Vail Resorts continued its quest to go “green” with the announcement Monday of a new $1 billion resort village that will be built using the latest in environmentally friendly building techniques.
Called Ever Vail, the 1 million-square-foot project will transform a partly industrial West Lionshead site into a village featuring a hotel, at least 225 condos and more than 100,000 square feet of commercial space. Plans also call for a parking garage with up to 800 spaces and a new gondola to access Vail Mountain.
Vail Resorts chief executive Rob Katz called Ever Vail one of the most ambitious “green” resort projects built to date in North America.
“We will be on the cutting edge with this effort,” he said.
Ever Vail follows the $1 billion redevelopment that is already underway in the Vail Valley, with major investments by the town of Vail and private developers.
Other Vail Resorts projects in Lionshead include the $250 million Arrabelle at Vail Square, a luxury hotel and condo project, and the 108-room Ritz-Carlton Residences.
“The Ritz sold out almost immediately at well over $2,000 per square foot,” said John Nilsson, managing broker at Vail’s Sonnenalp Real Estate. “There seems to be no bottom to this market right now. We need more inventory like this.”
Vail Resorts plans to incorporate an array of sustainable building practices throughout Ever Vail, including the use of recycled materials and alternative-energy sources.
Such initiatives, however, can boost construction costs by up to 10 percent, said Jeff Medanich of Louisville-based McStain Neighborhoods, which specializes in green building.
“It is a direct increase to your bottom line,” he said. “This is a lofty goal, but it’s certainly an admirable goal.”
Vail Resorts executives hope to earn the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification for the entire project.
Ever Vail is the company’s third major environmental initiative in the past eight months. In August, it became one of the largest publicly traded companies in the U.S. to offset 100 percent of its electricity use through wind- energy credits. In September, it partnered with the National Forest Foundation to raise money for conservation projects.
“These are ideals that are very important to us,” Katz said. “For us, this is less about the cost and much more about the right thing to do for the Vail Valley. We think it’s the right thing to do for our guests.”
The Ever Vail site is a 9.5- acre, mixed-use industrial area that houses a gas station, Vail Mountain’s vehicle-maintenance shop yard, and a retail and office complex.
Will Marks, a ski industry analyst with JMP Securities in San Francisco, said he expects the project to be extremely lucrative for Vail Resorts.
“I think they will realize substantial profits,” Marks said. “The environment is important. This is a morally and socially responsible move, and it’s good for public relations.”
Katz declined to disclose what the pricing will be for Ever Vail residential units.
Another major project proposed for the area is a $620 million redevelopment of the Lionshead parking garage by Dallas- based Open Hospitality Partners and Hillwood Capital. Plans call for two hotels – a W Hotel and a St. Regis – more public parking, condos, retail and restaurants.
The Vail Town Council is scheduled to vote on the Lionshead garage later this month.
Vail Resorts plans to submit plans for Ever Vail to the council within the next few weeks. It hopes to begin real-estate sales on the project in 2009.
Vail Resorts stock closed at $52.10 Monday, up 30 cents.
Staff writer Julie Dunn can be reached at 303-954-1592 or jdunn@denverpost.com.
