-family structure with a requirement to build an attached employee housing unit.
Vail’s housing zone district allows for free market development to help subsidize the cost of deed-restricted development. The applications will be reviewed by the Vail Planning and Environmental Commission during a public hearing at 1 p.m. Monday, Jan. 14, in the Vail Municipal Building.
In accordance with the town’s notification process, a public notice has been mailed to adjacent property owners. The review process includes a site visit to the property and public meetings on the applications during which the PEC will deliberate and vote on each request.
The 3.6-acre Chamonix property was purchased by the town in 2002. The town’s investment has included $3.6 million in land and infrastructure costs to subsidize the townhomes.
For more information, visit http://www.vailgov.com/planning.
Those units are all deed-restricted, meaning that only people who work an annual average of 30 hours per week can live there. That keeps the apartments out of the short-term rental pool and available to local residents.