HomeMy WebLinkAbout2006-11-07 Support Documentation Town Council Evening Session PART 3 OF 31
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GANGED CHAIRS 1027
ADA SEATING SPACES 10
TOTAL SEATS 1037
PROJECT:
AUERBACH•PDLLOCK•FRIEDLANDER VAILCENTER
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SEAT TOTALS:
b GANGED CHAIRS 1032
ADA SEATING SPACES 10
TOTAL SEATS 1042
PROJECT:
AUERBACH•POLLOCK•FRIEDLANDER VAILCENTER
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AUERBACH•PDLLOCK•FRIEDLANDER VAILCENTER
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ERNEST N. MORTAL CONVENTION CENTERTHEATRE
New Orleans, Louisiana
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Perfo~m~ng ArtslMedia Facilities Planning and Design
BORGATA HOTEL AND CASINO
EVENTS CENTER BALLROOM
Atlantic City, New Jersey
ERNEST N. MORIAL CONVENTION CENTERTHEATRE
New Orleans, Louisiana
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Thomas Consultants Inc.
Suite 1650, Commerce Place
400 Burrard Slreet
Uancouver, BC
Canada. U6A 3A6
Mr. Chuck Madison
Partner
East West Partners
100 East Thomas Place
P.O. Drawer 2770
Avon Colorado 81620
Dear Mr. Madison,
Tel: 604.687.2110
Faz: 604.688.1788
www.ihomasconsu Itants.ca
As per your request, it is with pleasure That we submit this review of the retail component of your
planned "One Vail" development. In addition, we are also providing you with a proposed "Tenant
Mix" and "Merchandise Plan."
Our review is proposed as follows:
1. Project Understanding
2. Lionshead Overall Objectives
3. Role of Retail in a Resort
4. Tenant Mix
5. Merchandise Plan
East West Partners are proposing to redevelop the single purpose Lionshead Parking Structure into
a mixed use, multi purpose project incorporating:
^ Hotel - Hyatt ON
^ Condominium
^ Fractional
^ Wellness Center
^ Conference Center
^ Retail Village
^ Youth Center
^ Vail Non-Profit Center
^ Parking (Underground)
150 rooms
120 Units (with lockoffs)
75 Units (with lockoffs)
22,000 sq fi
35,000 sq ft
35,000 sq ft
2,500 sq ft
3,000 sq ft
1,800 Stalls
The hospitality component will be branded overall as Hyatt. The hotel component consistin 3 of 300
keys will be branded "Hyatt ON" which is Hyatt`s response to the very successful ''W'' brand which is
part of the Starwood chain. _
)ne Vail Retail Revlew ~ Fl:r.
Page 2 O~tober25.2~Qf,
The proposed "Wellness" component adds a further dimension to the project; a use which is already
well established in the Vail region. In addition, It will be the largest lacility of its type in Vail. The
'`Wellness" component will play off and round out the appeal of the adjacent hospital and the
renowned Steadman-Hawkins Clinic.
The conference facility is an excellent medium through which to provide new destination traffic to
Lionshead. Not only does the Conference Center attract a captive market of delegates but it also
creates necessary "Body Heat" in the development and surrounding village. The Conference Center
Itself is a multi purpose facility and it is proposed to also host many events in addition to
conferences. Furthermore. Hyatt is considered an industry leader in the conference management
segment; this will add further credibility and momentum to this element.
The Youth Center is seen io be a valuable addition io the overall project mix. For years, Vail has not
had the benefit of up to date facilities and amenities for this important segment. Now youths will
have a place they proudly can call their own.
Following the current trend towards sustainable development One Vail not only recognizes its
importance but goes many steps further by building to LEED Certification.
Accordingly, the proposed uses and attractions will create a natural and latent demand for the
critical Retail !Food & Beverage experience.
Lionshead is undergoing a massive transformation and upon completion will hardly be recognizable
from its former self. Most of this transformation was seen to be necessary. Lionshead developed an
architectural style that for a short time was seen to be popular; however, because of its minimalist
70s style, Lionshead simply did not have the charm and serendipity of Vail Village. As a
consequence Lionshead's performance suffered in all segments and accordingly was always seen
to be "the poor sister" to neighboring Vall Village.
The retail offering at Lionshead was always seen to be second rate. It lived in the shadow of Vail
Village. Rather than creating synergy to Vail Village and thus providing more desirable critical mass
through greater selection and diversity of tenants, Lionshead marched to its own drumbeat.
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Now Lionshead is literally starting over again and meeting the challenge head on.
1
One Vad Retail Review & Plan
Pare 3 Octahei 25 200.
The success of the initial anchor project, Arrabelle, has created a desirable ripple effect on the
surrounding parcels. To the west, the Marriott Hotel has been remodeled and substantially
upgraded, additionally; a Ritz Carlton Residence project is also planned together wish peripheral
development. To the east, One Vail will be the catalyst for further Lionshead renewal.
This ripple effect is also positively addressing some of the Lionshead circulation challenges, for
example:
^ The 35 ft grade change from the frontage Road and East Lionshead Circle:
^ Bus Transit Facility.
' As such, One Vail has devised solutions that create a better arrival experience. At the same time it
F~ ;ilitates the movement of people through the project by means of an elevatorlescalator system.
b~i~!lors :~~ill imirrediately land at the retail street. thus. energizing this critical component.
1Ni1h the retail transformation and upgrading of Lionshead, it is going to attract a much better retail
tenant. In addition, futlher new developments in the west of Vail Village including the
r,~development of CrossRoads and the Four Seasons Hotel will bring Vail Village closer to
I ~onshead and vice versa, Accordingly, in the future, much greater traffic can be expected between
the two nodes. The One Vail redevelopment will create a much enhanced overall retail experience
~.nd retail sales will increase with thus greater benefits io the Town
In summary, together with the neighboring state of the art projects, Lionshead is starting to be an
~rttraction in its own right as their individual projects seamlessly link together to crease an overall
critical mass. However. the key to Lionshead's ultimate success will be in activating the streets and
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Resorts have long realized the importance of place making. Visitors appear drawn to the casual,
alfresco environment in these amenity rich villages -the community's gathering place for interaction
and socializing -with retail space at grade level, seamlessly linked to the hotel above. The overall
atmosphere of such places plays an active role in transforming shopping into an experience -one
for which visitors seem ready to pay a premium.
A resort can, therefore, be a microcosm of something bigger. The resort village is the town center of
its respective community. Developers now recognize the inherent framework that resorts provide in
establishing their own town centers. The key to attracting new and repeat customers lies In the
creation o1 these organic, multipurpose environments where the trip visitation time gets substantially
extended, a phenomenon that emerges today from the blurring of leisure, recreation, entertainment,
and dining pursuits that are integral to the magnetic appeal of shopping. In essence, people
embrace such blurring of uses in multipurpose environments that provide diverse opportunities, and
offer activities for each member of the family.
The result is that the industry is developing new projects that possess an intrinsic sense of place.
One Vail will help fulfill this role and thus enhance the overall retail experience in Lionshead As part
of this process, new and key principles are emerging for the retail element, including:
^ Provide High-Amenity Environments. Resorts have long recognized the importance of
providing a strong sense of place within an appealing, high-quality environment.
^ Extend the Offering to Nightlife and Entertainment. Retail centers today are attempting
to provide a more mature destination for recreation and entertainment. Restaurants, brew
pubs, piano bars, and other entertainment are increasingly prominent.
^ Focus on Health, Wellness, and Longevity. The rapid growth in resorts in recent years
has been driven largely by baby boomers who are focusing on quality of life, particularly on
their health and wellness. This can include day spas, medical/wellness facilities, yoga
studios.. yoga clothing and accessories, and specialty organic food and restaurants. Such
uses resonate with today's market, and increase the sense that the retail center reflects its
lifestyle.
^ Increase the Identity of the Village. Resorts provide a unique and compelling environment.
Likewise, retail villages more and more are providing a strong theme and cohesive image
through the extensive use of landscaping, art, icons, water features, and attractive
storefronts.
^ Focus on the Sequence of Experiences. Resorts provide much of their charm through
well-planned design. The concept focuses on choreographing visitors' experience in order to
maximize the feeling of discovery and sense of immersion on their shopping trip. This
concept recognizes that the experience is as important as the goads or services purchased
in terms of encouraging repeat visits. It is the deft orchestration of uses, amenities.
attractions, and placement of buildings and public spaces that cumulatively creates a
framework for success. Furthermore, it is not just the buildings and their juxtaposition but
rather the articulation and animation of the spaces between buildings that become the
backbone of public spaces. The ultimate objective is that the visitor connect emotionally to
the place.
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Page 5 0~'< < e~ ~r~ _-
^ Provide a Great Public Space. Retail developments recognize that to provide bustling
environments with numerous opportunities to people-watch simply helps to attract more
people.
^ Introduce Nontraditional Uses. Part of the resort village's charm also stems from its
pedestrian scale and proportion, with a retail armature at grade and office, residential, and
hotel uses above. Increasingly, retail projects are demonstrating potential uses to include
public libraries, civic centers,. as well as educational, cultural and civic facilities. Such
multipurpose environments allow for multitasking opportunities, provide something for every
member of the family, and result in extended visits. But best of all, they provide the all-
, important sense of place that todays consumer responds to so well.
Tho Aad test of this new generation "Lifestyle" retail is its acceptance by the marketplace. Already
lire response lrom retailers and shoppers is overwhelmingly favorable. Leading-edge retailers are
lumping on the bandwagon as they find an eager new generation of resort retail centers.
i-inally, one question remains, whether resorts stay a quintessentially local "ma & pa" independent
r~fferin
as some see it
sell their soul
or
whether to acce
t more national stores and
,
.
,
,
g
p
~~,ccordingly, some resorts have remained steadfastly loyal to their original tenants. While others,
,rticularly because they have been successful in annualizing their business and thus mitigating the
r,herent peaks and troughs of resorts, are now on the retail radar screen. In so doing, they have
Totten the attention of national tenants.
I here is no doubt that national tenants provide legitimacy and credibility to a retail offering. For one
thing they typically have zone pricing, which means an item cannot be any more expensive simply
because it is in a resort. This may not necessarily be the case with independent merchants who
charge what they think the market will bear. National stores also provide credit worthiness which
facilitates a developer with their financing.
3~~me tourist oriented resorts have opted for national stores. While successful, they become no
~~ifferent than an average suburban mall. In so doing the serendipity of discovering something new
,rnd different is lost. In a resort environment, people love to discover.
~,^Jhat alpine resort operators are opting for is a 70:30 mix; 70°b local tenants and 30°o national
i:~, ands. This is seen to be progressive and thus provides a necessary balance. It also seems a
rood compromise because we increasingly are influenced by brands and never more so than in
upscale resorts. The cache of five star hotels, designer goN courses, 3 star Michelin restaurants,
n_<tional and international brand stores are all part of the overall attraction.
1
dne Vail Re ~ i ;'•-view & Plan
Page 5 .;ct~-~ber 25.200E
In devising an appropriate tenant mix, the salient site features and characteristics must be
considered.
^ The on-site demographic based on
the Gen X target market of the
proposed "Hyatt ON"brand is seen
to be younger.
^ Conference delegates have typical
price point thresholds which are
mid to upper price points but not at
the haute couture levels.
^ The adjacent Hospital and Medical
Clinic together with an on-site
"Wellness" center would suggest a
"Health and Wellness" zone.
^ The Bus Interchange will provide a
captive market as visitors are
programmed through the space.
Their needs are more
spontaneous and impulse
oriented.
^ The Parking Garage with 1,400
stalls devoted to visitors, which is distinct from the additional 400 stalls for on-site guests,
will be a source of constant traffic to the retail. Again. it is properly programmed so that
people will enter and exit through the retail.
^ The yardstick of implementing the 70:30 mix of local to national tenants is seen to be both
progressive and a point of difference.
^ The Vail Non-Profit Center will be a draw-card for the entire Vail Valley region with its unique
"Business Center' style function. In so doing, it also provides that necessary "Body Heat"
function for the Village.
The following, tables illustrate two options for a possible tenant mix. Table 1.1 illustrates a Lifestyle
concept retail mix which is typical of an alpine resort environment. Table 1.2 illustrates a
combination WellnesslLifestyle retail mix which takes info account the context of the site and its
adjacency to the Hospital and expanding Medical Clinic.
6,3
P ~„e ~' - 2006
Table 1.1 Lifestyle Concept Tenant Mix.
Lifestyle
= al
Mmloual =of Laud National Lotal
r:alegary Truant Esamples Site Teuauk Teumrls Teuauls SF T euaun SF T aal SF
Lomen;ence ~_eneral Store 1971 0 I - IYA 1,570
ktnewear Iululemon, W[I's, Nape rioddess, Puma, Lti{ogo 1,770 I I I7A 1750 1,500
Fashion AOparellFootwear ChrtoS, Coldwater Creek, Whhe HOUSe 61acN Markel. Children's Clothing. Um<e~Fashinn ?,570 I ~ 2,500 5,0]0 7,5L0
Fashion Ai[essones Sunglass HN, Oakley 500 0 1,Offl ~ 1,000
BathEBody Lush,L'Oc~oanne, AreOa, luomalhwapy (loca9, Wehl's I,CrA 1 0 1,000 - 1,000
Spenahy Grfls La[al lenar~t 1,500 0 I ~ 1,500 1,500
Home De[or Garsu[h Home 2,D]0 0 I - 1,000 2,000
Spotls Apparel&Acwssories the Nohh Face, Pelagoma, lo[al tenants 1,001 1 I 2,000 1,000 4,000
Jewehy J Curter Gallery, Golden Bear, local tenants 750 0 2 ~ 1,500 1,500
Casual Ommq Lionshead Brew Pub, local Colorado reslauranis 3,000 0 1 ~ 6,070 6,f7fi
Impulse FoaO Starhu[Ls, Canboa CoOee, Rochy Mtn Chocolate Fa[iory, Ice CreaonGelato, Paussene 1,000 I 1,007 2,OU 7,OfA
Fine Onmg the YSg 2,500 I 6 1,500 - 2~
Toed B It 11.750 23.150 15.000
„.
Table 1 2 Welln esslLifestyle Concept Tenant Mix,
Wellness & Lifestyle
Ilallmral = of Local Natloual Loud
a[erpny lerenrt Exaugrles Sire Tnraurs 7enauts Teu.ons SF i roarrts SF T aal SF
Wellnesa Pharmacy '; 77 I 0 :Olli 1006
MPah BBeaclj a.n:L~sn Li7i[n;nos, AVeda. Arcmathz~apM leta), kehr5j 1,077 I 1 IuA 1007 1,~
Heahh FOOds e~N~;l 7`-0 I 0 rE-0 - 7W
Beauty Saion 750 0 1 ~ 757 750
Alhlet~.[FOOtwear 1750 0 1 1750 1150
HeahlrPmfessronala lChuoprapm, Physl[~heraprsQ 1,500 0 1 1910 1,500
Gomemenre General score 2,5177 0 1 ~ 2500 2100
Anrcewear lululemon, Lury s, Ogago 17LI I 0 1,250 ~ IA
Fashion Apparel t:h¢o's, r:oldwater CreeF, Wane Housn Bla[k Markel, Ch;ldren's Clothing. Umse. Festoon 1,070 I 2 2,000 d,0.Tl 6,000
Fashion Attessones Sunglass HUl, Oakley 500 I 0 4Ji ~ 500
Specially i7rfls Lo[al tenant 1010 0 1 - 1,17p Ipm
Home Dewr Gorsuch Home 1 p71 0 I - 1,077 1,(q0
$poAS AgpdrelAACCE55Dries Tha Nonh Faf e, Palagenia, IOCdl tenanl5 2000 I I 2,000 2,000 d,(II~I
7mmhy JCmter Gallery, Golden Bear, locattenams 7W 0 - I,~ I,500
~'asual Clrnmg Nonh,ihe ~oanl=r, w000ower, local Caloratlo reatauranls 1,500 0 ~ ~ 5000 5,000
Impulse FOOtl Jambe lw[e,Slarhutks,iarrhoo CaOee,Ro[pp Mln r:hocolate Fe[lory,lce CreaMGelato 1000 I 2,OW 1,17[0 3,000
total 4 15 11.500 21,500 15.000
33'. 6T.
one Jail Retell Review ~ F
Paye 8.O~tobel 25.21
The best retail is always seen to be seamless and continuous.
It should be facing the streets so that it becomes more lively and animated with natural street
movement. People are inherently attracted to busy, active places. In resort environments, shopping
is the bi-product of other experiences - no one goes to a resort with a shopping list -however
visiting `'The Street" they gel wrapped up in the intoxicating environment and quickly move from an
observer to a participant - so activating East Lionshead Circle with appropriate retail, as shown,
becomes necessary.
Another aspect to consider is whether the slope from Frontage Road to East Lionshead Circle can
be activated. From the outset, it must be stated that multi-level retail is inherently challenging.
Gravity is the problem. Retail always wants to be at grade.
Accordingly, it must be your desire io facilitate the consumer experience by animating and
externalizing the street at East Lionshead Circle and further activating it rather than internalizing
your development with multi-levels of retail.
One Vail represents an important addition to the new Lionshead.
With the dye already cast with Arrabelle, One Vail fulfills the Lionshead vision as surrounding land
owners and stakeholders further embrace this vision.
In particular, One Vail expands the appeal of the retail offering at Lionshead at the same time
adding vitally necessary critical mass. Furthermore, by keeping the retail at grade, One Vail flows
seamlessly into the new anchor, Arrabelle and thus provides more rhythm at the important street
level.
The Tenant Mix, as proposed, marries the needs and aspirations of these new Lionshead user
segments.
We thank you again for the opportunity to prepare This study and look forward to answering any
questions you may have.
Yours Very Truly,
THOMAS CONSULTANTS INC.
I~in F. Thomas
Lf181I'1ll~11
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1
INTRODUCTION:
This Executive Summary is intended to highlight the key elements of the collaborative,
creative, visionary, feasible, phased, multi-year and multi-million dollar project known as
orrE
• It cannot be viewed in isolation
• It is interconnected
• It involves the entire Town as well as the site
• It moves the concept of One Vail closer to reality!
The One Vail you see here is a collaborative of fort. The cornerstone
reflects the goals the Town outlined in its initial
memorandum. To this has been added the
experience and expertise o f hundreds o f
combined years mountain resort
development by our team members; the
track record o f bi llions o f prudently
invested dollars in resort properties;
quality mountain construction o f
millions o f mixed use square feet; the
designing and delivering thousands o f
parking spaces; recognition for award
winning "green" building; and in
summary creating scores o f success f ul,
sustainable resort developments that h.
the test of time.
East ~Xlest Partners
Since our initial presentations to the Town Council we have conducted formal
community "open houses" to discuss important aspects of the plan with all stakeholders;
simultaneously we have had our "ear to the ground" listening to individuals and
entities-from Lionshead businesses to non-profit agencies, so we can work on common
goals; we have strengthened and finely defined our team o f pro f essionals; we conducted a
nationwide study to determine the right hospitality partner for this unique opportunity;
we have reaffirmed financial commitments; and all and all we have worked
enthusiastically, continuously, creatively and vigorously to prepare the enclosed proposal.
`----
~,,, PLAN SUMMARY
i0 parking spaces in one construction
Cason, 250.400 incremental parking spaces
f or skiers and events; to providing the new,
energetic, Hyatt ON hotel brand, Hyatt
fractional and high occupancy residential
units with lock-offs (500+ "hot-beds");
along with a new Civic ~ Learning
Center to attract new guests; to enhancing
he retail experience; solving congestion-and
on a schedule that will limit disruptions to
onshead community. A plan that provides
n parking during summer construction and
c parking during the ski season-this plan
~ practical, but because o f the strong
background and experience o f East ~X1est and Kiewit, it is doable.
