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HomeMy WebLinkAboutRedevelopment_of_Timber_Ridge_Summary_1119 To: Vail Town Council From: George Ruther, Director of Community Development Date: November 19, 2013 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 In the end, the Vail Town Council is being asked to direct the Town Manager to sign the development application, on behalf of the Town of Vail, to allow the project, as proposed, to proceed through the Town’s development review process. II. Proposed 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. Town of Vail Page 2 7. Assemblage of four, three-story tall buildings containing at least 113 dwelling units. 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) 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 to apply for CDOT access permit on behalf of the project. 21. Development application submitted by November 25, 2013. Final PEC meeting on December 16, 2013. Schedule based upon construction start by late spring 2014. II. 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: • Deed restriction discussion with the Vail Town Council • Final Lease Agreement negotiations with the Vail Town Council • Rockfall mitigation approval • Transit stop improvements discussion Town of Vail Page 3 • Development application submittal to the Town of Vail by November 29th • Final development application review by the PEC on December 16th • Conceptual design application review by the DRB on December 18th • Final design application review by the DRB on January 8th or 22nd • Submit building permit application by March 15th • Issuance of building permit by May 1st This schedule is subject to change as discussions regarding this project continue.