HomeMy WebLinkAboutRedevelopment of Timber Ridge Summary 1119 (2)
To: Town of Vail Community Meeting
From: George Ruther, Director of Community Development
Date: March 11, 2014
Subject: Redevelopment of the Eastern One-Half of Timber Ridge Village
Apartments
I. Purpose
The purpose of this memorandum is to provide the Vail Town Council with a summary of the proposed redevelopment of the eastern one-half of the Timber Ridge Village
Apartments located at 1280 North Frontage Road in Vail, Colorado. A summary presentation of the redevelopment proposal is required pursuant to the terms outlined in the Pre-Development
Agreement, executed by and between the Town of Vail and Gorman and Company.
The summary presentation will address the following topics:
Proposed Project Program
Project Next Steps
II.
Project Program
1. Town Council instructed staff to enter into discussions with Jen Wright and Gary Gorman on the redevelopment of Timber Ridge. All parties agreed that an RFP process
was not needed as that process has failed to achieve our objectives on three previous occasions.
2. Town staff entered into a 120-day exclusive negotiations process with Jen Wright
and Gary 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
is financially feasible and can be constructed unlike the previous three attempts.
5. Easternmost 5.24 acres of Timber Ridge. Lots1 -5, a resubdivision of Lion’s Ridge Subdivision,
Block C, Town of Vail.
6. Site designated Housing Zone District. Development shall be in full compliance with the development regulations prescribed for the District.
7. Assemblage of four, three-story tall buildings containing at least 113 dwelling units and a leasing office. At least 70% shall be deed restricted pursuant to zoning requirements.
8.
Based upon a recently completed market study, a mix of one and two bedroom units (26%/74%)
9. Eighty-four (84) two bedroom units ranging in size from 870 square feet to 933 square
feet and twenty-nine (29) one bedroom units ranging in size from 597 square feet to 633 square feet.
10. Capable of housing at least 233 persons (1.5 persons/unit average x 29 one
bedroom units = 43.5 persons) (2.25 persons/unit average x 84 two bedroom units = 189 persons) Approximately 203 persons currently reside on the east side of Timber Ridge.
11. Each
unit is provided with its own entrance off of a shared exterior stairwell.
12. Each unit is provided with a washer and dryer, gas furnace, energy-star rated kitchen appliances and a
360 cubic foot storage closet (5’x8’x9’).
13. 153 surface parking spaces total. 1 parking space per one bedroom unit and 1.47 parking spaces per two bedroom unit.
14. >25 du/acre.
Density calculation takes into account steep slopes and unbuildable areas of the site.
15. 35-year ground lease with no upfront or annual payment. Improvements revert to the Town
at the end of the 35-year term.
16. Financial provisions ensure the improvements are in good repair at the end of the 35-year term.
17. Town obligated to mitigate rockfall hazard.
+/- $100,000 initial construction cost with annual maintenance required. Developer obligated to pay for Frontage Road turn lane improvements.
18. Deed restriction required consistent
with the Housing Zone District 70%/30%
19. Initial pre-application meetings with Fire and PW. Project proposal is consistent with Town requirements.
20. CDOT application and meetings
pending. Town has applied to CDOT for access permits on behalf of the project.
21. Development application submitted on November 29, 2013. Final PEC meeting on December 16, 2013 and
final DRB meeting on January 8, 2014. Schedule based upon construction start by late spring 2014.
22. Vail Town Council approved the Ground Lease and Deed Restriction Agreements on
February 21, 2014
III. Project Next Steps
A preliminary project schedule has been created to facilitate the successful outcome for this project. The next steps for the project include:
Submit building
permit application by March 15th
Development Agreement reviewed by the Town Council on March 18th
Issuance of building permit by May 15th
Rockfall mitigation requiring temporary closure
of Lion’s Ridge Loop
New apartments ready of occupancy October/November 2015
This schedule is subject to change as discussions regarding this project continue.