The elements and requirements of the Town are
a~~.., ~M ding but doable. From replacing the existing
7.1
~ Town o f Vail's Objectives:
~:I A Comply with the Lionshead Redevelopment
Master Plan and Mixed Use 1 zoning.
~(
~:I B The development shall help pay for the public
improvements. A strong preference is given for uses
I that generate "hot beds."
~(
~:J C Provide conference space
(25,000 sq ft ballroom desired).
~,:I D Create a new public parking structure with a
minimum of 1,150 spaces.
~:I E Public parking in excess of the 1,150 spaces.
~:I F Create a new Lionshead Information Center
1 with public restrooms.
~:I G Redevelop Lionshead Annex with consideration
given to relocating the Youth Recreation Center
and the Colorado Mental Health offices.
~(
~J H Improve pedestrian, transit and vehicular
circulation between the parking structure and the
Lionshead Retail Mall.
~.:I I Provide loading and delivery for uses created on
site.
l
l
~:I J Improve Hote
bus circu
ation... create a
Lionshead transit facility to accommodate 5 buses.
K Creation of a retail connection along the south side
of the project site that is consistent with the
Lionshead Redevelopment Master Plan.
L Frontage Road Improvements consistent with the
Lionshead Redevelopment Master Plan and
acceptable to the Colorado Department of
Transportation.
M Other public amenities that would augment the
vitality and economic impact of the development.
'
~:I N Use of the U.S. Green Building Council
s LEED
Green Building Rating System, or a comparable
alternative, to guide project design.
Town o f Vail Improvements~Financial Bene fits
BENEFITS:
In preparing this plan, we are providing to the
Town significant improvements/assets with cost
estimated at $101.2M. These improvements
are the payment for development rights for the
Project. The Town will receive deeded, fee
simple, interests to a new, state-o f the-art
Lionshead Parking Facility, Lionshead
Transportation Center, hail Family/Youth
Center, the Lionshead Information Center, the
Vail Non-Profit Community Center and other
office space as well as public improvements
(transportation and pedestrian access
improvements, and roundabouts).
The Town will receive the Bene f its o f a new Vail
Civic and Learning Center ("the Center") at
the expense of the Project without the financial
operating risk. The $29M capital cost and a
portion of the operating loss of the Civil and
Learning Center will be borne by the Developer.
In addition, the Town will receive the financial
Bene f it o f incremental tax revenues. These
include, for example, increased sales taxes on
lodging, f ood and beverage, retail, and li f t
tickets as well as receipts from Tax Increment
Financing (TIF) to the Vail Reinvestment
Authority and fees equal to 1.4% of incremental
lodging sales to the Vail Local Marketing
District. Collectively, these will be ongoing
sources o f incremental tax revenue for the Town.
Meeting the Town o f Uail's Objectives
HERE IS A SUMMARY OF THE TOWN'S FINANCIAL BENEFITS
(in 2006 dollars):
Improvements received in lieu of payments for land .... . ........ 101.2M
Total incremental tax revenues ("material" sources only)
Total -first ten years .................................. 51.6M
Total -first ten years :.... . ........ . ...................... 152.8M
10th year incremental revenues (ongoing) ................ . ... 5.55M
TOWN OF VAIL IMPROVEMENTS FUNDED BY THE PROJECT
The Project includes all requested improvements in the Town's Request
for Proposal. These are listed below, along with the approximate
cost/value o f each.
Improvement: Estimated Cost~Value
State-of-the-Art Lionshead
Public Parking Facility* ..... . ............. .......... . .. $ 56.OM
Vail Civic and Learning Center ... . ............ ...... . ........ . 29,6M
Lionshead Transportation Center~pedestrian access .. . ........ . ... . . 4.5M
Frontage Road~E. Lionshead Circle, roundabouts .. ............... . . 6,2M
Vail Youthf Family Recreation Center ........... ................. 1.OM
Lionshead Information Center ................. ...... . .......... 1.3M
Vail Non-Profit Community Center ............ ............... . .1.2M
Other office space ........................... ...................9M
Public art .................................. ....... . ..... .5M
Total assets ........................................ . ..... $ 101.2M
Value of Land~Development Rights** .......... ............ 101.2M
Net Difference ............................. ............. 0.0
*Includes parking for the Vail Civic and Learning Center which uses the new
Lionshead Public Parking Facility
**Assumed to be equal to value of Town of Vail improvements received for
proposal purposes.
~. Z
Incremental Tax Revenues to the Town o f Vail and Related Entities
The Town of Vail will receive incremental tax revenues as a result of the One Vail
development. An independent consulting f irm, Stan Bernstein and Associates, has
completed a study of incremental tax revenues. This independent study indicates the
Town, the Vail Reinvestment Authority ("VRA") and the Vail Local Marketing
District's incremental tax revenues will total about $ 51.6 for the 10-year period from
2011 throe-ugh 2020 and the 2020 "stabilized" incremental tax revenues (all in 2006
dollars) are estimated at about $5.55M
SUMMARY;
Total Annual Total
(20l l - 2020) 1020 and Beyond
Sales taxes .......................$16.7M..................$2.04M
Lift ticket tax revenues ................ 1.2M ................. .1 SM
RETT ............................. 8.6M ................. .37M
Other revenues ................... 3.3M ..........,..... .24M
Total Town of Vail .............. $ 29.8M.................. ~ 2.8M
['roperty Taxes to VRA (TIF) ... , ..... 19.7M .... . .. . . . ........ . 250M
Marketing Local Marketing District ... Z.1M ................. .25M
Total Incremental Funds ... , ..... S1.6M .................. S.SSM
Project Cost Estimates (2006 dollars)
SOURCES OF FUNDS:
Total equity financing .................................... 100.OM
Debt financing:
Bank debt ................................................417.1M
Bond debt -metro district, net of developer subsidy ............... 2S.OM
Total debt financing ..................... . .. . ............... 440.2M
Total Sources .................. . ........................ S 2.?M
I,~SES OF FUNDS:
Town of Vail Improvements ................................ $ 101.2M
Construction interest and cost of capital ........................ S2.OM
Development costs ................................. . .. . . . . . 389.OM
Total Uses ............................................. S 2.2M
Anticipated Project Schedule for building the Lionshead Parking Facility and the rest of the One Vail project,
2006 200)
Mayllun leVAug Seplgcl NeulNec laNFeh Marllpr Mayllun IuVAug SaplOct Novlgec
Town RFQ
Town Meetings
Town/Public Input
Design
Negotiate Contract with
Construction Document;
BiddinglNegotiation
Pre-Sales
Initial Sales of Condos
Demo Existing Parking
Phase I - Parkingllntras
Phase II -Hotel, Confers
Phase III.95-145 Cond
re
enter, Retail,
ctional
nity Center,
-100 Cand
2ooa
IaNFeh Marllpr Mayllun lullAUg SeplOCl NNVIUec
slFrpctiopal
2009
IaNFeh Marllpr Mayllun lullleg Seylgcl NovlNec
it
2010 2011
lanlFeh MarlApr Mayllun luVlug SeplOct NorIDec laalFeN Marllpr Mayllun luVlug Seplgcl NavlVec
2012
IaNfeN Marllpr Mayllun luVlug SeplOct Norlgec
7.3
ONE VAIL PROGRAM SUMMARY
No. Units/Area S . Ft. er unit Square Feet Total
Accommodations
Fractional/Timeshare Ownershi : 75 1,683 126,225
Whole Ownershi Condominiums: 120 1,752 210,240
Em to ee Housin : 30 450 13,500
Subtotal 349,965
Hotel
Hotel Rooms: 150 420 63,000
Hotel Lobb : 6,000 s . ft. 6,000
Front of House: 3,000 s . ft. 3,000
Back of House: 12,900 s . ft. 12,900
Subtotal 84,900
Other
Market/Galler Retail: 29,000 s . ft. 29,000
Restaurant: 6,000 s . ft. 6,000
Wellness Center & Fitness Facilit : 21,700 s . ft 21,700
Transit Center, includin restrooms 4,000 s . ft. 4,000
Stora e & Delivery: _ 6,000 s . ft. 6,000
Subtotal 66,700
Vail Civic & Learnin Center
Main Ballroom": 25,300 s . ft. 25,300
Hotel Circulation, Prefunction, Back
of House, & Su ort 35,600 s . ft. 35,600
Officelother
Vail Information Center: 1,500 s . ft. 1,500
Vail Famil !Youth Center: 2,500 s . ft. 2,500
Vail Non-Profit Center: 3,000 s . ft. 3,000
Other: 2,000 s . ft. 2,000
Subtotal 9,000
Sub Total S uare Feet 571,465
15 % for circulation 85,720
Total Square Feet (approximated 657,185
' Square footage does not include pool terrace.
" Square footage includes ballroom only, no back o1 house, break out space. etc.
Private/Public Development Land Uses
ONE VAIL PARKING SUMMARY
_ No. Units/Area Parking Calculation Parking Spaces
Accommodations
Hotel Rooms: 150 X.7 105.0
Fractional/Timeshare Ownershi : 75 X.7 52.5
Whole Ownershi Condominiums: 120 X1.4 168
Em to ee Housin~ 30 X1.4 42
_ __
Sub-total: 367.5
Other
Market/Galler Retail: 29,000 s . ft. /1000 X 2.3 67
Restaurant: 6,000 s . ft. /250 24
Vail Conference/Event Center. '25,300 s . ft.
Wellness Center: 21,700 s . ft
Sub-Total: 91
Office
Vail Information Center: 1,500 s . ft. !1000 X 2.3 3.5
Vail Family/ Youth Center: 2,500 s . ft. /1000 X 2.3 5.8
Vail Non-Profit Center: 3,000 s . ft. !1000 X 2.7 8.1
Other: 2,000 s . ft. /1000 X 2.7 5.4
Sub-Total: 22.8
Total Parkin Demand: 481.3
15% Reduction for Multi-use: -72.1
Parkin for Pro'ect; 409.2
Public Uses
Re lace Public Parkin 1,150
Incremental Parkin Provided "" 252.8
Total Parkin 1,812 spaces
" Square footage includes ballroom only, no back o1 house, break out space, etc.
" Available for skiers, Wellness Cenler, and events
7.4
NEXT GENERATION PARKWG COMES TO
LIONSHEAD
Our Base Plan calls for the reconstruction on the Lionshead Parking
Garage site of the existing 1,150 parking spaces plus an additional
250 public parking spaces to be used as incremental skier parking and
for cunferenceJevent parking. In addition, we will construct
approximately 400 parking spaces for the residential and commercial
uses to be built on the site. Consequently, the new parking garage
would have a total of 1800 spaces.
As an alternative to the plan above, we are able to add a fu11400
incremental skierJevent parking spaces (increased from 2S0
incremental spaces) on site by reducing the size of the Civic &
Learning Center (including the Main Ballroom) by approximately
25%,.
In either case, the plan also calls for a modern design for the new
garage with user-friendly escalators, two way drive isles and
substantially improved vehicular and pedestrian ingress and egress,
pre-pay kiosks and other technology, minimizing congestion during
peak periods.
Rebuil~~ling in One Construction Season
The Lionshead parking garage currently has 1150 public parking
spaces. We recognize the importance of having a plan that assures
the town, the merchants, the neighborhood and Vail Resorts that
these parking spaces are not lost during any ski season.
Accordingly, we have carefully worked through a construction
schedule and sequencing plan with Kiewit Construction to demolish
and rebuild about two-thirds of the existing parking structure in one
construction season between April and December of 2009. Some
earlier construction work will likely commence in the fall of 2008
but would not disrupt utilization of the existing garage during the
2008J2009 ski season. This constructiunf sequencing plan allows for
reopening of 1,150 public parking spaces by December 1S, 2009•
Parking Plan
Parking During Construction
Emergency Backup Plan for 2009/2010 Ski Season
We have also devised a plan with Kiewit to keep about 350 on site
parking spaces available to the public during construction of the new
garage - - so at no time will Lionshead he without public parking.
Keeping these 350 spaces available is possible because the current
parking garage was built in three equal sections from a structural
point of view. This allows for demolition and construction to occur
on the eastern two-thirds of the existing garage site while at the same
time keeping the western one-third of the existing garage open for
public use.
PHASE 3
SUMMER 2009 - 350 SPACES USABLE IN
R'ESTERN i~ OF EXISTING STRUCTURE
FALL 20
PHASE 1
SPRING 2008 -REMOVE EXISTING RU PARKING
RELOCATE ATTENDANT BOOTHS
THROUGH FALL 2008
/~ PARKING STRUCTURE \HASING
In the highly unlikely event the completion of the l,l SO parking
spaces were delayed beyond December 15th, 2009 East West Partners
would pay to have a temporary all-weather surface installed on the
Ford Park fields to allow 800 cars to parkin this location. The 800
cars at Ford Park plus the 350 parking spaces that would stay in service
in Lionshead would provide an interim backup plan until the newly
constructed 1,150 parking spaces could be placed in service.
East West Partners would also pay for bus transportation from Furl
Park to Vail Village and Lionshead during this interim period as well as
for the cost to restore the Ford Park fields to their original condition.
PLAN
8 7
7.5
PHASE 2
SPRING 2009 -DEMOLISH EASTERN ~$ OF
EXISTING STRUCTURE
HYATT INTROhUCES HYATT ON VAIL MOUNTAIN, A
NEW 4 + STAR HOTEL
f lyatt lL~rel~.A R~~~~nt~,,~ith their ne~~~ Ilyatt l1N f I~~tel, is the
perfect rhuice fur the proposed ~~nc Vail project. Whys
• New Brand. ~1any brands have °tired" hotels which dilute
the value of the bran) and truest experience. This brand is
new, distinctive runrept. As one of the first Hyatt ON
hotel>, the Vail hotel a~ill set ~~ high srand~u~d t~,r the
brand...othen will t~~llrnv our lead.
• Selective Brand. Hyatt (~N will only he employed in select
locations. Example;: Myatt l~N London,
Hyatt ~~N Wall Street, Hyatt ~~N Vail Mountain, etc.
• Group~cunferences. Hyatt ranks in the top two brands in
the country in tint tier corporate group business. Hyatt is a
brand that has proven capability in bringing insignificant
groups, and a proven ability to operate sorb a h~cility.
• New Customer, to Vail. f{yatt ~~N ~i~ill hring younger more
stylish custumei:~ to Vail. The skier population is aging; let's
ener.'i_e Fail.
• International. Hyatt is anuuag the snungest international
brands, and gill hring new international customers to Vail.
• Hyatt Knuwlcd~e in the Market. ~1orr rooms in ~a market
create a~h~anriges as nru~keting dollars arc better leveriged.
Hyatt ~1N Vail Mountain aan r~kc a~h~anrige of nearly ?0
years of Hyatt loch market knowledge as the operator r,i the
`i-star Park Hy~itt in Beaver Creek. Thr ~+-;tar Hyatt (~N
Vail i~~lounriin rumplrment. that well b~~ having another
Hyatt hotel in the market at a lower prier point.
• Famil~Fractional Experience. l lyart has built an inat~ressive
network nt fractional properties, including ski resort
properties in Beaver Creek, Aspen, and Breckenridge. Hyatt
knua°,~ hoc to hring in rustonu~rs. By the ~s~ay, ~ehat's the
customer profile.' Families.
• Residences lncrease Hut Reds. Thr project will include
condominium residences which will fe;iture lock-off hotel
rooms, and the owners will he able to enter into a vuluntar~~
rental program. This ~~~ill increase bed base for the hotel to
over X00 kc~s.
• khan-Loyal Customers. Hyatt is an esrihlished brand with
loyal costumer,. Their Gold Passport customer loy~alt~
program is well established and rea,gni~ed as a leader in the
indusnv.
RETAIL COMPONENT BRINGS LIFE TO LIONSHEA~
We have hired retail consultant Ian Thomas to analyze the retail
component of One Vail, anti provide a preliminary retail mix. fan
indicates that there well may be a "wellness" component to the
"lifestyle" retail experience given proximity to the Wellness Center and
possible synergies with Vail Valley Medical Center. He also notes that
the retail needs to enhance the connection of Lionshead anti Vail
Village, be seamless with Lionshead, and complement other Liunshead
retail, including the new Arrahelle retail "anchor". The retail should
have public spaces as well as an appropriate mix of national (30%,
suggested) and local (70`%, suggested) merchants.
This type of "lifestyle" retail would hring much-needed activity to the
area to "raise the tide" for all of Liunshead. Combined with the
conference and event business, it will provide activity and an attraction
t~,r families, groups and other incremental visitors and help to bring
visitors to and keep them in the Liunshead area
Let's make Lionshead a fun place for Vail residents, guests and Eagle
County residents as well.
ON-SITE EMPLOYEE HOUS[NG CREATED
As noted in our Proposal, we have included 30 on-site Employee
Housing Units (EHU). The Town Council is currently studying
implementing new employee housing regulations which may increase
the employee housing requirement for the project.
VAIL CIVIC ~ LEARNING CENTER 13R[NGS
INCREMENTALV[SITORS
The Civic & Learning Center (Center) halh~oom (Base Plan) is about
3X the size of the Marriot balhoom, and is bargee than any kialhoom in ~~
Colorado mountain resort We estimate that this sine ballroom will
serve over 90`%, of the potential business that would have been served
by the previously proposed Vail Civic Center.
The Center can serve groups that can not currently he accommodated
elsewhere in Vail It is oversized to hring incremental visitors to the
Hyatt ON Vail Mountain hotel, as well as other lodging properties in
the Town of Vail. The Center will he available to others, including
other fudging properties about 50%~ of the time under a Use Plan. The
Center will include state-of-the-art audio and video systems.
The Center enhances VaiPs stature as the premier mountain resort
community, by hosting meetings and recreation, learning and arts,
activities and events. [n order to attract highly-educated guests to Vail,
we believe it is appropriate to position the Center as a "learning center"
where residents and conferees alike can enjoy life-long learning in a
world-class recreational setting.
The Center's uses would include the following:
Conferences and conventions: Conventiun~theater--style seating for
2,200 to 2,500 people for a plenary session. The ballroom allows for
two groups ut 500 or mire people to simultaneously use the facility. A
possible and likely configuration would he to have a group of about
1,000 people fur a plenary session in one-half of the ballroom, and a
seated luncheon fur the same group in the ~ther,me-half of the
ballroom. This cannot occur today in Vail.
Banquets: Banquet seating of 2,000 to 2,300 people. Banquets could he
either as part of a convention or for a local event~charity. The largest
banquet facility in Vail today seats up to 7S0 people.
Receptions: Stand-up receptions for 2,500 m 3,000 people. Receptions
could he "local" ur as part of a conference ur convention. The largest
indoor reception in Vail today could he about 800 to 1,000 people.
Events: The facility will comfortably accommodate event or theater-
style seating for 1,150 to 1,500 people. Our consultants have designed a
variety of stage~seating configurations, depending on the type of event.
Events could include concerts, crnnedians, chamber music, renowned
speakers, high school graduations, etc.
7.6
H yiQLT a
`Aii~ N10L-11~~~\ F ~~~tel Partner
1
1
1
1
6Es
A,o - East ~1est Partners
W
Q
d
Mountain resort construction is unique in virtually every aspect. In order to be
successful, a project of this importance and magnitude requires significant
mountain resort development and operations experience. The complexities here are
magnified by schedules tied to seasonality, and from the public/private and mixed
use nature of the project. There simply must be an experienced team with a lengthy
track record on the job. To succeed, you need an award-winning lineup.
East West Partners is a family of related but independent companies devoted to building,
selling, managing, and supporting high-quality real estate in the communities in which they
operate.
