HomeMy WebLinkAboutRedevelopment of Timber Ridge Summary 1015Redevelopment of Timber Ridge
1. Town Council instructed staff to enter into discussions with Jen Wright and Gary Gorman on the redevelopment of Timber Ridge. Agreed that an RFP process
was not needed.
2. Town staff entered into a 120-day exclusive negotiations process with Wright and Gorman.
3. Assume no financial subsidies will be provided by the Town. $8 Million
Gap.
4. A “bottom up” approach based upon carrying capacity of the site has been used to determine development potential. (ie parking requirement, type of construction, surface parking,
landscape areas, livability, etc.). This approach has resulted in a project which can be constructed financially unlike the previous three attempts.
5. Easternmost 5.24 acres of Timber
Ridge.
6. Site designated Housing Zone District.
7. Assemblage of four buildings three and four stories in height containing at least 104 dwelling units.
8. Based upon a market study
a mix of one and two bedroom units (35%/65%) Approximately 180-plus pillows.
9. 1.5 parking spaces per unit average. Surface parking.
10. >25 du/acre when you back out surface parking
area and steep slopes.
11. 35 year ground lease with no upfront or annual payment. Improvements revert to the Town at the end of the term.
12. Financial provisions assure the improvements
are in good repair at the end of the 35 year term.
13. Town obligated to mitigate rockfall hazard. +/- $100,000 with annual maintenance required. Developer obligated to Frontage Road
improvements.
14. Deed restriction required consistent with the Housing Zone District 70%/30%
15. Initial pre application meetings with Fire and PW. Consistent with Town requirements.
16.
CDOT application and meetings pending.
17. Development application submitted by November 29 with construction possible by late spring 2014.