Vail townhomes net $32 million | VailDaily.com

Vail townhomes net $32 million

Scott N. Miller

========PHOTO: “NWS Model SM 7-9.jpg” in LOCAL NEWS BASEVIEW======================Location, location, locationWhat: New luxury townhomes in Vail.Where: Lionshead, between the Marriott and Gore CreekWhen: Construction starts this fallWho: Vail Resorts Development Company is building the units; the listing agent is Slifer, Smith & FramptonHow many: A total of 16 homes will be built; the first eight are already under contractHow fast: Sales started in early JulyHow big: Units range from 3,500 to 4,400 square feetHow much: Prices range from $3.5 to $4.6 million========================================================QUOTE”Everything’s flying at 100 mph.”- Vail Resorts chief executive Adam Aron==========================================That was quick.Sales for Gore Creek Place, a 16-unit luxury townhome development in Lionshead, started in early July. The first eight units in that development are under contract, at prices ranging from $3.5 to $4.6 million. Construction on the first phase starts this fall; construction on the second phase starts next year. The success of the first phase – Vail Resorts received more contracts than it had available units – has prompted the company to speed up its schedule for the second phase of the project. Sales for the remaining eight townhomes will start in the next couple of weeks.The sale netted more than $32 million in sales for Vail Resorts. Along with sales at a private parking garage being built on the east side of Vail Village, the activity at Gore Creek Place has given a serious boost to the rest of “Vail’s New Dawn,” the resort company’s ambitious redevelopment plan for Lionshead and Vail Village.”This means the Front Door happens and the Lionshead core site happens,” Vail Resorts chief executive Adam Aron said. “Everything’s flying at 100 mph.”The Front Door, a $100 million project at the base of the Vista Bahn chairlift, calls for the complete renovation of the area where the mountain meets Vail Village. That project is set to start in the summer of 2006. In Lionshead, the old Gondola Building and Sunbird Lodge will be replaced with retail space on street level, an ice rink, and a yet-to-be-set number of condominiums at the planned Rock Resorts condo hotel.Depending on when town officials approve plans for the Rock Resorts project, sales could start before Christmas, Aron said.At the start of sales for Gore Creek Place, Ron Byrne, a Vail-based real estate broker who specializes in high-end property, was optimistic about the project’s chances of success. But he did say he wondered how hard it might be to sell the project, since it was the very first phase of the larger Lionshead redevelopment plan. However, Byrne sent letters to his clients encouraging them to check out the project, because the homes will be built along Gore Creek, have southern exposures, and will be surrounded by what’s expected to be a new and improved Lionshead.Those advantages seem to have overwhelmed any doubts. “I expected it to be flying high,” Aron said. “But expecting it to fly and then having it fly… It gives us an added sense of confidence.”