We place faith in good people. Each company has broad-based employee ownership
with day-to-day management responsibilities. Everyone works to delight customers in every
transaction.
We are dedicated to innovation. An entrepreneurial spirit is encouraged on the part of
each employee, thus helping avoid "commodity" products or services that have little added
value for our customers.
We recognize that we all have responsibilities. We understand that it is good business
to give back to the communities in which we work, and to vigorously protect the natural
environment.
Since it inception 20 years ago, East West Partners has focused its development efforts in the
following areas:
• Mixed use resort properties combining hotel, residential, retail and recreational
facilities
• All forms of resort residential, condominium, townhome, single family
• Club and hospitality facilities
• Resort and Primary Residential planned communities
We are currently developing in five primary locations:
• Vail Valley and Summit County
• Lake Tahoe, California
• Park City, Utah
• Denver, Colorado
• Charleston, South Carolina
The Team is Experienced in Resort Mixed Use Projects
H Y.~7 T
VAIL MOUNTAIN
CRESCENT
COLORADO
Hotel Partner
There are 216 Hyatt branded hotels and resorts (over 90,000 rooms) in 44
countries around the world, currently operating under the Hyatt®, Hyatt
Regency®, Grand Hyatt® and Park Hyatt® brands. Currently, there are an
additional 30 Hyatt hotels and resorts under development, including 11 new
hotels in China. Hyatt also owns Hyatt Vacation Ownership, developer and
manager of Hyatt fractional properties. Hyatt will be a significant investor in
the Hotel.
Financial Partner
Crescent is a public company with over $4B in assets. Crescent is the owner of
the Park Hyatt Beaver Creek and investor in other East West projects,
including the Riverfront Village project in Avon, Manor Vail, Eagle Ranch
and most of our Beaver Creek~Bachelor Gulch projects.
Financial Partner
KSL Capital Partners was formed by the Mike Shannon, former president of
Vail Resorts, and Eric Resnick, former vice president of Vail Resorts by raising
nearly $1B to invest in resort hotels, resorts and and other recreation assets.
Both Mike and Eric are former principals of KSL Recreation. KSL Recreation
owned such assets as Doral (Miami), Arizona Biltmore (Phoenix), Grand
Wailea (Maui), and La Quinta~PGA West (Palm Springs). KSL continues to
have financial interests in the Hotel Del Coronado and La Costa (both near
San Diego).
~. 7
t~
~ ~ 1 _~ _t
. 1 1
+___
~ ~~ Lead Contractor
Kiewit is the contractor of Denver's T Rex, which they completed ahead of schedule
and under budget. They have been the contractor of choice for many large parking
facilities, including 5 of over 2,000 parking stalls each in the past year. They were
the contractor for the multi-phase facility at Sky.Harbor International Airport in
Phoenix. In addition, they have completed many resort mixed-use and hotel
projects.
~ Carl
Parking Wa I Ice r Parking Engineer
Planning Engineering Restoration
"Carl Walker is one of the most experienced parking consultants in the industry.
Carl Walker, Inc. has created innovative, flexible and cost-effective solutions for
parking projects throughout the country since 1983.
Retail Consultant
Thomas Consultants operates out of Vancouver, British Columbia. The firm is
recognized as a leader in the strategic planning of retail shopping centers, resorts,
urban entertainment centers and transit projects. Thomas has a wealth of
experience in over 30 countries which will be applied to Lionshead. Thomas was
the retail consultants on the Arrabelle project.
1
1
1
Hornberger
~ -_
Worstetf
1RESOflT DESIGN
essocurEs
Lead Architect
Hornberger + Worstell is recognized for its expertise in the master planning and
design of destination resorts, urban business and conference hotels, recreation and
wellness facilities, academic and residential communities, and mixed use complexes.
They were the designers of the Park Hyatt Beaver Creek, Avon's Riverfront Village,
and the Beaver Creek's Hyatt Mountain Lodge~Villa Montane mixed use project.
Architect
Gordon Pierce's firm was one of the original architectural firms in Vail, and has a
wealth of experience in the Vail area. Resort Design has offices in the Vail Valley
and San Francisco.
Architect
Gwathmey Pratt Schultz Architects, p.c. is a Colorado Professional Corporation for
the practice of architecture, emphasizing design excellence and attentive service.
Members of the firm have extensive experience in architectural master planning,
design and construction administration ofsingle-family residences, multi-family
residential projects, recreational facilities and commercial developments.
7.8
GREEN BUILDING CONCLUSION
U~'h East U~lest Partners?
y
We live and work in a Valley based on "white" and "gold" but in this We feel an obligation to do an extraordinary job. This is not simply
case we are offering up "green." We plan to design, build and operate a business interest but a personal one as well. We see the renaissance 1. Best Plan. Read the details. Ask the really tough
this project utilizing the latest innovations of "green" building. EWP happening in Vail, and want to be a more significant contributor to questions.
has completed several LEED designed buildings and has many more that renaissance. We need to do this not only for ourselves, but for
underway. All partners are committed to carrying the concept the Town of Vail and for the Town's merchants, citizens and other 2. Best Team. In our heart we know that there is no
forward at every stage of design and development. stakeholders. firm... no team.. ,better equipped to plan, construct,
market and operate One Vail to the highest standards,
This is what we do. , .develop and operate resort, mixed
OPERATIONS EXPERTISE used communities.
While the initial objective is to build it--on time and on budget- 3. Track Record. But it's not only that. 2006 is our 20th
the long term goal is to design and build a project that operates anniversary in Vail...twenty years to prove that our plans
successfully and provides an excellent guest experience. This begins and execution work, from the Park Hyatt Beaver Creek,
the first day of design, not the moment a certificate of occupancy is to the hundreds of residences in Beaver Creek and
received. EWP is a fully integrated development company with Bachelor Gulch, to Avon's Riverfront Village. We know
current, significant management operations on-going in Vail. This what it takes and have the track record to prove it.
advantage in managing hotel and residential units, coupled with
Hyatt's ski resort hotel operating experience offers a winning 4. Commitment. As individuals and as a company East
combination. West Partners is very involved in our communities. We
Vall Valley ReSldentS live here, we ski here, we work here and we raise our
~~ families here. Our employees are involved in numerous,
~~~~~~ ~ & Community
local non-profit and philanthropic organizations.
5. Collaboration. You have our pledge to work
cooperatively and productively with the Town and other
~~~ stakeholders..,.to listen, consider, think through
ramifications. We do this not only because it is the right
thing to do but because with that input, dialogue and
passion, One Vail will be better.
.1
~ Lodging, Retail & Business
Community V A I L R E S O R T s'°
1
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7.9
i
I
Lionshead Parking Structure
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1
PURE INSPIRATION
HYATT ON
Hyatt Hotels ~ Resorts and East West Partners Her.
are prottid to announce Hyatt UN as the hotel
brand at East West Partners' proposed One Uail ~ ~ , ~ ~ ,,,
project. ~ ~ -l ~'l~l ~~ ~1 i~1_~
Not only will Hyatt UN Vail Mountain be one of the first hotels in the neat bratu{,
Hyatt ON is being reserved to only certain select resort and city locations.
~IHY HYATT?
Hyatt Hotels ~ Resorts, with their neu~ Hyatt ON Hotel brand, is the perfect choice
for the propose( One Vail project.
•
The Vision: Hyatt ON is a totally new concept by Hyatt. "Hyatt ON is the perfect match fur today's
modern, global lifestyle. Centered within the must vibrant urban and resort locations, each hotel eaill
embrace the aisiun of the 21st century traveler while keeping the timeless benchmarks Hyatt has built its
reputation un,..impeccable service, stunning design and seamless functionality,°
Here is a summary of the Hyatt ON brand:
~~
m,~ ~ .
~~~ ~
~~~
E ~ _ ,~
~~\pfC» Ihl'll a,tiplltlCltln~.
I~rand cspciicncc .Awakrn~ vom cic~~n~ iry
I~rand pci~,unalit~~: The. local alrernan~e. St~~lisl~
V~l[~IUUC bCln~~ UYnd1'. ~~ timal'C pl'1'~nn ti bl~Ufl~~Ue
hotel.
I'rof~ile: ~enaial hurel~~ designed to rspres~ the
~tiCa~ IdenllC~' In a y~~Ung, l'\cl[Ing mannCl'.
~ l,U~tUmrn: Uppel' InCUme, ~~nlV'CnIC~~ r'dnGltl'd.
~~att Service: Young and std li.,h
f'o(1d and bCA'Cra~e ~)UC~ets: CfCaIICC f~lod ally
~`e~'el'age In or adaacent Cl1 Che iUhby.
}'ICnI'~s CenCeC: ~C11te Uf t~1C aft fl(nrss Centl'1'.
~ ~~UI~~~~),~l' ~)t l'Islt: bUslnts~ (~I' ~t'LiUI'r.
1
New Brand. Mani' brands have °tited" hotels which dilute the value of the brand and guc>t
experirncc. This brand is ~~ nr~~~~, distinctive concept. As one of the tint Hyatt ~lN hutrls,
thr Vail hotel mill x~t ~~ highstandard for the hrand..,uthn:~ will follow our lead.
~nnup~amfrrrnccs. 1 lyatt ranks in thr top two brands in the uuuln~y in first tier anpurote
group husinrss. Hyatt is ~~ brand that has proven capability in bringing in significu~t groups,
and a proven ability to operate such a huility.
New aistomrn to Veil. Hyatt ON will bring ynunger, more std°lish costumers to Vail. The
~klCl' pnpU~allun Is aging; ~et~s elll'r~~l.e ~~al~.
~lltl'I'naUUna~. H<<l[[ Is an1t~rl~~ i~~~ ~ff,~ll~'~" iii rn ~~~~~~~~ ~ ~'1 ~~~ ~~~ ul,~ ~~i~~ ~~n~1~'
international custumer~ to V~~~nl
- - -
~~att Knuwled;~~e in the ~larl.~ ~
~1urr loom, in a nnrkrt creair ~~ i~l.~-~ ~ ~ ~ ~ ~ ,-1 ~~~~
advuntagrs ~~~ marketing dullan ~ir~~ ~ E D ~ ~ ~ 1 ®9 ~ ~ ~ ~,
better ~r~ rragcd. I lyatt ON can t~ik~~ ~l ~ ~"' ~, ~ ti ,~ D ~1 ~ f ~ `i~ .
a~h~anrige of ne~arl~~ ?0 }'ear; of H~°ait r ~ _~ ~~r ~. r ~. ~ ,
;l, ~ ,~ ~ ~
local market knu~tlcdgr» the ~° , - ~ ~,
oprr,iror of the i-,tar ['ark Hyatt in ,~,.: ~~ ~ ' ~ ~ 1 ~ ~~,~~~
I~e~~wer (:reek. The ~}+-star Hyatt
~~N ~umplrment~ th~~u well by hawing another I I~~uti ho~~~l in she market ar a lo~~rr pticc
prnnl.
• Fami~y~Fractiunal Experience. Hyatt hay built an imprrs~ive network of fr~ctiunal pruper~irs,
including ski re,urt properties in Eiraver (week, Aspen, and Breckenridge, Hyatt knows how
n, bring in cu:nunrrs. By the a°~l}', what's the h~actiunal costumer profile.' Families,
• Rcsidaues lncrrase Hut Beds. The project will include condominium residence which art
availahlr her rent. These Residence; mill feature lurk-off hotel rooms, and the owners will he
able cu enter in~u the renril pt~~gram. This will increase lied bast in the hotel to over i00
keys.
• ~~att-Lu}'~il Custumec~. Hyatt is an established brand with loyal costumers. Their Gold
~~asspof[ CUstllnil'r ~Uya~Cy pf~~grmil IS lve~~ esGlb~l~~hed and IYCUgnl=ed ~L'adl'1' In (hr Indlisll')'.
Commitment to Colorado. H~~att bets many hutch and resorts in Cu~uradu. Because of their
~~ron~; group~contrrrnce prrfurmance, Hyatt was selected to he the operator of the Hyatt
Rrgenc~~ l~envcr, Col~iradu Convention Center hi the City and County of Lem°er.
• ~~ro~raphic ti~larkcts. Geugraphicall}~, Hy~att'> nru~kcts ~ilign well with Veil's market.<.
• Affluent Trnrlcrs. Yrs~,nvich, ['errerdine, Brown ~ Russell's Zhl~6 portrait of the Affluent
Traveler (a survey of n~avelen with annual incomes greater than hl~h,l~~~0) indicates th~it
I lyatt is the preferred brand among business trn~clrrs, and is second only to Rite (~~arltun
~in,~,n~, aHlnrnr Iri<nm n~:n~rli~r:
~.1
1
GROUP AND CONFERENCE BUSINESS
Hyatt ranks amongst the top two brands nationwide in its presence within first tier
corporate markets. To illustrate the breadth of Hyatt's experience in managing lrtrge-
scale properties, consider that Hyatt currently has 23 domestic hotels ~~~ith over 700
rooms each, comprising nem~ly 25,000 rooms in total. Even more remarkable, in 2005
these hotels had a ~ceighted ai~erage Reveni.~e Per Available Room ("RevPAR") index of
over 100%~, an indication of consistent brand strength and rate stability across markets
even while competing against smaller hotels.
J
Below is a sampling of Hyatt'sfoll-service, convention center hute~s in the U.S. and Canada.
Location
Hyatt Regency Chicago
Manchester Grand Hyatt San Diego`"
Grand Hyatt New Yurk~'
Hyatt Regency Atlanta
Hyatt Regency New Orleans*
Hyatt Regency DalLas*
Hyatt Regency O'Hare
Hyatt Regency Denver CC*
Hyatt Regency Houston:
Hyatt Regency Jacksonville
Grand Hyett Washington*
Hyatt Regency Washington
Hyatt Regency DFW Airport
Hyatt Regency San Francisco'`
Hyatt Regency McCormick Place"
Hyatt Regency San Francisco Airport
Hyatt Regency Dearborn
Hyatt Regency Crown Center*
Hyatt Regency Minneapolis
Hyatt Regency Century Plaza
Hyatt Regency Phoenisx
Grand Hyatt San Francisco"
Hyatt Regency Gystal City
Hyatt Regency Vancouver
Hyarr Regency San Antonio~'~
(*) Supports convention center
Ruums Locatio^ Rooms
2,019 Hyatt Regency Columbus'" 631
1,625 Hyatt Regency Miami~~ 615
1,336 Hyatt Regency St Louis 550
1,279 Grand Hyatt Denver 540
1,184 Hyarr Regency Irvine 536
1,123 Hyatt Regency Minneapolis" 534
1,099 Hyatt Regency Sacramento` 532
1,100 Hyatt Regency Long Beach` 5Z1
958 Hyatt Regency Tampa 517
966 Hyatt Regency Cincinnati` 500
891 Hyatt Regency lndianapolis~' 496
834 Hyatt Regency Baltimore'" 487
811 Hyatt Regency Los Angeles 487
803 Hyatt Regency Mihvaukeea~ 484
800 Hyatt Regency Austin~'~ 448
793 Grand Hyatt Seatrle~` 425
771 Hyatt Regency Alhuyueryuc* 405
731 Hyatt Regency Buffalo" 400
731 Hyatt Regency Louisville 388
728 Hyatt Regency Lexingtun~" 365
711 Hyatt Regency Calgary~~ 355
693 Hyatt Regency Ruchester* 337
685 Hyatt Regency Greenville 329
644 Hyatt Regency Wichita* 303
632 The Hyatt Lodge at McDonald's 218
Total Conference and Convention Ruums 35,450
8.2
I^
~ , °~. ~~VANTAGES
~F THE HYATT BRAND
Hyatt has advantages over non•branded hotels because
Hyatt provides:
l) economies o f scale a ff ord branded hotel
1 ~~roperties operatirtig of ficiencies;
?)proprietary technology;
3) marketing and sales power; and
-ll in~<<~rative prodtticts and of festive
ti~ield-management, ~t~hich otherwise rt~ould
b~~ eery costly for an independent hotel.
Rene{its ]nclucle:
~ ~,ltl~~n~l~ grt~U~~~l~~n~erCn~e I1T~u~~CCln~„ ~lnd ~'~I~l'~ e~fUrfs.
~~Irel[ In~relllenCal rate ;tnd t~llUpanl~'
~'~ r~ UZg brand a11'al'L'ne~~, linked lilt( sllpenUl' Illal~~~e[I11~;
gales, genel"~1Ce a dGpRlpurClUnille rel'l'nUe tih~IfC
ui~~e to e~~en the mn>r ~~igoruus competition.
~`Upl'n~N' C~7st Inan11ge111enC, q'Ifh sn't~ng trill( on ~~back i
ht~use ettlClCnl""~~, Usl' of ~Glte ~~t [he '~lrt R'lhntllog)',
I the levera,~;in~~ of H}~att's purchasing power to
illllll.e pUTCIYd~ing, In~UI'an~e, healdl 121x1', anal Ufhel'
rating cosh.
Upl9l(U prlhlUCC, lUIl1~~IRing dll 1'Ibrant ~tiC1'll',
CCtlnelllent, and ~lllahtl' t~~l' R'111111 ltl~a[t has bec~~mC
~.ntitl~n.
l.cisure 1larketing piu~~rums including H~~att Vac,~tiumii
~ ,imp Hy~ottJ, Gulf f I} irti{, and tip~~ H}~itt~k'~
~~~~d ~a~~~'i~lt~F~' CII~R~IIII'r ~~~1~,11h' }ir~~',!I'llll I~ An
0
HYATT RESIDENCES
Hyatt Residence Owners will participate in the on-site
rental program.,. ~f fectiv~ly ~loti~blin~ the size of the
Hotel from 150 to 300 keys.
Several high profile Hyatt projects include a residential component
Perk H~<~tt Chic,~gu
The Park Hyatt Chicago, a flagship property completed in 2000 with
such luminary partners as Lucien Lagrange architects and Tonychi
Associates, was a leader in the trend toward luxury mixed-use
projects. This development, located prominently un Chicago's
Magnificent Mile, features 20 flours of
pure hotel rooms, with the 47 floors
above in this 67-flour structure
dedicated to condominium re>idences,
including eight full-door penthouses.
All hotel amenities and services arc
available to residents, The
condominium residences at the ['ark
Hyatt Chicago were sold out during
cunstructio^ in unfinished condition
and ~at record levels in die Chicago
market There is nu `standard' floor
plan in' average sire of these units. Re-
sales of die finished units rcm<lin et the
top of the Chicago condutninium
market.
i
~,
Grand Hyatt San Ant~uliu
In San Antonio, Hyatt has agreed to manage the new 1,000-room
Grand Hyatt hotel that will be adjacent to the convention center in
downtown Sun Antuniu along the Riverwalk. This project will have
upwards of 60 residential units on the top floors of the building.
Cusnwp~~~itan Res~~rt & Casin~~ -Las Vegas
Similarly, Hyatt has announced that it will operate the 2,700 room
hotel and condo-hotel residences of The Cosmopolitan Resort ~
Casino un the Las Vegas Strip. The ability of the Grand Hyatt brand
to attract a diverse international clientele as well as the scope of
services provided by Hyatt on a national basis was instrumental in
being selected as the operator for this prestigious project.
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HYATT
VACATION OWNERSHIP
Kith the entry of Hyatt and other brands into the
vacation o~t~nership industry, the traditional "time share"
industry has been transformed, Hyatt brought ~~t focus on
the customer, creati~~ity and the marketing poaver to the
indlrstry
''ii~u in
A Hyatt Vacation Ownership Resort ("HVO") is a perfect complement to the Hyatt ON Hotel and One
Vail Residences.
