With initial financing approvals from the U.S. Department of Housing and Urban Development, the redevelopment of the eastern side of Timber Ridge is starting to look like it’s within reach.
The $45 million project has faced delay after delay in the last year. Rockfall mitigation work slowed it down the first time around, and the HUD financing delays slowed it down again.
The developer, Darren Woody of Texas-based Vail Timber Ridge LLC, said a closing hasn’t been scheduled yet, but he’s still hopeful he can close with HUD by the end of the year.
Woody will need the building permit from the town of Vail in place before he can close, so he’s continuing to work with the town of Vail on the loose ends that need to be tied up.
“A lot of things have to get done,” Woody said.
While the redevelopment project is mostly through the town of Vail entitlement process, some of HUD’s financing requirements — mainly a downsizing of the project — will require some more work, Town Manager Stan Zemler said.
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