Vail’s $1 billion renewal has quickly become a $2 billion-and-growing renovation-and-development phase that does not have an end in sight.
More than 12 developments, including a Four Seasons and Ritz- Carlton Residences, are underway, and two more large developments – including a W Hotel and a St. Regis – are in negotiations.
Town officials say the construction crane is the new town bird, with eight looming across the landscape. Resort-watchers say the development will help keep the 40- year-old resort town at the top of the worldwide ski-resort game.
The age of the town and the need for new infrastructure have made this the right time to redevelop, Mayor Rod Sifler said.
“It’s very competitive out there,” Sifler said. “Every resort is trying to be a summer resort, too. We had to redevelop and grow.”
Vail Resorts Inc.’s three projects – Front Door, the Arrabelle at Vail Square and the proposed Ever Vail – account for a large portion of the development, but other owners also are jumping on the remodeling wagon.
Vail has been named the No. 1 ski resort in North America for 14 of the last 19 years, and developers and officials want to keep it in the top spot.
“There’s no question in our minds that the on-mountain experience at Vail has no comparison, and what we are looking to do is make sure the base area is in the same league,” said Rob Katz, chief executive of Broomfield-based Vail Resorts.
Vail’s renewal is projected to create more than 450 new lodging units and more than 100,000 square feet of new shopping and dining space. The plans call for hotels, condominiums, fractional-ownership units, retail space, convention services, restaurants and two ice-skating rinks. They also include an underground loading dock for trucks delivering goods to the mountain town.
All of the development will help keep Vail on the upward swing in ski-resort life, said Stan Zemler, town manager.
“Fresh face”
Vail was already a high-end, exclusive resort town, and the new additions will keep it in that tier.
“It’s a fresh face on an image that is already high-end,” Zemler said. “There has never been as much development or redevelopment going on in Vail’s history.”
Vail Resorts’ Front Door project is a redevelopment of the area surrounding the Vista Bahn lift. It will include coffee shops, sitting areas and 13 chalets, all of which have already sold for $10 million to $15 million each.
The Arrabelle, in the middle of Lion shead, will boast condominiums, residences, retail and restaurants. City officials say the development of the $250 million Arrabelle was the catalyst for the frenzy of development going on now.
“The quality of the experience that people had on the mountain was not being reflected in the portal,” Katz said. “The Arrabelle was the first step to say we are going to take Lionshead and bring it up to par with the rest of the experience.”
Other developments include the $180 million Solaris, which is replacing the old Crossroads commercial and residential building. It is offering buy-ins at $1.9 million plus $35,000 annual dues for fractional ownership.
Solaris is also planning to be the new town square, said Craig Cohn, director of sales, marketing and leasing for Solaris Residences. The project is estimated to be complete for the winter of 2009.
While development is ongoing and some buildings are down because of construction, the town anticipates taking a $45,900 hit in sales taxes this year.
But the town expects the total impact of redevelopment to bring in $5.9 million in additional sales-tax revenue in the next five years, said Kelly McDonald, Vail economic-development manager.
These revenue estimates do not include revenue from the proposed Ever Vail and Lionshead parking- structure projects.
The ambitious Ever Vail project will be one of the final pieces in the puzzle. It will be a 1 million- square-foot project on 9.5 acres in the industrial part of Vail just west of Lionshead. It will include a hotel, at least 225 condos and upward of 100,000 square feet of commercial space.
Katz hopes to rename Lionshead as Vail Square to create synergy among Vail Village, then Vail Square and extending on the west with Ever Vail.
The development in Vail has been tough, town officials say. They are managing the development along with tourists and are preparing for the winter ski season.
The town has added 12 temporary employees to help with construction issues from reviewing permit applications to enforcement officers.
“There is an extraordinary amount of things going on here for a small resort community,” Zemler said. “What we’ve got in this surge will serve Vail for many years to come.”
Staff writer Elizabeth Aguilera can be reached at 303-820-1372 or eaguilera@denverpost.com.