Hyatt has been an innovator e~~ithin the inilustr}'. For example, Hyatt has created innovative, market
appropriate owner use plans, including enhanced exchange privileges within dle Hyatt Vacation Cluh
and independent exchange agencies, and creative use of lock-off units.
What Hyatt Vacation Ownership will du for Vail:
• Hot ~~eds. ~{yat[ pfopl'C[le~ fUn CUnsl>tenC~y ~llg~l oCCUpanCy...ln the ~~~~~~~ C11 ~)~~ii rangy. Thls
i> driven b5~: I) Ou~ner use, ?) Inirrnal Eschangc. Onners ar other I IVO prupertirs
"esdlange" into other properties ~t~hen nut occupied by Ownrr~. ~) Other eschan~~cs.
O~~~ners in other (nun-H~;itt) vacation ownership resorts will esch;mge into Veil through
third-party exchange agencies such as Interval Intrrnation,il. ~Il Rental. When nor occupird
by Owners and cschanges, thc° properties m~iy he a~~ailuhlc fnr renril.
F~~{milies: Quite simply, the HVO iu<tomer~ arr f~unilies. That's good h>r Veil.
• Flexible use plans. R<<ther than u~t~nership only in week-lung inter~~nl, like n~,iditional time
share, I~VO has developed rr~°~iti~~r un~l m,irke~-~~pprnpri,~~r ii~;c pl~~~ns. Fur rx,~mplr, I {}~;~tt
M~xmtain Lodge in Beaver (:reek cny~lu}~s a mix of ~i "fixed" winter ~~~eek plus about 10 d<+ys
floating lino in a "?lath share° tluuughuut the rest of the }tar to maximise rnencr ri,c sued
satisfaction, as ~~~ell maximi_e occupancy. All of this timr can hr converted to "poinrs° t~n~
exchange purposes.
• Conuniuuent to ~~ualit ~. Cunsi~tent with I lyatt's rn~erall mission, thr } IVO properties are of
amsistenrl}~ high duality°.
• Ski fouls. From the heginning,llVO pLucd significant emphasis un ski destinations, ~~~hich
include H}~att Mountain Lodge (Braver ~:rerkl, I lyatt Iv~l,iin Sn~ert Station (Breckenridge).
I I~~~att grand Aspe^ (Aspen) and Hyatt High Sierra Lodge (L<<ke Tahur).
• Diverse purtf~,liu of properties. In addition to ski lueations, I It'll has pruprrties in such
locales as Kc}' West, Florida; Naples, Flurid~a; Curmcl, C'ulihunia; The E fill (:uuntr}~, Trxas;
an,l Sedum, Ari=una.
8.4
HYATT'S
COMMITMENT TO COLORADO
Hyatt Hotels
Park Hyatt Beaver Creek Resort ~ Spit Avon, CO
• E,I~I 1~~'~~~I I',~nn~r~ -~ ~~e~~e1~~E~c~r
• ~tH~lll~~: Il)~l
• Tv1cctin;; ~~ <~ce: 16,4h0 sf
• ~~ fZC~l~~l'llltti ~U~l~ klti FfBLtli~ll~ll hPUt~UIf
• Misr~l Use Ile~~elupmen~ n~itli Rcsi~lcnti~ll, Fractilmal,
R~~rlil, ,unl ~~~a~Fimes~ Gnu~,uncnt~
Grand Hyutt Denver Denver, CO
• ~~1r•rrin~l Sn;i~ r• ~4(i_~~l~l~ ~{
Hyatt Regen~~y Denver Convention Ctr Denver, CO
• ~\i a ~II1~: ~ , ~ l1h
• ~[crrin~l ~i~~ltc: bl~,~~hh sl
Hyatt Regency Tech Center Der~iler, CO
• ~num,: ~I71
• ~ieetin~, ~~~ace: Z4,~i~~h ~(
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Hyatt Vacation Club Resorts
Hyatt Main Street Station Breckenridge, CO
• E,I~~ 1V'~~~t I',~rtn~~r, I ~~~~ cl~,~,er
• 5l~ Rc~i~lcncc~
• i~1iac~l l hr 11r~~rlu~,ment «~ith Re>iJen~ial,
Rrrlil, ~~u1J Cluh C~m~}~~ment~
Hyatt Morantain Lodge Beaver Creek, CO
• E~I,r 11'~~~I h,Ir~iur~ I~r~cll,E,er
• ~L~ R~~si~lrnce•
• t.~1i~c~l U:r Ilr~~rlu~,ment ~~~ith R~;i~lcntial
anal Rcrlil Cun~~~~mcnts
Hyatt Grand Aspen
• ~~i I\C~II~I'IIIC~
Park Hyatt Residences
• E~,,111'~~II'~~irtnrr
• I ~ Rr,~i~lcncr.;
• E l~~trl ~cn~irr,
Aspen, CO
Beaver Creek, CO
lle~~elu~~er
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WestPartners _ a
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_ , ., -r a
Lionshead Parking Structure
East West Partners ONE
1
View r~m V C`~l~ 1Vl~UntClln (Residences & Market/Gallery, left; Hotel & Conference, rik~ht) 10.1
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1
10.2
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Hote ,Terraces, Civic & Learnln Center (Fr~~tn E~~sr L~onshe~~d Cr~le> 10.3
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Hotel View to Vail Mountain ~P~~~~re.~~~~11«~e tr~~~ll F-~~~nra~e R~,a~~~ 10.4
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Rw~std, 6c.3.o~
MEMORANDUM
TO: Town Council
FROM: Community Development Department
DATE: November 7, 2006
SUBJECT: Lionshead Parking Structure Request for Proposals
Staff: Stan Zemler and Russ Forrest
I. Purpose
The purpose of the evening meeting with the Vail Town Council (Council) is to:
1) Receive a presentation from the competing Lionshead parking structure
request for proposal (RFP) development teams and ask questions of them
regarding their proposals.
2) Provide staff with direction on additional information that would be helpful in
making a decision on this RFP process.
BACKGROUND
A. Goals
The Town of Vail (Town) owns and operates an 1,150 space parking structure
and an unimproved charter bus parking lot, located at 395 South Frontage Road
in Vail, Colorado (See Section 7 of RFP). This site is 6.3 acres in size and is
located in the Lionshead Redevelopment Master Plan area, one of two
pedestrian retail areas in Vail. In addition, this site is included in the Lionshead
Urban Renewal area.
A draft master plan for the parking structure was completed during the process
of considering a conference center; the Town identified at that time, the following
needs for the site:
• The existing parking structure needs both capital and operational
improvements to maintain its effectiveness in the future,
• The Town currently needs 400-500 additional public parking spaces to
minimize overflow parking on the Frontage Road for 15 days per winter .
season,
• Redevelopment of the parking structure should include retail
development on the south side of the parking structure as called for in the
Lionshead Redevelopment Master Plan,
• Pedestrian access needs to be improved between the parking structure
and the Lionshead retail area; and
• Improve the Lionshead Information Center.
In the last year, private developers have approached the Town of Vail and
proposed redevelopment of the site to accommodate both public and private
uses. To ensure a fair and equitable process, the Vail Town Council directed
that a "Request for Proposals" be issued to solicit development proposals that
meet the project goals of the Town for this site.
The RFP seeks qualified developers who can develop the Lionshead parking
structure consistent with the project goals of this RFP stated below.
The following are project goals for any developer considering submitting a
proposal:
A. Development proposals shall comply with the Lionshead Redevelopment
Master Plan (See
http://www.vailgov.com/docs/dl forms/lionshead master plan 01 2006.pdf )
and be consistent with Lionshead Mixed Use 1 Zoning (See
http://www.sterlingcodifiers.com/CO/Vail/ for Title 12 in the Vail Town Code).
B. Development proposals consistent with the Lionshead Redevelopment
Master Plan and the Lionshead Mixed Use 1 Zone District shall help pay for
the public improvements. A strong preference is given to uses that generate
"hot beds" such as accommodation units (hotels) and Employee Housing
Units. Parking generated by private development shall be provided and paid
for by the developer.
C. Meeting/event/conference facilities accessory to hotel and lodging uses.;, .
D. The Town anticipates extensive improvements to the Lionshead parkirig
structure in the near future. Creation of a new public parking structure; paid
for through the redevelopment of the site, should include a minimum of 1150
public parking spaces that would improve the operational performance of the
structure compared to current operation (See 2005 Walker Parking Study in
Attachment B). The Town is assuming that it would continue to own and
operate public parking in Lionshead.
E. Creation of new public parking in excess of the 1,150 existing spaces ~on the
site based on circulation viability.
F. Creation of a new Lionshead information center with public restrooms.
G. Redevelopment of the Lionshead Annex with consideration given to the `
relocation of a Youth Recreation Center and the Colorado Mental Health
offices.
H. Improvement of the pedestrian, transit, and vehicular circulation between the
parking structure and the Lionshead retail mall. .
I. Provide loading and delivery for uses created on-site which can also be used
by adjacent Lionshead retail uses. '
J. Improve hotel shuttle bus circulation which currently drops guests at the ,
southwest corner of the Lionshead parking structure. The Town is interested
in siting a Lionshead transit facility to accommodate 5 buses for regional bus
traffic. The parking structure area is one of the locations under consideration
for that use (See Draft Master Plan for Parking Structure).
K. Creation of a retail connection along the south side of the project site'that is
consistent with the Lionshead Redevelopment Master Plan. ~ ' '
L. Frontage Road improvements consistent with the Lionshead Redevelopment
Master Plan and acceptable to the Colorado Department of Transportation.,
M. Other public amenities that would augment the vitality and economic impact
of the development. ''
N. Use of the U.S. Green Building Council's LEED Green Building Rating
System, or a comparable alternative, to guide project design. '
~`,:.
Attachment A includes the Executive Summary for Both Teams. It should be
noted that proposed schedule changes are proposed below.
B. Projected Costs for Maintaining the Lionshead parking structure and
other associated improvements
The Lionshead parking structure was built in 1980 and is projected to have 25
years more of life before major reconstruction is required. However, significant
capital investments will be required to reach the 25 years. Necessary
improvements to the Lionshead parking structure can be placed in the following
categories:
Structural/Capital Maintenance: MM
• Repair all the stairs and stairways: $350,000 due next couple of years
• Ongoing expansion joint work: $50,000/yr
• Top deck slab: re-topping within the next eight years: $2,500,000
• Salt penetration repairs: $150,000 due next couple of years''
• Water infiltration repairs: $250,000 within 5 years
• Painting/lighting/system maintenance: $150,000/yr'`
• Parking equipment replacement: now $300,000, also every 5-7 years,
will request for 2007MM
Operational: The current structure does not function well as designed:
• .Install pay on foot stations: $200,000
• Provide another exit to East Lionshead Circle: $750,000
• Convert the garage to one-way circulation and lose 100 spots: cost to
replace the 100 spots: $3,500,000
• Roadway improvements for better ingress/egress: $3,000,000
Code/regulatory: Required improvements to meet current codes will be
required with any enhancement or remodel. '' "` ''~
• Elevator to meet ADA: $400,000 a piece
• Sprinkler and detection systems: $1,000,000
• Increase ventilation on certain levels: $350,000
• Egress and proper emergency access issues: $150,000
Enhancements: Keeping up with the customer expectations, matching the new
neighborhood and keeping the Vail experience.
• Bathrooms: $500,000
• Information booth: $900,000
• Auxiliary building: $1,700,000
• Heated entry stairs: $1,000,000 verses $300,000
• Elevators: See above
• Streetscape: $1,000,000
• New heated streetscape entry/bus plaza: $3,000,000
Expansion: We have stated the need to expand the supply by 400 spaces.
• 400 new spaces: $12,000,000
Currently, some of the structural and capital maintenance issues are budgeted
over the next 5 years (*). Operational issues are not budgeted except the
-,
possibility of roadway improvements using Tax Increment Financing (TIF) funds.
Enhancements are not budgeted except to use TIF funds for streetscape and
entry plaza.
The conference center, if approved, would have addressed all these issues with
the exception of the topping slab, one-way circulation, the information booth and
expanded capacity by only 250 spaces verses 400 spaces. The revised capital
budgets for 2007-2010 will need to reflect increased costs to take care of the.
shortcomings.
C. Criteria for a Final Selection
On September 5, 2006 the Council approved the following criteria (which is
based on the original goals of the RFP).
Regulatory CriteriaMM
• Compliance with Lionshead Mixed Use Zoning,
• Conformance to design guidelines in the Lionshead Redevelopment
Master Plan,
• Compliance with affordable housing policy.
Circulation and Parking
• Replacement of existing parking without affecting parking availability
in the ski season,
• Mitigation of lost parking during the construction of the parking ,facility,
• Number of additional public parking spaces (beyond 1,150 spaces.),
provided upon completion of construction,
• Provide for loading and delivery for the site and surrounding area,
• Provide for mass transit access to the Lionshead area,
• Enhance circulation for pedestrians and vehicles,
• Provide necessary improvements to Frontage Road in compliance
with CDOT standards. ~ ~ '
Uses
• Number of "live beds" and degree to which they provide diversity to
the Vail bed base,
• Provide retail opportunities on East Lionshead Circle which ~ ~~
complement existing retail areas,
• Provide public amenities: recreation, entertainment, event/meeting
facilities proposed on the site,
• Provide a new Lionshead information center,
• Consideration of the relocation for the Youth Recreation Center,
Colorado Mental Health, and other tenant uses. !~
Financial Considerations
~.,
• Financial return to the Town through lease payments, air rights
purchase or other payments, ~ _..:~
• Town's financial commitment for construction and maintenance of
public improvements,
4
• Financial viability of the project,
• Financial capability of the developer to construct and operate the
project,
• Financial guarantees for timely completion.
Environmental/Carryina Capacity
• Overall environmental sensitivity and ability to achieve an established
environmental certification for the design and construction of the
facility,
• Overall innovation and creativity.
Legal
Ownership structure for the parking facilities and private
improvements,
Contractual arrangements necessary for joint ownership and
operation of public amenities,.
Assurance of completion and operational commitments.
Staff and consultants will review the proposals and make a recommendation
to Council regarding the extent to which each proposal meets the criteria.
The Council will make a final decision in its sole judgment as to which ,~.
proposal is in the best interests of the Town. The Council will reserve the
right to reject all proposals.
III. Action Requested from Council and DRB 8~ PEC representatives
A. Receive Presentation from the two development teams and ask questions
Staff has had the opportunity to question each team to clarify proposal
responses. Attachment A includes an executive summary for each developer
with some new information included in the summary. Attachment B is a
numerical summary of the quantitative differences between each team as the
competing development teams have presented their numbers. Attachment C
includes responses from each developer to staff questions. Staff would like
to emphasize that further work is needed to vet the values of the public
improvements and how the utilization of tax dollars particularly TIF affects the
overall public value of the projects. Staff is proposing that over the next month
that we begin to develop written preliminary development agreements that are
more specific in terms of the value of public amenities and the utilization of TI~F
or other public funds to pay for public improvements.
The following is a list of major points of difference in the proposals from staff's
perspective: ' '
1j Parking:
Both teams have approached net new public parking differently. The major
difference is that East West Partners (East West) is proposing to provide 1,,,150
spaces by December 2009 under both of its proposed options. In Open
Hospitality Partners (OHP) 1St option they provide 285 net new parking spaces
not required by zoning. However, this will result in only having 400 parking
spaces from the commencement of construction to February 2010 when 1150
spaces would be available for public parking. OHP did come back with an
option to park 285 spaces off-site and provide 1,150 spaces by December
2009. Off site parking based on current discussions with the parking task
force could presumably be at the proposed West Lionshead parking structure
or at Ford Park if that was deemed an appropriate location by the Town. ~ East
West, based on the numbers presented to the Town has created an option
which has the highest amount of net new parking. Staff has analyzed both
parking proposals based on zoning and we are finding that the required
parking for the private uses for East West may be less that what zoning
requires. Staff will be verifying required parking numbers for both teams in the
following weeks.
Parking
Open Hospitality Partners
Both are proposing to park their
proposed private development.
OHP has provide two parking
options:
Option 1: Total Public Parking is
1,605 that include 1,150 spaces to
replace existing parking, 170 spaces
required for the retail and public
uses, and 285 net new public
parking spaces. There are 397
private parking spaces.
1,605 Public spaces +
397 Private spaces
2,002 Total spaces.
Option 2: Another option offered by
this developer is to reduce the total
number of public parking spaces to
1,320 spaces (170 for public and
retail uses) on site or 1,717 spaces
(public+private) and then provide the
net new parking of 285 spaces off
site. The proposed benefit of this
proposal is to provide 1,150 spaces
of parking by the beginning of the
2009/2010 ski season.
East West Partners
The Developer is proposing to park
their proposed private development:
East West has two options for
parking:
,,
Option 1: Total Public Parking is
1,500 spaces (includes 65,parking
spaces for civic center space,, ,97: for
retail, and 188 net new spaces not
required by zoning).
{
1,500 Public Spaces
312 Private spaces
1,812 Total spaces
.~.
Option 2: Another option presented
by East West is to reduce-the civic
center/meeting space by 20% andr
provide 308 net new spaces or .
reduce the space by 25% and ~ '~
provide 338 net new spaces.. Its
staff understanding that the
additional incremental spaces (over
188 spaces) would be provide on
site.
2) Parking Impacts During Construction:
Both teams are proposing to commence construction on the parking
structure in April 2009 with road improvement occurring in 2008. Both
teams are proposing to provide 400 spaces during construction in a portion
of the existing parking structure. The primary difference is that East West is
proposing to provide 1,150 spaces by December of 2009 for the ski season.
OHP will not provide 1,150 spaces until January/February of 2010. OHP
did provide another alternative to provide 1,150 spaces by December 2009
by reducing the number of parking spaces from 2001 to 1,717 and providing
285 spaces off-site or doing a payment in-lieu. Another "back up" option for
parking is to work with Vail Resorts to initiate the development of the West
Lionshead parking structure by April 2009 and complete 400 net new public
parking spaces by December 2009.
Parkin Im acts Durin Construction
O en Hos italit Partners East West Partners
OHP has provided two options. East West is proposing to
commence construction in April of
Option 1: Commence demolition of 2009 and provide 400 spaces
the parking structure in April 2009 during construction and return
and maintain 400 spaces until 1,150 spaces by December 2009.
January 2010 when 1,150 spaces
would be available.
Option 2: Commence demolition of
the parking structure in April 2009
and maintain 400 spaces until
,, ,,
December 2009 when 1,150 spaces
would be available with only a total of
1,717 parking spaces.
3) Public Uses and Retail
Both are proposing a comparable amount of public uses in square footage
with East West at approximately 85,000 square feet and OHP at 90,600
square feet. The other difference is the major public use proposed by each
developer. East West is proposing approximately 60,000 square feet of
civic/event space which would be designed to accommodate events and
meetings with the largest contiguous space being 25,000 square feet. East
West in their submittals has illustrated how this space could be used for
meetings, performances, and special events. It should be noted that East
West proposes options to reduce this square footage and increase total
public parking. OHP is proposing to provide a 32,000 square foot visual
and performing arts facility with also has a high level of flexibility. The OHP
facility would have approximately 600 fixed seats and 1,000 seats in more of
a flat floor configuration. It should be noted that the Vilar Center has over
500 seats. Both uses would have an annual operational deficit that would
need to be addressed. Both groups discuss using additional incremental tax
revenues generated by the project to pay for operational deficits. Further
negotiations are required to address how the Town would not be exposed to
any operational deficit of the facilities. It should also be noted that both
teams provide estimated values of the public improvements. Staff would
urge caution in evaluating these numbers and suggest that further
information is needed to verify these benefits. Both teams are also
providing an information center with OHP providing a larger space
compared to East West. The OHP information center is larger and well
located on the site. Also East West is proposing a community not-for, profit
center and replacing the VRD recreational center space as differences from
+~.
