The Vail Town Council voted Tuesday night to move forward with a $620 million proposal to redevelop the Lionshead park garage.
The council will now start a 120-day negotiation with the developer, Dallas-based Open Hospitality Partners and Hillwood Capital.
“I can’t tell you how happy I am that they agreed to go forward with us,” said Mark Masinter, a partner in Open Hospitality. “This is a once in a lifetime opportunity.”
Open Hospitality/Hillwood plan to build two hotels – a W Hotel and a St. Regis – condos, a conference center, retail and restaurants on the 6.3-acre site. It will also add more than 1,000 public parking space.
The public garage currently has 1,150 parking spaces.
Several major projects are already underway in Lionshead, including the $250 million Arrabelle at Vail Square, a luxury hotel and condo project, and the 108-room Ritz-Carlton Residences, both of which are being built by Vail Resorts Inc.
Vail Resorts announced earlier this month that it is also planning a $1 billion resort village in West Lionshead called Ever Vail.
