Vail’s Timber Ridge talks continue
Vail, CO Colorado
VAIL, Colorado – The redevelopment of the town of Vail-owned Timber Ridge complex might have hit yet another road block, but the town of Vail isn’t giving up on the project just yet.
The U.S. Department of Housing and Urban Development approved $32 million in financing for the project, but there are conditions associated with the loan that are stalling the project once again.
The developer, Darren Woody of Texas-based Vail Timber Ridge LLC, needs a building permit in place before he can close on the loan.
Vail Town Manager Stan Zemler asked the Town Council to approve continued negotiations with Woody Tuesday because the current development agreement expires Nov. 11. The council unanimously approved the continued negotiations.
Zemler said the conditions of the loan, which mainly include making the building smaller, will need to go before the town’s Planning and Environmental Commission. He expects that to happen by the first PEC meeting in December.
Zemler said the town is “still cautiously optimistic” that Woody’s proposed redevelopment project could happen.
The HUD conditions, if agreed upon by both the developer and the town, would mean 80 fewer units at the redevelopment, although there would still be 500-plus beds. The redevelopment would occur on just one-half of the 10-acre site, which currently has a total of about 600 beds.
Woody’s timing for securing financing happened during the economic collapse, just as financing dried up for housing development projects. HUD, which Woody has said is the only option for financing the Timber Ridge project right now, became inundated with applications and the process has taken much longer than expected.
Woody said in September the conditions of the loan are doable and that he’s been trying “in good faith to get it done.”
Community Editor Lauren Glendenning can be reached at 970-748-2983 or firstname.lastname@example.org.