OHP in their written proposal
Recreational uses are proposed by both teams. East West is proposing to
replace the VRD space (publicly owned and operated) and provide public
access to its proposed wellness center. OHP is proposing public access to
both the public spas and fitness centers of the Regis and W.
Public Uses
Open Hospitality Partners East West Partners
1) Total Public Uses: 90,600 sq. ft. 1) Total Public Use: 85,000 sq. ft.
2) Visual and Performing Arts 2) Civic Center/Learning Center:
Center: 32,000 sq. ft. 60,000 sq. feet with a 25,000
3) Information Center: 2,400 sq. ft. sq.
4) Access to Spas/Pools foot contiguous space.
3) Information Center: 1500 sq. ft.
4) Other Uses: Not-for-profit
offices, VRD Rec Center, Wellness
Center Access
4) Retail
Retail provided by OHP is at 60,000 square feet and East West is providing
approximately 30,000 square feet which is a significant point of difference.
~~ .~:
5) Hot Beds
Hot Beds is a stated policy goal of the Town and specifically the Lionshead
Redevelopment Master Plan. Staff would suggest that there are three
critical issues to evaluate
• Quantity and type (hotels vs. dwelling unit lock offs) of Live Beds '
• Average Daily Rate (ADR) ,
• Ability of the hotel brand to create new incremental business for Vail
OHP is proposing two hotels the Regis and W both of the Stanwood Family
totaling 240 hotel rooms. East West is proposing a new Hyatt Brand called
"Hyatt On" with approximately 150 hotel rooms. The ADR proposed for the
Regis and W are higher than the Hyatt Brand. The W and Regis brands
are established known brands. Hyatt also has a very significant marketing
program. The "Hyatt On" brand is a new product that is just coming on to
the market. Further information is needed quantify the impact of the
brands on Vail in terms of creating new customers.
,,.
Hot Beds ~ f: ~ - -.
~ Open Hospitality Partners ~ East West Partners ~
Hotel Rooms: 240
Fractional Units: 25 units
ADR: Regis is: $423
W is $383
Hotel Rooms: 150
120 Dwelling units with 227 Lock
Off Keys
Fractional Units: 75 units (150
keys)
ADR: $ 275 (5th Year)
6) Transit
Both teams are proposing to create a transit center-which would essentially
satisfy the needs expressed in the Lionshead Redevelopment Master Plan.
As currently designed, staff believes the OHP design most satisfies the
needs for a transit center based on the Lionshead Redevelopment Master
Plan by most effectively integrating the various modes of transportation
needed for this use i.e. pedestrians, buses, and hotel shuttles:
Transit
O en Hos italit Partners East West Partners
Transit Area: 26,179 sq.'ft. Transit Area: 17,500 sq. ft.
(primarily out door area)
7) Affordable Housing
The Town's housing policy is under development. Each team has proposed
a quantity of affordable housing for the project. East West has
acknowledged that some of the affordable housing may need to off set with
TIF ($5 million) paying for a portion of road improvements. The proposals
address on site housing and their follow-up responses indicate an interest in
pay in lieu of off site housing. Both recognize that, like other developers,~~~.
they will need to comply with any new housing policy approved by the Vail
Town Council.
,~...
Affordable Housing
O en Hos italit Partners East West Partners
217 employee/beds 130 beds
8) Financial Value of Proposal
Each team provides an estimated financial value for their public benefits.
However, they make different assumptions about using tax increment
funding and/or incremental sales or lodging tax. East West is not proposing
to use TIF .but provides an estimate of how much TIF would be generated by
the project which could be used for other public improvements i.e. Simba,
Run, Frontage Road improvements. While OHP proposed to use TIF
dollars to pay for a portion of their public improvements. Staff also believes
that both teams may be over stating the true value of TIF generation from
the project. Staff would like to further evaluate the development team's
proposals to "vet" both the values of public improvements and the
assumptions around the use of public funding. Steve Thompson is .
continuing to analyze the financial viability of each development team and
will provide a letter on his conclusions to the Town of Vail.
The Teams have expressed the public following values:
Value as Described by Developer
O en Hos italit Partners East West Partners
$145 M in .public improvements $101.2 M in public improvements
ro oses to use TIF. '" Not ro osin to use TIF.
9) Environmental Standards
-.
East West is proposing to achieve a LEEDs certification for their project.,
Staff did not identify a specific environmental certification proposed in OHP
proposal.
B. Schedule of Next Steps
The following is a series of next steps with several opportunities for public
input and involvement.
September 29, 2006 Phase 2 proposals due by 5:00 Mountain Time
October 2-November
2, 2006 Technical Review of Proposals Design, Financial
Feasibility ,~
This would include a meeting between the Town
and representatives of each development team to
.review the technical and scheduling issues
associated with each proposal. Presentation to
staff would occur on October 10, 2006, prior to a
public meeting.
October 10, 2006 Initial Public Presentation to Public/I'nput on
public amenities
November 7, 2006 Presentation to CommitteeMM on Proposals,
November 8, 2006 Presentation to Community on Proposals
8:30 a.m. at the Donovan Park Pavilion & '`~''"'~
io
4:00 p.m. at the Donovan Park Pavilion
(Presentations will start at 4:40)
November 8-21, 2006 Staff will continue to critique construction values
and financing in the form of developing a
preliminary development agreement.
November 21, 2006 Follow-up questions with Council
December 5, 2006 Public Hearing/Decision on Proposals
Attachment A: Executive Summary for Both Teams
Attachment B: Numerical Comparison of Proposals
Attachment C: Responses to Staff Questions
F:\cdev\COUNCIL\MEMOS\06\LionsheadParking Structure Council Memo 110706.doc
11
From: Russ Forrest
To: Town Council
Date: 11/3/2006 2:05:51 PM
Subject: Correction on Lionshead RFP Memo
We have emailed the staff memo to the two development companies. We did catch one signficant
correction and that was on Page 8 - we inverted the ADRs.
The East West Hyatt has an ADR of $275 &
Open Hospitality has the following ADRs (Regis is $423 W is $383).
Attached is an updated memo for you to use.
Thank you.
Russell Forrest
Director of Community Development
Town of Vail
970-479-2146
rforrest@vailgov.com
CC: Stan Zemler; Suzanne Silverthorn
4
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LionsHead Parking Structure Redevelopment
The Open Hospitality Partners &Hillwood Capital [Open ~ Hillwood] Partnership
Executive Summary
;$. '; ,
~~x~ ~...S E31.•.
L` ~ c
Attachment A
ae
the team
The Developers:
Open Hospitality Partners and Hillwood Capital (Open ~ Hillwood) have joined forces in this
proposal to build a very exciting mixed-use project for the Town of Vail, Colorado, at the
LionsHead Parking Structure. Our desire to pursue this fantastic opportunity is the result of many
years of wonderful personal experiences in and an appreciation of Vail.
Vacationing here since the 70's, principals of both firms proudly call Vail their favorite vacation
and leisure destination and have watched its steady development and maturation admirably. We
understand Vail's sensibility. Our team's collective desire is for any development in Vail never to
detract from the unique beauty and elegance that has attracted us. Accordingly, as we propose
this unique redevelopment we have assimilated aworld-class team.
aa2aty~o f ° ^ UIl'~i~ ~ Ui:~
~ '
I'I „~u,;,vcK~o OPEN ( ~~ COMMUNITY
.........n...mn ~~r{~.''~
/ Carle
4240 ._._~ i MoRrasoN'
The Designers:
~~Collaboration ~~ is the best word to describe our team will work
ea W s
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8ailayb Mwson
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Executive Summary
The Brands:
As stated above, the project team was selected specifically to meet the unique needs of this
project, from the standpoint of design, development and most importantly operations. The
development of "live beds" has been along-standing community goal in Vail and is one of the
main goals that the town has specified for this project. In response to this goal, lodging is the
single most significant component of our plans for the project as two very distinct and unique
hotels are planned for the site - a W Hotel and a St. Regis. Not only are these hotels part of our
plans, it should be noted that Starwood Hotels & Resorts Worldwide, Inc. has formally
committed to operating these hotels for this project. These two hotels are far more than just ideas,
they are ready to happen - Stanwood is a partner in this project and a key member of our project
team.
The design team will be led by the architectural firm of 4240 Architecture Inc. from Denver,
Colorado. A familiar face in Vail, 4240 has designed many projects in the recent renaissance of
Vail. CommArts will assist the design team on graphics, signage and streetscepe. Fisher Dachs
Associates, a nationally recognized theater and event space design firm, will lead the
programming and planning for the very exciting Vail Center for the Visual and Performing Arts
(VCVPA). Other notable members of the team include Walker Parking Consultants and Open
Realty Advisors. The importance of the parking component of this project cannot be overstated.
Walker brings a great deal of experience in not only the design of large parking structures but also
the complexities of construction and time constraints associated with of these type of facilities.
Walker will work closely with Kimley Horn and Associates traffic consultants to integrate the on-
site parking concerns with the town-wide traffic concerns. Retail is seen as a key element in
energizing not only the project but as a vehicle for creating a vibrant and exciting pedestrian street
along East LionsHead Circle. Open Realty Advisors, a nationally known retail consultant will be
advising the team on the retail component of this project.
"~'~"°~ The Contractor:
t,~°s M.~°Flpl •°°,IrI°r, The M. A. Mortensen Construction Company -Our newest team member, enters our group as a
fierce advocate of the Town of Vail. Mortensen brings a national level of experience and expertise
`~
~ to the group and one fully in tune with the complexities of mountain construction and the
"
QD challenging construction issues inherent in the locale. In addition, our contracting partner is well
~P~N known and respected within both the Vail community and by those in the staff and jurisdictional
... •. levels of the town itself.
7E*:~~e. .: mrrr=~r,, Brought on just after the presentation of our Phase One submittal, our "Mortensen people" have
played a significant role in the formulation of our plan to selectively demolish portions of the
Commzr¢s ('~, i existing parking structure and to construct the underground complex in sections; while providing
-~ the neighborhood and the mountain with the highest level of parking service possible throughout
the entire process. The team now.has a fully developed construction sequence schedule, a real
~:,;P=;, .1-~-.. plan for parking loss mitigation, and a clear constructible path to fruition -all provided by a builder
of utmost quality and integrity: With the addition of M. A. Mortensen, we look forward as we strive
to deliver this exciting new place in town. We welcome them to the development dialogue yet to
come.
G2,~O
LionaHead Parking Shuctura Redevelopment The
Open ~ HWwaod Partnermhlp
design philosophy
"It is about the making of One Vail. It is about the rising of
one integrated town -one that is also alive with variety,
discovery, and even a degree of mystery. "
While the Town of Vail's interest in redeveloping the LionsHead Parking Structure may have
initially been prompted by the need to replace an aging, inefficient auto storage facility
and some misallocated and outdated retail space, the development opportunity on this site has
come to embody the very idea of Vail's Renaissance.
The occasion of renewal is exciting, unprecedented, and of benefit to nearly all who journey to or
live within the town. The redevelopment presents an amazing chance to heal an initial, perhaps
misguided break in the village fabric that could have been, and now has the chance to become,
the keystone link between the main portal villages in town. By incorporating the scale, style,
ornament, color, vigor, energy, beauty, and fun of both LionsHead and Vail Village, this new Vail
center can not only philosophically connect the two, but can serve to draw them closer together
physically and perceptually as well.
A knowledgeable development team should wish, only to arrive at and then suggest a "proposed"
vision of a place; a sort of collective image or dream. It should not attempt preliminarily to declare
dogmatic beliefs as to what is absolutely appropriate here - on this site - in LionsHead - in Vail,
Colorado.
It is this collection of notions, big ideas, subtle nuances and random thoughts that has surfaced,
and congealed to some degree, into what we would describe as the Open ~ Hillwood Vision for the
redevelopment of one of Vail's most important places.
Our vision is inspired by both the cultural context and physical context of this mountain community
and is not necessarily client driven. Portions of our vision are program oriented and are therefore
directly linked to the goals of the developer. The dominant notion is about the far reaching goals of
the re-connection, re-linking, and re-healing of a town widely perceived in the past as being two
or more separate places.
Working within LionsHead Redevelopment Master Plan guidelines and town goals associated
with this project, our design approach is committed to making the redevelopment of the LionsHead
Parking Structure an important part of an even more significant and reinvigorated whole. It is
not about dogmatic Bavarianism; not about stylistic repetition and boring reflection; not about the
infliction of some arbitrary "mountain style". It is about the making of One Vail. It is about the .
rising of one integrated town -one that is also alive with variety, discovery, and even a degree of
mystery. It is about consistency within complexity; about clarity that allows for fussiness; it is about
beauty and fun. It is about: BECOMING WHOLE.
the design parameters:
Within this pretense, program functions have been identified by Open ~ Hillwood to respond to key
sub-area "hubs" identified in the LionsHead Master Plan (LWMP). Planning principles are woven
into development strategies, physically, culturally and operationally. As an example, ground level
retail activities are provided along East LionsHead Circle, energizing the street and responding to
master plan recommendations. Public mixed uses and "hot beds" are proposed to stimulate
activity and life on-site and within the LionsHead core and to provide the necessary density and
diversity found in the.beloved European alpine towns. Program uses are arranged based upon
adjacency requirements, master plan goals, operational efficiencies, physical site constraints and
neighboring uses. Our design approach considers the end user at the forefront of the design
process.
Executive Summary ng Pmem n,.Op•n ~ Hmwooa PertrerntJp qz~o
LionsHeatl Parki Structure ReCevelo
project uses
The specifics of each element of this
conceptual development program will be
further refined during the design process
and in conjunction with the town.
Public Uses:
Replacement Parking Facility: The 818,480sf parking structure will replace 1,150 existing public parking
stalls, provide 285 new on site public parking stalls, as well as 170 public use generated project parking stalls, and
finally, provide parking for all new uses on the site. The shared, multiple use of new parking will result in a net 1,605
on-site public parking stalls.
Retail ~rlented Pedestrian Street: Envisioned to be a public oriented extension of the LionsHead Core
Area streetscape improvements..
Transportation Center: A 16,000sf on-site transit facility capable of accommodating 5 ECO Buses, as
well as town shuttles and local day skier drop-offs.
Vail Center for the Visual and Performing Arts (VCVPA): Seen as a complement to Ford
Amphitheater and the Villar Center, the VCVPA shall provide a mix of program elements including VISU81 arts,
performing arts, and meeting Spaces programmed and designed to be flexible, public, civic, and inspirational.
The 40,000sf design allows for fixed seating of 610, banquet style seating for 250, or standing room for 1000+.
Roundabout and South Frontage Road Improvements: Includes the construction of a new
public roundabout along South Frontage Road, as well as, significant Frontage Road improvements. The overall
conceptual plan includes improvements of over 89,850Sf of public roads.
Town of Vail Information Center: Project provides a new 2,400Sf on site information center.
Private Uses:
W Vail- Hotel: Energetic 4-Star hotel with a room count of 120, and 50 condominium units which
will have the opportunity to be in a rental pool run through the front desk of the hotel. Branded spa and
banquet/meeting facilities shall be provided on-site The total W Vail Retreat includes 274,620Sf.
St. Regis Hotel: Luxury 5-Star hotel with a room count of 120, as well as 50 condominium
units and 25 fractional units with rental pool opportunities. Branded spa and banqueUmeeting facilities shall be
provided on-site. The total St. Regis program includes 362,820sf.
Retail Space: Approximately 60,000nsf street level retail. .
Employee Housing: 7,350sf on-site and 68,950sf of off-site employee housing provided for a total of 281
employee beds.
'All square footage numbers are gross areas unless otherwise noted
LionsHead Parkin Structure Retlevelo
Executive Summary ~ 9 Pment nw o0.n ~ Huiwootl RertrrrsMp 4z~o
the hotel brands - st. regis & w vail retreat
Executive Summary
•
•
•
•
excite and provide places of escape, entertainment,
and fun for visitors and locals alike.
Luxury 5-Star St. Regis & Energetic 4-Star W Vail Retreat
120 St. Regis Hot Beds + 120 W Vail Retreat Hot Beds
25 Integrated St. Regis Fractionals
50 Integrated St. Regis Residential Units + 50 Integrated
W Vail Retreat Residential Units
C47 nunnrl Rr~nrl Prnvir-1oc~ Tn~~in wi+h Info rn~linn~l
st. regis
st. regis overview
CORE VALUES
sr AeoA ww vorY
~~. ~EG~S
St. Regis Hotels b Resorts
St. Regis IS the leader Of the luxury brand segment For hotels and
resorts. While i[ is the oldest hotel brand in North America, it remains
the most innovative and sophisticated in the industry.
St. Regis Hotels & Resorts was founded in 1904 and is [he oldest and
most experienced hotel management company in North America.
During its 100 years of service, the company has grown from a single
landmark hotel in New York City, [o the luxury brand with the most
growth momentum in the industry while creating a reputation for
excellence among demanding travelers that is second to none.
Historically, maximizing guest satisfaction was the main priority of the
company. As a result, the commitment to profitability did no[ come a[
the expense of [he guest, a fact that is well documented by leading
luxury travel magazines. Conde Nast Traveler magazine named 70°/a
of the St. Regis hotel portfolio to its 2006 gold list, and 60% of the
portfolio was listed on the 2006 Travel + Leisure Top 500. The St.
Regis Hotel, New York was named the "Number One Hotel in the
World' in 2005 by [he readers of Institutional Investor magazine. The
hotel is the first New York hotel to win the coveted top spot in the
survey's 25-year history.
POSITIONING STATEMENT
For connoisseurs who desire [he finest expressions of luxury, St. Regis
Hotels & Resorts provide Flawless and bespoke service while capturing
the distinctive personality of each location.
Indelible memories are created as our guests experience an unfolding
series of delightful moments and thoughtful gestures.
There is no address like St. Regis.
• - UNCOMPROMISING
• SL Regis is uncompromising in its pursuit to create [he best
experiences - no detail is overlooked and no length is too
extraordinary to ensure [hat a flawless experience is delivered at every
(; ~ turn. The St. Regis guests expect the very best and entrust St. Regis
i y [o deliver no less.
.l ~t
BESPOKE
The highest expression of personalization often associated with [he '~
finest Craftsmanship -whether it be a custom tailored suit,
monogrammed stationery, or the interior of a luxury yacht designed -~
and executed to your personal specification. Likewise, every stay at SL _
Regis is effectively commissioned [o be a memorable experience, ~ '' ~~
crafted to meet your highest standards and refined to express the 1
subtlety of your unique tastes. ~~'~~
~~
~:~
SEDUCTIVE
Creating a world for our guests that they never want to leave. St.
Regis draws you in with beautiful settings, discreet recognition, rich
textures, thoughtful lighting and the subtle bouquet of fresh flowers.
This is a world unlike any other, yet familiar in a captivating way,
where the guest is seduced by an unfolding series of delightful
moments.
~ r
ADDRESS
~
The driver immediately knows the address -the ultimate locations ~{~'
within the world's most desired destinations, Important emerging
~/
\
markets and yet [o be discovered paradises. You have arrived and you ,/~`~~°~
are home, wrapped in exquisite surroundings. Home to an acclaimed
restaurant with a Celebrity Chef, Original art adOrniOg the wdlls, the
`
original bloody mary, and signature butler service addressing your r
~~ ~~
every need - a setting for the magical moments that become an
enduring part of your life.
The St. Regis - a perfect compliment to
the W Hotel and a perfect addition to Vail,
Executive Summary ,..,, _r~eea ae,k~~y snuci~re aeaeveioPmem .,,. wen I wuwooa vanrersrW,
St Re3re ('varw N~tel R:.~ia
w vail retreat overview
W [AYtl -Wctory
W
HOTELS
W Motels Overview
W Motels is the industry's fastest growing Co11e000n of world-c1a55 desgn
hotels. From the very First opening in 1998 with the W New York, W hotels
have become the benchmark for an irres~s[ible new breed of hospitality. In
Just over seven years, the W brand product offering has evolved [o include
hotels, residences, condominiums and retail.
Emotional Nigh
W Hotels are world renowned for providing [he highest customer satisfaction
in hip locations. "W Hotels have take the business travel trend toward
boutique hotels antl 5uper5~2ed It travelers With a sense of style can't get
enough of [he W chain for its hip (actor," gushed Entrepreneur magazine in
April 2005. W hotels create the neighborhoods, and increase the buzz in
every location. "Overau, the w is the most exciting addition to the San Diego
hotel scene m a decaz:r. rave trc Journal News of San Diego. Other awards
the brand has rece~.voa nc..dc
Media hfetrix Hospdabty Index (MMHf) for Q3 2005
Ranked -1 in customer sa[isfacton overall. LV Hotels
Fast Company, Ottober 2005
2005 Customers First Award, W Hotels
Entrepreneur, April 2005 -Business Travel Awards
Best Upscale Hotel Value, W Hotels
Out Traveler Awards, December 2005
Best Mainstream Hotel Chain,W Hotels
Best High Tech Hotel Chain, W Hotels
W HollywootJ
The W represents a fun, whimsical,
youthful and luxurious lifestyle - a
perfect match for the "Vail Lifestyle"
W Hotels combines [he personality and Style Of a boutique hotel with [he
infusion and energy of relevant tuzury. W offers total convenien[e and
[omfort that only a full service property can offer. Perfectly designed
ezpenences for both a business traveler and leisure guest co-exist in an
envvonment [ha[ ~s Wired, yet Warm antl delights those staying or visiting
this World with a take away WOW.
Each W hotel is a destination on to itself featuring some of the hottest
restaurants and bars within [heir respecUVe ones. W customers also have
the benefit of enjoying exclusive access to Bliss spas, wrth the recent
acgwsition of Blissworld by S[arwootl.
W Hotels has the benefit of being a boutique hotel with the full support of
S[drw00d's marketing, technplogy, loyalty programs, reservations and Sales
systems that provides [he added advantage over other boutique hotels in the
world.
Worldwide Presence and Growing
W currently operates 19 hotels located In New York, Chicago, Los Angeles,
New Orleans, San Francisco, Seattle, Honolulu, Silicon Valley, San Diego,
Atlanta, Mezico Gty, Montreal, and Seoul with 16 new properties to open in
Barcelona, Maldives, Hong Kong, Shanghai, Scottsdale, Hoboken, Dallas and
Ft. Lauderdale, Las Vegas, Denver, Boston and more.
While W's primary competition includes upper-upscale hotels and boutique
hotels, W's competitive sets may also include four Seasons, Loews, Inter
Continental, Swissotel, Hyatt, Mandarin Oriental, Renaissance, Marriott, and
Hilton, depending on the given market.
Future W locations include W Hollywood', W Dallas', lV Ft. Lauderdale', W
Scottsdale', W Hoboken', W Miami South Beach', W Las Vegas", W
Martineau Bay', W Phoenix', Vy Boston', W Denver', W Hong Kong, W
Barcelona, W Maldives, W LA Sunset, W Shanghai, W Vieques (Puerto Rico)
and W Atlanta.
Includes revdenbal component.
W Target Customer
Age: Twentyhve to forty-nine
Household Income: One hundred thousand plus
Psychographic: Young in spirit with a creative sensibility
People who want a new and excepUOnal experience and who have their
finger on [he pulse
Internet savvy
Target industries: fashion, entertainment, media, finance
People who want to be around the "buzz" and vibe of a youthful,
contemporary, colorful, stylish venue and people
W Core Values
flirty
W flirts with guests' senses, Sexy with a touch of whimsy; it Seduces
through mdrvidual attention providing an emotional connechon that
results in unleashing the spirt; fulfilling desires and creating a need to
return.
Insider
To be an insider a[ W Hotels is to be welcomed as a part of all that is
"now."
Escape
V: allows guests to escape from their daily routine and have a little
fun. Unique m design, fun of surprises and [he luxury of choices that
embrace and transport you [o the eztraortlinary.
EX@CU21VB $UfTlfTlflfY , "~=Nacre Parking Structure Redevalopmen; tfr oPOn I Hillwooa P.nr.rst>;P
Parking Summary by Use:
Public Parking Stalls: 1,605
Non-Public Parking Stalls: 397
Total On-Site Parking Stalls: 2,002
Parking Y of stalls total stalls
Description N of Units Req'ts. I Unil req'd. provided
REPLACEMENT PUBLIC PARKING STALLS 1.150
(t 150 slabs per RFP)
NEW PUBLIC PARKING STALLS
Full Size Stalls 0 200
Compaq Stalls 0 85
TOTAL NEW PUBLIC PARKING STALLS
GRAND TOTAL NEW AND REPLACEMENT PUBLIC PARKING STALLS:
Parking Stalls Generated by Development
RETAIL PUBLIC PARKING STALLS: 50000 ns.f. 3 stalls 150 150
11000 ns.f.
VCVPA PUBLIC PARKING STALLS: 16625 n.s.f. 3 stalls 50 50
11000 ns.f.
TOTAL RETAIL AND VCVPA PUBLIC PARKING STALLS: 200
HOTEL NON-PUBLIC PARKING STALLS: 292
(0.7 stalls I unit) 240 keys 0.7 167
(3 stalls 1 1000Sf con`. 'acili6esJ 25000 s.f. 75 75
(4 stalls / 1006si spa! restaurant? etc.) 16500 s.f. 50 50
CONDO b FRACTIONAL NON-PUBLIC STALLS: 125 units 1.4 175 175
(1.4 stalls I unit)
TOTAL HOTEL, CONDO, AND FRACTIONAL NON-PUBLIC PARKING STALLS: 487
TOTAL RETAIL AND VCVPA PUBLIC PARKMG STALLS. 200
15% MIXED USE REDUCTION FACTOR APPLIED: ~30
TOTAL HOTEL. CONDO, AND FRACTIONAL NON-PUBLIC PARKING STALLS: 467
15% MIXED USE REDUCTION FACTOR APPLIED. -70
STALLS PROVIDED Wt MIXED USE REDUCTION (t70+397J
GRAND TOTAL PROVIDED STALLS (1435 +587); 2,002
TOTAL PUBLIC PARKING STALLS: 1,60
TOTAL NON-PUBLIC PARKING STALLS: 397
~erel G2
lerel G3
I¢vel Gt
level GS
kvei Gs
parking summary
L Ngwbay sevice and delivery truds
L -
~a - -- -
r a .. in, o ~ h
t, ~-
-T ~~ I
korel valet~operar,aes ~?-- _- __ -.
,a mMtr ( ~n•
d ~ - F 4r-• S -.
' pednlna (~ shon~term park,r,g
l
bus and hael shurtlr ser.rze ~-' pubbc skx pa king
~- - - ,
• Fully Integrated Design
• All Loading /Delivery /Transit Functions Located Below
Grade -Away From Pedestrian Oriented Visitor Experience
• Exiting Time at Peak Hours Cut in Half Over Existing Garage
• High Ceilings to Accommodate Skis, Improve Visibility and
Provides a Sense of Openness, Light and Security
• Easily Understood by Infrequent Visitors
• Minimized Search for Vacant Parking Spaces
EX2CU11VB SUI'Ttflltif}/ l ~,~~.:noad Pa.tr,g svuaure aedeveiocme~.i 7Tr Open r7invaoa Pertrerstvp
transit center summary
• Ceremonial, Centralized, Public Oriented - "Great Hall of
Arrival" Designed as Gateway into Town
• Natural Light Penetrates Deeply into Below Grade Garage
• Easy Wayfinding To and From All Parking Levels
light filled transit center
Executive Summary
Open Light Well
into Lower Garage
Levels
Skylights & Clerestory Windows
Allow Natural Light Deep into the
Arrival Spaces
easy access from parking to retail
vail center for the visual and performing arts (vcvpa)
• Community-Oriented
• Located within Town's Civic Center Hub, Per LHMP
• Combination of Performing /Meeting /Arts Spaces
• Divisible from Intimate to Grand -Flexible -Multi-Use
• Complimentary to Villar Center & Ford Amphitheater
• Nationally Renowned Theater Planners on Team
• On-Site Cafe /Restaurant to Cater to Multiple Functions
The LionsHead Redevelopment Master Plan references the southeast corner of the
~.. w ,~ project site as having a strong potential as "A Civic Hub of LionsHead". The defeat of
_ ~ the convention center not withstanding, the Open ~ Hillwood team believes that the
' j 1~~ i . ; ., impulses that led the planners to make such adeclaration -the public ownership of the
~. .~ "~y `~ 1t~` !~• garage site, the presence and potential uses of the Dobson Arena, the obviously civic
_~. ' ~ .L ~~ j' nature of the Library and the central location in the larger context of that end of the site -
. ~ ~~ are as relevant today as they were pre-convention center debate.
~r
s~ ~ For this reason, we focused our attention, early-on, towards providing an appropriately
scaled civic use at this location -and contemplated appropriate meaning, use and
function. We determined that it should not be overtly "convention center like" -for
_ obvious reasons. It should be medium-sized; flexible; art-oriented; usable by a huge
+r variety of arts and performing groups from kids to seniors -professional and amateur; it
f ~_- ~ -'~ ~' - should have arestaurant /cafe function attached so that culinary delights can mix with
the visual and the auditory; it should be CIVIC in presence, style and design -grand -
luxurious -public -open -and delightful. With the possibility of the House of Blues
~,~~~~ group providing acts, and with the already strong connection of many of the residents of
~• ,.~ ~ '" ~., ~~'.~ ~ Vail and of the town itself with nationally known artists and art collections, We believe
~ ,• .' '~°~i we are on the right track and look forward to further public discussions
~~. ~~,.~
~_;y.~,, related to this exciting community resource.
Executive Summary
the condition -parking structure construction phasing
Executive Summary
• We Heard... "Give the Merchants a Break"... We pushed back our
schedule to a Spring 2009 Start
• Never Less than 400 Public Parking Stalls Open to the Public
somelanesarereversible Throughout Construction -even in the summers
depending on peak Ilow
• Never Less Than 1,150 Public Stalls Open to the Public During Complete
public parking ticketstatwns Ski Season in Option 02
publicpark!ngentranceJezA • Phased Demolition & Reconstruction Builds Contingency Into Our Plan
lanes
• All Loading /Delivery and Transit Functions Provided Below Grade Away
from the Visitor Experience
tieightelewetortoVCVPA • Safe & Sensible Construction Phasing to Separate Pedestrians from
receiving area Construction Traffic
bus/truck through lane The Open ~ Hillwood team has come to fully appreciate what we now respectfully refer to as "The
Condition". That is, the need to replace an aging, unattractive car storage facility; the one located
VCVPAdock in possibly the most important position relative to the mountain, village, South Frontage Road, and
core, in the entire Town of Vail, with a vibrant, active, and ultimately wonderful arrival, lodging and
retail experience.
hotei;residenceparking The Open ~ Hillwood team has been working closely with stakeholders in the ultimate outcome, and
with our selected contractor and consultants to come up with a strategy that will allow for a
maximum usable number of cars to be parked within the structure throughout the phased
construction of the site.
5 ecobus 1 hotel shullle bays
exi[directlyintotransithub The following pages will present two very different options for the replacement of the
atrium to the south parking structure as follows:
service e~evators to east~west
hotel service spine above
Option 01 Already presented in our Phase II RFP Response will ultimately provide 2,002 on-site
parking spaces. All 1,150 public stalls will be constructed in 10 months and open to the public on
truck maneuvenngyardand February 01, 2010. Option 01 will be constructed completely within regular working hours.
shared docks
Option 02 Accelerates the demolition, excavation and pre-cast concrete erection schedules to
deliver the 1,150 public parking stalls in 8 months, open to the public on December 01, 2009. In
order to achieve this extremely aggressive schedule, the final garage will provide a zoning
minimum required total of 1,717 on-site stalls, with the remaining 285 public stalls to be built off-site
or provided to the Town as cash-in-lieu. Option 02 will require round-the-clock demolition and
excavation efforts, as well as, six day-a-week pre-cast structure construction.
Both options provide for a minimum of 400 public parking stalls continuously open to the
public.
,. F-., ... ,..:' TM Open I NOlwooa PaMerehip
construction phasing -option 01
/ ~- -- ~ s_
' 1150 existing
public stalls ~ /
_- -__
under
,' construction
~-
400 public
' P1 stalls
- ,, _ _ -~
i ~~ 1,150 under
,~;~ new ,__' construction
public ~~
stalls P2 ,
i,-
- _--- _ (\
v_ _ ~^
~. ~~ ~ - o
~' - is
final parking ;%~
~,i'~ ( structure - 2,002 ~~~~'
~ parking stalls I ~"
`~
,,
'l ~ ' __--'-l~ L ~-. -- _ -. /mil
activity round-about/frontage road
duration aril 2008-October 2008
work
Pre Phase 1:
Realign South Frontage Road
and Construct New
Roundabout.
-All 1,150 parking stalls remain
available for public parking
-New roundabout open for 2008-
2009 ski season to help alleviate
existing traffic congestion
Pi-parking garage construction P2-parking garage construction
april 06, 2009-January 31, 2010 april 2010-June 2011
Phase 01:
Demolition/reconstruction of west
half of garage.
Phase 02:
Demolition/reconstruction of east half
of garage.
-Build 1,150 permanent stalls + valet entry
ramps
-400 public stalls remain open within
existing parking structure.
working
hours / lam-7pm / M-F
days
Executive Summary
lam-7pm / M-F
-Build 850+/-permanent stalls + entry /
exit ramps
-1,150 public stalls remain open within
western half of new parking structure.
lam-7pm / M-F
P2-parking garage complete
June 2011
Final Completion: open new
replacement garage /transit center /
transit hub /info center
-2,002 total on-site parking stalls
-1,605 on-site public stalls (120 short term
+ 1,485 long term stalls)
-5 ECO Bus Transit Hub
-On-Site "Great Hall of Arrival"
-On-Site ToV Information Center
lam-7pm / M-F
Option 01
Overview
• 2,002 total on-site parking stalls (1,605 public + 397 private)
• 1,150 public stalls will be constructed in 10 months and open to the
public on January 31, 2010.
~ Constructed completely within regular working hours.
,ns Head Parking Structure Redevelovmant The Open I Htllwood Partnership
-- -
- _ -- __
__ ~-
- , ---
~);, ,
/;%, 1150 existing
public stalls ~ ~'
;~ ~.
activity round-about/frontage road
duration aril 2008-October 2008
work
Pre Phase 1:
Realign South Frontage Road
and Construct New
Roundabout.
-All 1,150 parking stalls remain
available for public parking
-New roundabout open for 2008-
2009 ski season to help alleviate
existing traffic congestion
working
hours / lam-7pm / M-F
days
Executive Summary
under
construction
400 public
' Pi ~; ells
~;
P1-parking garage construction
april 06, 2009-december 01, 2009
Phase 01:
Demolition/reconstruction of west
half of garage.
-Build 1,150 permanent stalls + valet entry
ramps
-400 public stalls remain open within
existing parking structure.
- Round-the-clock demolition /excavation
and pre-cast structure erection to meet
aggressive schedule
24hrs per day / S-S
construction phasing -option 02
- __ -
1,150 under
J; new _ construction
public
stalls P2 -__
l
~\~~ _= _o__- = _ _v 4
' i;
final parking ; ~~
structure - 1,717 • ~ '
parking stalls ~ ,'
`- _-
--
P2-parking garage construction
april 2010-June 2011
Phase 02:
Demolition/reconstruction of east half
of garage.
-Build 567 permanent stalls + entry /exit
ramps
-1,150 public stalls remain open within
western half of new parking structure.
lam-7pm / M-F
P2-parking garage complete
une 2011
Final Completion: open new
replacement garage /transit center /
transit hub /info center
-1,717 total on-site parking stalls
-1,320 on-site public stalls (120 short term
+ 1,200 long term stalls)
-5 ECO Bus Transit Hub
-On-Site "Great Hall of Arrival"
-On-Site ToV Information Center
lam-7pm / M-F
Option 02 1 °717 total on-site parking stalls (1,320 public + 397 private)
• 1,150 public stalls will be constructed in 8 months and open to the
public on December 01, 2009.
Ove rv ~ ew Phase 1 constructed around-the-clock, 7-days-a-week.
~nsHead Parking Structure fiedevelopment The Open ~ Mihvaotl Partnership
project costs & public contributions
Economic Feasibility:
A project of this magnitude and scope undoubtedly entails significant economic
commitment. With the help of M. A. Mortenson Company, a reputable and
experienced construction services firm attune to the nuances of the Vail market, we have
developed preliminary development cost estimates that we believe are sufficiently
conservative -notwithstanding the escalating cost environment in which we operate.
At a total estimated development cost in excess of $600 million, and assuming the
product components as presently contemplated, we are confident in the project's
financial feasibility and its value proposition to the Town of Vail.
Lionshead Garage Redevelopment
- Project Development Costs -
SAnrounl
Public Parking Garabe, net alloc.t~' $84,970,000
Transit Hub $8,580,000
Information Center $420,000
Off'sitc improvements S14,S00,000
Vail Pcrforniin8 Ans Ccntcr 523,280,000
Employee Housin8 S19,S3Q000
St. Rel;is Hotel $102,740,000
St. Regis - Condos $1 OS,080,000
St. Regis - Fnctionals 539,920,000
W Hotel $89,600,000
W -Condos 577,2SQ000
Retail Component $35,380,000
Total Pre-Financing Development Costs S601,250,000
Public Amenity Control:
It is assumed that ownership and control of the 1605 public parking stalls and transit hub will be
turned over upon completion to the Town of Vail, which will in turn be responsible for ongoing
operation/maintenance, as well as the beneficiary of ongoing revenues. Ownership and operation of
the Vail Center for the Visual and Performing Arts is anticipated to be on a joint public/private basis
to be determined upon further discussion and negotiation with the Town.
Lionshead Garage Redevelopment
- Public Use Elements -
Puhlic Component Size GSF Amount
Public Parking Gatage tll G68,S00 $95,000,000
-Transit Hub 16,000 S8,S80,000
information Center 2,400 5420,000
Vail Performing Arts Center 40,000 $20,700,000
Upper Retail Pedestrian Street 71,000 S6,000,000
Frontage Road Improvements 78,000 $12,000,000
East Lionshead Circle Im rovements 35,000 S2,S00,000
Total Public Use Bud et ~) 910,900 $145 200,000
(I) Includes garage allocations for the Vail Performing Ans Center and the
public retail, but excludes all private use size and cost allocations
(2) All public building clontcnls are fully finished and include FP&E items
necessary to operate the buildings per their intended use.
(I) Vote: Figures reflect allocation of garage development costs among various
ox's (i.c. public, holcls/condos, retail, culutr;tl ttnter).'I'otal garage devclopmcm
cost is estimated to lx approsintatcly $118.$p9M, of which S9$~1M is public use.
HillwOOd's Equity Commitment - Hillwood invests significant equity in all of its transactions. The proposed project is expected t0 require an equity commitment approaching
$200 million. Hillwood is prepared and has the internal resources and external relationships necessary to capitalize and execute the entire project in a prudent manner.
ECOnOIY11C Imj)aCt t0 VBiI -Beyond the implicit value of a beautified and more fully utilized streetscape, the project is expected to generate meaningful and enduring economic value
t0 the Town Of Veil. The combination of additional luxury-minded hotel guests and condo/fractional owners coupled with the increased foot traffic attributable to new on-site retail and the new Vail Center for
the Visual and Performing Arts can be expected to drive lodging and sales taxes, transfer taxes, property taxes and other related town revenues. Moreover, and what is more difficult to measure yet nonetheless
very real, is the positive reciprocal effects to the town from the ongoing marketing initiatives and allure of such global brands as the St. Regis and W Vall.
ExecutlVe Summary LionsHeetl Perking Structure Redavelopmem rt,. Opan I Hrwooa Per4wsNp 4z4o
r,.
~4
t 1~~~ -~ ~ _.
,,
-,,
f ~ j," ~ --. r „~ Featuring , ~ l i ~ ~ ~-'`_`'
~. ~ aL,+ ~ ,~~ ~' ~ F1~~~
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i
Attachment A
• ~ 1
O
J
East West Partners
INTRODUCTION:
This Executive Summary is intended to highlight the key elements of the collaborative,
creative, visionary, feasible, phased, multiyear and multi-million dollar project known
as
ONE
• It cannot be viewed in isolation
• It is interconnected
• It involves the entire Town as well as the site
• It moves the concept. of One Vail closer to'reality!
The One Uail you see here is a collaborative effort. The
cornerstone reflects the goals the Town outlined in
its initial memorandum. To this has beer
added the experience and expertise of
hundreds of combined years mountain
resort development by our team
members; the successful track record
of billions of prudently invested
dollars in resort properties; quality
mountain construction of millions of
mixed use square feet; the designing and
delivering of thousands of parking spaces
recognition for award winning "green"
building; and in summary creating scores or
successful, sustainable resort developments that have stood
the test of time.
Executive Summary
Since our initial presentations to the Town Council we have conducted formal
community "open houses" to discuss important aspects of the plan with all
stakeholders; simultaneously we have had our "ear to the ground" listening to
individuals and entities-from Lionshead businesses to non-profit agencies, so we can
work on common goals; we have strengthened and finely defined our team of
professionals; we conducted a nationwide study to determine the right hospitality
partner for this unique opportunity; we have reaffirmed financial commitments; and all
and all we have worked enthusiastically, continuously, creatively and vigorously to
prepare the enclosed proposal.
~~ _~
. \~~, nT ar.T cr irvIMARY
dements and requirements of the Town are
manding but doable. From replacing the
existing 1,150 parking spaces in one
construction season, to adding 250 - 400
incremental parking spaces for skiers and
events; to providing the new, energetic,
Hyatt ON hotel brand, Hyatt fractional
and high occupancy residential units
with lock-offs (500+ "hot-beds"); along
with a new Civic f~ Learning Center to
tract new guests; to enhancing the retail
fence; solving congestion-and all on a
~,~K~wK that will limit disruptions to the Lionshead
community. A plan that provides for interim parking
during summer construction and increased public parking during
the ski season-this plan succeeds. It is not only practical, but because of the .
strong background and experience of East West and Kiewit, it is doable.
.n+i~rJ-
~To(wn of Vail's Objectives:
~ :1 A Comply with the Lionshead Redevelopment
~( Master Plan and Mixed Use 1 zoning.
tLJ B The development shall help pay for the public improvements. A s[rong
~( preference is given for uses that generate "hot beds."
4:1 C Provide conference space
~( (25,000 sq ft ballroom desired).
~~LI( D Create a new public parking structure with a minimum of 1,150 spaces.
~~:1( E Public parking in excess of the 1,150 spaces.
~!J F Create a new Lionshead Information Center
~( with public restruums.
~!J G Redevelop Lionshead Annex with consideration given [o relocating the
~( Youth Recreation Center and the Colorado Mental Health offices.
4L1 H Improve pedestrian, transit and vehicular
circulation between the parking structure and the Lionshead Retail
~-~( Mall.
4~TJ( I Provide loading and delivery for uses created an site.
~TJ J Improve Hotel bus circulation... create a
~{ Lionshead transit facility to accommodate 5 buses.
SLJ K Creation of a retail connection along the south side of the project site
~( that is consistent with the Lionshead Redevelopment Master Plan.
4:1 L Frontage Road Improvements consistent with the Lionshead
Redevelopment Master Plan and acceptable to the Colorado
~( Department of 'Transportation.
SSJ M Other public amenities tha[ would augment [he vitality and economic
~( impact of the development.
~TJ N Use of the U.S. Green Building Council's LEED Green Building Raring
System, or a comparable alternative, to guide project design.
Executive Summary
Town of Vail Improvements/Financial Benefits
BENEFITS:
In preparing this plan, we are providing to the
Town significant improvements/assets with a
cost estimated at $101.2M. These improvemenu
are the payment for development rights for the
Project. The Town will receive deeded, fee
simple, interests to d new, state-of--the-art
Lionshead Parking Facility, Lionshead
Transportation Center, Uail Family/Youth
Center, the Lionshead Information Center, the
Vail Non-Profit Community Center and other
office space as well as public improvements
(transportation and pedestrian access
improvements, and roundabouts).
The Town will receive the benefits of a new Uail
Civic and Learning Center ("the Center") at the
expense of the Project without the financial
operating risk.
In addition, the Town will receive the financial
benefit of incremental tax revenues. These
include, for example, increased sales taxes on
lodging, food and beverage, retail, and lift tickets
as well as receipts from Tax Increment Financing
(TIF) to the Uail Reinvestment Authority and
fees equal to 1.4% of incremental lodging sales to
the Uail Local Marketing District. Collectively,
these will be ongoing sources of incremental tax.
revenue for the Town. See page 8 for more
information.
3
Executive Summary
NEXT GENERATION PARKING COMES TO
LIONSHEAD
Our Base Plan calls for the reconstruction on the Lionshead Parking
Garage site of the existing 1,150 parking spaces plus an additional
250 public parking spaces to be used as incremental skier parking and
for conference/event parking. In addition, we will construct
approximately 400 parking spaces for the residential and commercial
uses to be built on the site. Consequently, the new parking garage
would have a total of 1800 spaces.
As an alternative co the plan above, we are able to add a full 400
incremental skier/event parking spaces (increased from 250
incremental spaces) on site by reducing the size of the Civic &
Learning Center (including the Main Ballroom) by approximately
25%.
In either case, the plan also calls for a modem design for the new
garage with user-friendly escalators, two way drive isles and
substantially improved vehicular and pedestrian ingress and egress,
pre-pay kiosks and other technology, minimizing congestion during
peak periods.
Rebuilding in One Construction Season
The Lionshead parking garage currently has 1150 public parking
spaces. We recognize the importance of having a plan that assures
the town, the merchants, the neighborhood and Vail Resorts that
these parking spaces are not lost during any ski season.
Accordingly, we have carefully worked through a construction
schedule and sequencing plan with Kiewit Construction to demolish
and rebuild about two-thirds of the existing parking structure in one
construction season between April and December of 2009. Some
earlier construction work will likely commence in the fall of 2008 bur.
would nor disrupt utilization of the existing gamge during the
2008/2009 ski season. This construction/sequencing plan allows for
reopening of 1,150 public parking spaces by December 15, 2009.
Parking During Construction
Emergency Backup Plan for 2009/2010 Ski Season
We have also devised a plan with Kiewit to keep about 350 on site In the highly unlikely event the completion of the 1,150 parking
parking spaces available to the public during construction of the new spaces were delayed beyond December 15th, 2009 East West Partners
garage - - so at no time will Lionshead he without public parking. would pay to have a temporary all-weather surface installed on the
Ford Park fields to allow 800 cars to park in This location. The 800
Keeping these 350 spaces available is possible because the current
parking garage was built in three equal sections from a structural
point of view. This allows for demolition and construction w occur
on the eastern two-thirds of the existing garage site while at the same
time keeping the western one-third of the existing garage open for
public use.
cars at Ford Park plus the 350 parking spaces that would Bray in service
in Lionshead would provide an interim backup plan until the newly
constructed 1,150 parking spaces could be placed in service.
East West Partners would also pay for bus transportation from Ford
Park to Vail Village and Lionshead during this interim period as well as
---- _____ for the cost to restore the Ford Park fields to
~~- their original condition.
\ \
One Vail Program Summary One Vail Parking Summary Executive Summary
No.'WifsrArea Sq. F(. per unit S~uareFeer TOral
Accommotlatbns
FrecfionaUTmashare Ownetahi : 751 1.683 126 225
__ Whole Qwnershi Condominiums: 120 1.752 210.240
Em Ix ea Housin 30 450 13.500
Subtotal - Sag 968
Hotel
_
_ _
Hotel Rooms: 150 620 63,000
_ Hotel Lo 6,000 aq. ft. 6.000
Front of House: 3,000 . ft. 3,000
Bad al Mouse: 72,900 . ft. 12 900
Subtotal I 64,900
Othx
MarkeVGelle Retail: 29.000 . ft. 29.000
Restaurant: 6.000 . h. 6,000
Wellness Center 8 Feness Facili 21.700 . kl 21 700
Transit Center, includi restrooms 4,000 .Il. 6.000
Stor 6 D¢We 6,000 . It. 6.000
Subtotal 68,700
Va0 GNC 8 LearMna Canter
Main Ballroom'-: 25.300 . f1. 25.300
Hotel cimulaaon. PrefuncDen Back
of House. B Su h 35.600 . Ir. 35.600
OHlm/other
_ veil Information Center: 1.500 aq. fl. 1.500
u Vail Family/ Vouth Center 2,500 sq. h. 2,500
Vail Non-Profit Center: 3,000 . N. 3,0(10
Other. 2.000 . ft. 2000
Suololel 9000
SuD Total uaro Feet 671,x66
I S % for circulation B6 7211
Toml Square Fact lapproximate)__ 867,185
No. Unils/Aroa ParW~ Calculation Parking S_pxxs
Aaommodatlona
Motel Rooms: 1501 X.7 105.0
FractionaVTimeshare Owrership_ 751 X.7 52,5
"~ Whole Oxnershlp Condominiums: 120. X1_4 168
Em a Housi 30 X1.4 42
Sutrbtal: I 387.5
Other
I MarkeVGalle Retail: 29,000 , 0.1 /1000 X 2.3 87
Restaurant: 6,000 sq. h. i 250
- 2a
Veil Conferer>celEvenl Caner: '25 300 s .
fl7
I Wellness Center: 21,700 . h
SutrTOtal: i 91
OHica
Vail Informaton Cemer: 1.500 s . h. n000 X 2.3 1 3.5
Nail Famiy/ Vouth Cemer: 2.500 . n.l 11000 X 2.3 5.8
( Vail Non-Profit Center: 3.000 s . h. n000 X 2.7 8.1
Other 2 000 . h.l 11000 X 2.7 1 5.4
ISutrTotal: ~ 22.8
I
_
-~~~ Total Parki Oemend: -_-- ---~T------- 487.3
I t 5% Redutlion br Mutti-uso: -72.1
Porki for Project: 400.2
PuDllc Uaea
Re ace Puhtic Parki I 1,750
Ilncremental Parki Provided I 252.8
I I
Total Parkin 1 12 cru!
• S9wro wonpo ineMreas eanroom anry, ro ma of roues. IYOaIr out wets, arc.
" AwiNde fd Wer6. WolnesM Cents. ono evenb
• souse mlago sons rMn oc~u4o vool mrraca
.. soaaml Imago Mruaaos emo-ooar mN. ro exa s rouse. sash m wMOO. arc.
Anticipated Project Schedule for building the Lionshead Parking Facility and the rest of the One mail project.
2006 2007 2008 2009 2010 2011 2012
aMMeeM pYbf nDxn M,es aMrl Ysaa ans. kMMS LMast Maras IauTJ YuaW arlMm IWAq Lyen M44r IMJ Wr/Mp MMIGU W4f YW4n MAS aartl M,Mpr aMre® aMArM >Nnq brlGS IMtl M//y a+r4u 1daiQ fµen Mae 1MNtl aaAp M+r4m 1WMVr 4MM
TOwn
Ne¢otiate Contract with town I r ~ .
Pre-Sales
Initial Sales of Condos
Phase I - P
Phase II - I
Phaca III
0
5
HYATT INTRODUCES HYATT ON VAIL MOUNTAIN, A
NEW 4 + STAR HOTEL
Hyatt Hotels & Resorts, with their new Hyatt ON Hotel, is the
perfect choice for the proposed One Vail project. Why?
• New Brand. Many brands have "tired" hotels which dilute
the value of the brand and guest experience. This brand is
new, distinctive concept. As one of the firs[ Hyatt ON
hotels, the Vail hotel will set a high standard for the
brand...others will follow our lead.
• Selective Brand. Hyatt ON will only he employed in selec[
locations. Examples: Hyatt ON London,
Hyatt ON Wall Street, Hyatt ON Vail Mountain, etc.
• Group/conferences. Hyatt ranks in the top two brands in
the country in first tier corporate group business. Hyatt is a
brand that has proven capability in bringing insignificant
groups, and a proven ability to operate such a facility.
• New Customers n, Vail. Hyatt ON will bring younger,
more stylish customers to Vail. The skier population is
aging; let's energize Vail.
• International. Hyatt is among the strongest international
brands, and will bring new international customers co Vail.
• Hyatt Knowledee in the Market. More rooms in a market
create advantages as marketing dollars are better leveraged.
Hyatt ON Vail Mountain can take advantage of nearly 20
years of Hyatt local market knowledge as the operamr of
the 5-star Park Hyatt in Beaver Creek. The 4+-scar Hyatt
ON Vail Mountain complements that well by having
another Hyatt hotel in the market at a lower price point.
• Family/Fractional Experience. Hyatt has built an
impressive network of fractional properties, including ski
resort properties in Beaver Creek, Aspen, and Breckenridge.
Hyatt knows how to bring in customers. By the way, what's
the customer profiles Families.
• Residences Increase Hot Beds. The project will include
condominium residences which will feature lock-off hotel
rooms, and the owners will be able to enter into a voluntary
rental program. This will increase bed base for the hotel to
over 300 keys.
• hatr-Leval Customers. Hyatt is an established brand with
loyal customers. Their Gold Passport customer loyalty
program is well established and recognized as a leader in the
industry.
.. HyRiT _ ~~..~-1-
tl~1L, 1tlIl'll JI /V1V 1t,11V
Executive Summary
RETAIL COMPONENT BRINGS LIFE TO LIONSHEAD
We have hired retail consultant lan Thomas to analyze the retail
component of One Vail, and provide a preliminary retail mix. Ian
indicates that there well may he a "wellness" component ro the
"lifestyle" retail experience given proximity to the Wellness Center
and possible synergies with Vail Valley Medical Center. He also notes
that the retail needs to enhance the connection of Lionshead and Vail
Village, be seamless with
Lionshead, and complement
other Lionshead retail,
including the new Arrabelle
retail "anchor. The retail
should have public spaces as
well as an appropriate mix
of national (30% suggested)
and local (70% suggested)
merchants.
This type of "lifestyle" retail
would bring much-needed
activity to the area to "raise
the ride" for all of Lionshead. Combined with the conference and
event business, it will provide activity and an attraction for families,
groups and other incremental visitors and help to bring visitors to and
keep them in the Lionshead area
Let's make Lionshead a fun place for Vail residents, guests and Eagle
County residents as well.
ON-SITE EMPLOYEE HOUSING CREATED
As noted in our Proposal, we have included 30 nn-site Employee
Housing Units (EHU). The Town Council is currently studying
implementing new employee housing regulations which may increase
the employee housing requirement for the project.
Executive Summary
VAIL CIVIC & LEARNING CENTER BRINGS
INCREMENTAL VISITORS
The Civic & Learning Center (Center) ballroom (Base Plan) is about 3X the size of the
Marriut ballroom, and is larger than any ballruom in a Colorado mountain resort We
estimate that this size ballruom will serve over 90% of the potential business that would
have been served by the previously proposed Vail Civic Center.
The Center can serve groups that can not currently he
accommodated elsewhere in Vail. [t is oversized to bring
incremental visitors to the Hyatt ON Vail Mountain
hotel, as well as ocher lodging properties in the Town
of Vail. The Center will be available to others,
including other lodging properties about 50% of '~
the time under a Use Plan. The Center will v
include state-of-the-art audio and video systems. g,
The Center enhances Vail's stature as the 4' ~' -`,i.
premier mountain resort community, by hosting ~ _-~
meetings and recreation, learning and arts, ~'
activities and events. In order to attract highly- "'
educated guests to Vail, we'believe it is appropriate to
position the Center as a °leaming center" where
residents and conferees alike can enjoy life-long learning in
a world-class recreational setting.
The Center's uses would include the following:
Conferences and conventions: Convention/theater--style seating for 2,200 to 2,500 people
for a plenary session. The ballroom allows for two groups of 500 or more people to
simultaneously use the facility. A possible and likely configuration would be to have a
group of about 1,000. people for a plenary session in one-half of the ballroom, and a seated
luncheon for the same group in the other one-half of the ballroom. This cannot occur
today in Vail.
Banquets: Banquet seating of 2,000 to 2,300 people. Banquets could be either as part of a
convention or for a local event/charity. The largest banquet facility in Vail today seats up
to 750 people.
Receptions: Stand-up receptions for 2,500 to 3,000 people. Receptions could be "local" or
as part of a conference or convention. The largest indoor reception in Vail today could be
about 800 to 1,000 people.
Events: The facility will comfortably accommodare event or theater-style seating for 1,250
to 1,500 people. Our consultants have designed a variety of stage/seating configurations,
depending on the type of event Events could include concerts, comedians, chamber music,
renowned speakers, high school graduations, etc.
ABOUT EASY WEST PARTNERS
Mountain resort construction is unique in virtually every aspect. In order to be successful, a
project of this importance and magnitude requires significant mountain resort development and
operations experience. The complexities here are magnified by schedules tied to seasonality, and
from the public/private and mixed use nature of the project. There simply must be an
experienced team with a lengthy track record on the job. To succeed, you need an
award-winning lineup.
'- East West Partners is a family
'~ of related but independent
companies devoted to building, selling,
managing, and supporting high-quality real estate in
the communities in which they operate.
We place faith in good people. Each company
has broad-based employee ownership with day-to-day
management responsibilities. Everyone works to delight
customers in every transaction.
We are dedicated to innovation. An
entrepreneurial spirit is encouraged un the part of each
employee, thus helping avoid "commodity" products or
services that have little added value for our customers.
We recognize that we all have responsibilities.
We understand that it is good business to give back to
the communities in which we work, and to vigorously
protect the natural environment.
Since it inception 20 years ago, East Wesr Partners has
focused its development efforts in the following areas:
• Mixed use resort properties combining hotel,
residential, retail and recreational facilities
• All forms of resort residential, condominium,
townhome, single family
• Club and hospitality facilities
• Resort and Primary Residential planned
communities
We are currently developing in five primary
locations:
• Vail Valley and Summit County
• Lake Tahoe, California
• Park City, Utah
• Denver, Colorado
• Charleston, South Carolina
Executive Summary
Incremental Tax Revenues to the Town of Uail and Related Entities
The Town of Uail will receive incremental tax revenues as a result of the One Uail
development. An independent consulting firm, Stan Bernstein and Associates, has
completed a study of incremental tax revenues. This independent study indicates the
Town, the Uail Reinvestment Authority ("VRA") and the Uail Local Marketing
District's incremental tax revenues will total about $ 51.6 for the l0year period from
2011 through 2020 and the 2020 "stabilized" incremental tax revenues (all in 2006
dollars) are estimated at about $S.SSM
HERE IS A SUMMARY OF THE TOWN'S FINANCIAL BENEFITS
(in 2006 dollars):
Improvements received in lieu of payments for land ............. 101.2M
Total incremental tax revenues ("material" sources only)
Total -first ten years ................................... 51.6M
Total -first ten years :..................................... 152.8M
10th year incremental revenues(ongoing) .................... S.SSM
TOWN OF VAIL TAX REVENUE SUMMARY:
Total Annual Total
(2011 - 2020) 2020 and Beyond
Sales taxes .................... ... $ 16.7M........ .......... $ 2.04M
Lifc ticker tax revenues ........... ..... 1.ZM ....... .......... 15M
RETT ........................ .....8.6M ....... .......... 37M
Other revenues ................ .... 3.3M ....... .......... 24M
Total Town of Vail ........... ... $ 29.8M........ .......... $ 2.8M
Property Taxes to VRA (TIF) ..... .... 19.7M ........ ........... 2.50M
Marketing Lucal Marketing District ... 2.1M ....... .......... ZSM
Total Incremental Funds ...... ... 51.6M ........ .......... S.SSM
TOWN OF VAIL IMPROVEMENTS FUNDED BY THE PROJECT
The Project includes all requested improvemenu in the Town's Request for
Proposal. These are listed below, along with the approximate cost/value of each.
Improvement: Estimated Cost/Value
Scare-of-che-Art Lionshead
Public Parking Facility ................... ............. $ 56.OM
Vail Civic and Learning Center ................ ................ 29.biv1
Liunshead Transpurtatiun Center/pedestrian access ................. 4.SM
Frontage Road/E. Lionshead Circle, roundabouts .. ................. 6.ZM
Vail Youth/Family Recreation Center ........... ................. 1.OM
Lionshead Information Center ................. ................. 1.3M
Vail Non-Profit Community Center ............ ................. 1.2M
Otherufficespace ........................... ...................9M
Public are .................................. ............. .5M
Total assets ................................. ............. $ 101.2M
Value of Land/Development Rights** ........... ............ ($ 101.2M)
Net Difference ........, :.................... ............ 0.0
*Includes parking for the Vail Civic and Learning Center which uses the new
Lionshead Puhlic Parking Facility
**Assumed to he equal co value of Town of Vail improvements received for proposal
purposes.
PROJECT SOURCES OF FUNDS:
Total equity financing ..................................... IOO.OM
Debt financing
Bank debt ................................................417.2M
Bond debt -metro district, net of developer subsidy ............... 25.OM
Total debt financing ........................................ 440.ZM
Total Sources ............................................ 5 2.2M
PROJECT USES OF FUNDS:
Town of Vail Improvements ................................ $ 101.2M
Construction interest and cost of capital ........................ 52.OM
Development costs ......................................... 389.OM
Total Uses .............................................. 5 2.2M
Executive Summary
Fair. , ,l
__~~~T
L _'
VAIL 1V~O~JI~'TAIN r•• i
Hotel Operator/Financial Partner
There are 216 Hyatt branded hutels.and resum (uver 90,000 rooms) in 44
countries around the world, currently operating under the H}act®, Hyatt
Regency®, Grand Hyatt® and Park Hyatt®brands. Currently, there are an
additional 30 Hyatt hotels and resorts' under development, including I1 new
hotels' in China. Hyatt also owns Hyatt Vacation Ownership, developer and
manager of Hyatt fractional propetties. Hyatt will be a significant investor in the
Hotel, as well.
° ,:~ ' _ -
~ o.~.
Financial Partner
KSL Capital Partner,; was formed by the Mikc Shannon, former president of Vail
Resotts', and Eric Resnick, former vice president of Vail Resotts by raising nearly
$1B to invest in resort hotels, resorts and and other recreation assets. Both Mike
and Eric are former principals of KSL Recreation. KSL Recreation owned such
assets as Dotal (Miami), Arizona Bihmore (Phoenix), Grand Wailes (Maui), and
La Quinta/PGA Wes[ (Palm Springs). KSL continues nr have financial in[eresc-
in the Hotel Del Coronado and La Costa (both near San Diego).
~, ~ `~.-,
CR~S~EhT~® ~tl~r uF ~~~
COLORADO ---••~. -'' - _]
Financial Partner
Crescent is a public company with uver $4B in asseti. Crescent is the owner of
the Park Hyatt Bcavcr Crcck and investor in othcr.East West projects, including
the Riverfront Village project in Avon, Manor Vail, Eagle Ranch and most of our
Beaver Creek/Bachelor Gulch projects.
?KsKiewt-
Lead Contractor
Kiewit is the contractor of llenver s T-Rex, which they completed ahead of
schedule and under budget. They have been the cunrracwr of choice fur many
large parking facilities, including 5 of over 2,000 parking stalls each in the pact
year. Thep were the contmcmr for the multi-phase facility at Sky Harbor
International Airport in Phoenix. In addition, they have completed many resort
mixed-use and hotel projects.
Hornberger ~ r, ~ •
r ~r
l i
J~ tl~~r~
~ urlar ~,~' ~ , ~ ,
Worsrell
~- - - ' - - ~-~ o ~_
Lead Architect
Bomberger + Worstell is recognized for its expertise in the master planning and
design of destination resons, urban business and conference hotels, recreation
and wellness facilities, academic and residential communities, and mixed use
complexes. They were the designers of the Park Hyaa Beaver Creek, Avon's
Riverfront Village, and [he Beaver Creek's Hyazt Mountain Lodge/Villa Montane
mixed use project.
t'~
.; ~,, f
~. ~ r i ,.-~ = r,
q~~ .ter ' w
=,'- :'
Retail Consultant
Thomas Consultants operates out of Vancouver, British Columbia. The firm is
recognized as a leader in the strategic planning of retail shopping centers, resorts,
urhan entertainment centers and tramit projects. Thomas has a wealth of
experience in over 30 countries which will be applied to Lionshead. Thomas was
the retail consultant on the Arrabelle project.
Carl
Parking Wa 1 ke r
PWnning Engineering xenoration
Parking Engineer
Carl Walker, Inc. is one of the most experienced parking consultants in the
industry. They have created innovative, flexible and cult-effective solutions fur
parking projects throughout the country since 1983.
BESOflS DESIGN
W 1 'r..~
~ r~r essocrnres
!~.
Architect
Gwarhmey Pratt Schultz Architects, p.c. is a Colorado Professional Corporation
for the practice of architecture, emphasizing design excellence and attentive
service. Members of the firm have exteruive experience in architectural master
planning, design and construction administration ofsingle-family residences,
multi-family residential projeeti, recreational facilities and commercial
dcvclopmcncs.
Architect
Gordon Pierce, firm wac one of the original architectural firm, in Vail, and hat a
wealth of experience in the Vail area. Resort Design has offices in the Vail
Valley and San Francisco.
'4
Attachment B
Comparison Table for Lionshead Parking Structure RFP
Data on Projects Based on Submittals to the Town of Vail
,.
To is
p
„.
Descn tion
p ~
,, _ _ .
ast West Partners -
peri Hospitality Partners
..
Private Uses & Sizes
# of Accommodation Units (based on Town Cotle) 150 hotel rooms (Hyatt Family) (120 St. Regis) + (120 W Vail) _
total: 240 accommodation units
-Square Footage of Accommodation Units 420 sq. feet each, total of 63,000 square feet (77,462 NSF St. Regis) + (76,680 NSF W Vail) _
total: 154,142 NSF
# of Dwelling Units 120 (50 St. Regis) + (50 W Vail) _
total: 100 Dwetlin Units
# of Dwelling Units with lock offs Estimated at 107 2 and 3 bedroom units, each with lock-off hotel Not Available
rooms. Estimated 13 4-bedroom units would not likely have lock-
off hotel rooms. This totals 227 "ke s".
-Total square Footage of Dwelling Units Average of 1,752 each, total of 210,240 square feet. (116,696 NSF St. Regis) + (98,766 NSF W Vail) _
total: 215,462 NSF
-Describe how D.Us would be available to Available on-site Hotel rental program for owners. An All 100 whole ownership residential units (dwelling units) within
guests? independent study fora 4-star, Vail Valley condominium hotel this development will be included (per each owner's discretion)
indicates 80°1° oftwo-bedroom and 70% ofthree-bedroom in a rental pool to be operated by St. Regis and W Vail.
dwelling units will rent their residence. Hotel rental program
participation by owners is estimated at 157 "keys" in addition to
the 150 hotel rooms for an estimated total of 307 keys.
# of Time Share or Fractional Fee 75 Units, each with alock-off hotel room, for a total of 150 ke s. 25 Fractional Units St. Re is
- S uare Foota a of Fractional Fee Avery a of 1,683 er unit, total of 126,225 s uare feet. 50,300 NSF
Restaurant Square Footage About 6,000 square feet, plus kitchenlstorage (2,500 NSF St. Regis 3-Meal Restaurant) + (1,200 NSF St.
Regis Bar I Lounge) + (1,800 NSF W Vail 3-Meal Restaurant) +
(2,000 NSF W Vail Bar (Cafe (Lounge) =total: 7,500 NSF
within hotels
tota1:14,000 NSF within retail along East Lionshead Circle
total: 1,000 NSF within UCVPA
total: 22,500 NSF
Total S uare Foota a of Retail About 29,000 s uare feet 60,OOOnsf 46,OOOretail + 14,000 restaurant
# of em to ee housin units 130 beds 217 total em to ees rovided with a 30% multi tier
- Sq. footage of employee housing units 450 square feet per unit, 2 beds per unit for a total of 60 on-site (7,350sf on-site + 41,300sf off-site) _
beds, total 13,500 sq. ft. total: 48,650 BGSF
Other Square Footage (Back of house, lobby, 21,900 (hotel other), 21,700 (wellnesslspa), 6,000 (storage & (97,512 NSF St. Regis) + (84,947 NSF W Vail) _
circulation deliver 74,635 circulation, kitchen, story e, other . tota1:182,459 NSF
Total Private Square Footage 572,200 (154,142 + 215,462 + 50,300 + 7,500 + 60,000 + 48,650 +
182,459) _
total rivate SF: 718,513 BGSF
Page 1
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Topic Description East West Partners Open Hospitality Partners
Parking # Parking for Lodging and Dwelling Units required 312 (hotel 105.0, FractionaUtime share 52.5, Whole ownership 397
by zoning 168, employee housing 42, less 15% mixed use reduction)
# Parking for Retail required by zoning 57 (29,000 ` 2.311000, less 15% mixed use reduction) 127
# Parking for EventlMeetinglArtSpace required by 65 (25,300' 311000, less 15% mixed use reduction) 43
zonin
Other parking generated by other uses as required
b zonin 40 (restaurant 24 plus office 23, less 15% mixed use reduction) 0
Public Parking Not Required by Zoning East West has iwo options for parking: OHP has provide two parking options:
0 tp ion 1: Total Public Parking is 1500 spaces (includes 65 0 tp ion 1: Total Public Parking is 1,605 which includes 1150
parking spaces for civic center space, 97 for retail and 188 net spaces to replace existing parking, 170 spaces required for the
new spaces not required by zoning. retail and public uses, and 285 net new public parking spaces.
There are 397 private parking spaces.
1500 Public Spaces
312 Private spaces 1605 Public spaces +
1812 Total spaces 397 Private spaces
2002 Total spaces.
0 tp ion 2: Another option presented by East West is to reduce the 0 t~ ion 2: Another option offered by this developer is to reduce
civic centerlmeeting space by 20% and provide 308 net new the total number of public parking spaces to to 1,320 spaces
spaces or reduce the space by 25% and provide 338 net new (170 for public and retail uses) on site or 1,717 spaces
spaces. Its staff understanding that the additional incremental (public+private) and then provide the net new parking of 285
spaces (over 188 spaces) would be provide on site. spaces off site. The proposed benefit of this proposal is to
provide 1150 spaces of parking by the beginning of the
200912010 ski season.
Construction Mitigation East West will return 1150 spaces by December of 2009 and
maintain 400 arkin s aces from A ril 2009 to December 2009.
Total Parkin 1,812 2002
Financial Total Cost of Project $540.2M
$601 million (pre-financing);
$676 million all-in cost
Public Funds Needed to build project (Describe
sources and amounts: yes
1. TIF (for example) None We expect to pursue a combination of TIF and Metro District
bonds based on the project's incremental tax revenues. Based
on preliminary tax impact analysis, we anticipate a combined
TIFlMetro District bonding capacity of roughly $50MM. These
bond proceeds would be used to partially reimburse the
developer for public amenities delivered. In no event, however,
is the developer requesting public funds which would reduce
the value of the public facilities constructed on behalf of the
Town of Vail below the appraised value of the
propertyldevelopmentvights being transferred to the developer.
We will always pay a minimum of appraised value by the
construction and delivery of public facilities to the Town of Vail.
Based on current projections, the difference between the value
of public amenities delivered ($145MM) and the bond
reimbursement re uested $50MM is $95MM.
Page 3
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Topic ;Description East West Partners ~ Open Hospitality Partners
construction fees, shared revenues, road and bridge fund, and
count sales tax.
Projected TIF annual revenue $2,504,249 (46 mills on incremental assessed value), (2014, not
inflated) (see above under Property Taxes) In line with previous response, annual TIF revenue is expected
to be approximately $4.OMM.
Zoning Max Height Per Lionshead Mixed Use I Zoning, 82'.5" (82.5' to peak of Highest Ridge, No Occupied Space Above
82.5') Two Unoccupied Architectural Projections (AP):
AP01 =112 feet
AP02 =119 feet
Avera a Hei ht Per Lionshead Mixed Use I Zonin , 71' 66.7 feet
Site Covera a 50% 62.3%
Front Setback closest oint to ro ert line 12'6" est 10' re wires existin utilities relocation
East Setback closest oint to ro ert line 12'3" 10'
North Setback closest oint to ro ert line 20'6" 10'
South Setback closest oint to ro ert line 11' 10'
Density 30.5 Dwelling UnitslAcre (19516.4); 35 allowed 100 DU's 16.384 acres = ,
15.67 DU'slacre
GRFA (Total Area of dwelling units) 336, 465 (126,225 fractionalltime share, plus 210,240 whole
ownershi ,not includin circulation 215,462 NSF
`Need to evaluate area of flat roofs with EW ro osal
F:IcdevIRUSSIProjectslLionshead Parking RFPIComparison Table for Lionshead Parking Structure RFPfina11010.tloc
Page 5
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LionsHead Parking Structure Redevelopment
The Open Hospitality Partners & Hillwood Capital [Open ~ HillwoodJ Partnership
OHP response to Town of Vail letter of October 13, 2006
^ October 27, 2006
Russell Forrest
Community Development Corporation
75 Frontage Road
Vail, CO 81657
Dear Russ:
~~
HOSPITALITY PARTNERS
Enclosed, please find answers to the questions raised in your letter of October 13, 2006. Where
appropriate, we have utilized exhibits to fully address the question. The exhibits will be emailed to you in
a separate power point document.
Please find our answers as follows:
• Please submit audited financial reports for those entities investing in the project to Steve
Thompson.
Steve Thompson is in contact with Todd Platt of Hillwood.
• Please provide projected tax revenues in your first stabilized year (state year) for property, sales,
lodging, and TIF (only uses property tax).
See exhibit A (A full tax analysis model is being sent in a separate excel document (Tax
Analysis.xls)
• Provide a detailed breakout of the value of all public uses including road improvements. Please
review any and all assumption you made in determining a value for the public improvements. We
are assuming that all public uses include final finishes. Which uses will have furniture and
fixtures and which will not.
See exhibit B
• When will you receive a guaranteed maximum price for the project in relationship to your project
time frame? Would completing a % of presales be a contingency for moving forward?
Our proposed project will receive guaranteed maximum price agreements pursuant to our
proposed construction schedule. As is customary with phased construction, we expect to
negotiate the guaranteed maximum price agreements for individual phases in the months leading
up to commencement of construction for each respective phase. Based on our past experience
and consideration of the project, we anticipate presales contingencies in the 35% range.
• Provide a site plan showing all road improvements (Frontage Road, East Lionshead Circle)
which the project will provide (shaded in a different color). Also note where there is heated
pavement.
See exhibit C (2 exhibits)
2525 McKinnon Street Suite 750
Dallas, TX 75201
214.750.0011 Fax 214.750.0060
LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership
i
• Do you have a back up plan for providing more than 400 parking spaces during construction at
the start of the ski season in December 2009? Are there trade offs to be made where you could
propose to transfer some of the net new parking to other locations and provide more parking
sooner at the beginning of the 2009/20010 ski season? Do you have other options to not impact
ski season parking?
See exhibit D (2 exhibits)
Exhibits D will illustrate that we are prepared to offer several alternatives.relating to (1) number
of spaces and (2) timing.
We are 100% committed to delivering 2,002 parking spaces per our Phase II proposal. However,
we are also committed to a plan that satisfies the Town, Vail Resorts and the Community.
Therefore, if it is determined that the net' gain in additional spaces should occur in a location other
than the existing Lionshead Garage, we are prepared to alter our proposal and apply the
commensurate level of funds to construct said spaces in a location deemed suitable by the Town,
Vail Resorts and the Community.
• Are you using precast concrete to build the structure? If not what structural system will you use?
Yes, we will be using precast concrete.
• Can you combine the square footage currently shown for meeting space in the Regis and W and
have a large contiguous meeting space without affecting your cost significantly?
,~ No. We believe that our facility should be accretive to the community and'. not compete with other
existing product in such places as the Marriott and Vail Cascade. The W and St. Regis meeting
spaces are stand-alone enterprises tied to each hotel and cannot be combined. Additionally, the
meeting/conference space that can be created within the proposed VCVPA is meant to
complement what is being offered at the W and St. Regis.
• Do we accurately understand that your proposal will provide 285 net new proposals that would
not be required by zoning?
Yes
• Is there a way to optimize the use of private parking (when not needed by residents) for the
public?
Yes
• Please confirm the number of employee beds, units, and the average size of the units that would
be provided by the project. Also you should assume that 30% of employees generated should be
housed by the project. This most likely will be a regulatory requirement. It appears that on page
4c.020 of the proposal that the employee housing may be under grade. Will housing have natural
light?
See exhibit E
Atl housing will have natural light.
• What market analysis have you done for the demand and type of retail proposed and how it will
affect other retailers in Vail? Also do you think an ADR of $450 has a strong market in Vail? You
mentioned HVS did areport-Can we get a copy?
2525 McKinnon Street Suite 750
Dallas, TX 75201
214.750.001 I Fax 214.750.0060
LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership
We have not completed a formal market analysis related to retail demand. However, having
completed many successful retail projects throughout the country we have learned that true grass
root research is far more telling than any formal research or analysis. Through such efforts, we
have received preliminary verbal indications from more than two dozen prominent national
retailers that if awarded this project, we are very confident there. will be more demand than
l
su
y.
pp
See exhibit F (HVS Report- There are two separate reports, one. for the Proposed St. Regis and
one for the Proposed W. These are lengthy documents which will be emailed separately and
NOT included in the Exhibits power point document.
• How would the operational deficit of public uses, particularly the performing arts center, be paid
for by the development? The Town can not incur a risk to its general fund to pay for an
. operational deficit for the performing arts facility.
We will not look to the Town of Vail's general fund to cover any operational deficit incurred by the
creation of the VCVPA. We anticipate. that operational deficits will be covered .through the
project's incremental tax revenues generated and/or sponsorship dollars that we expect to
receive.
• Please clarify your assumptions for using public dollars (how much and for what uses) .
See exhibit G detailing the projected incremental tax revenue generated by the project. ,Over the
10-yr period through 2020, we project total incremental tax revenues to be in excess of $86MM.
Based on our analysis, we expect the project to generate incremental property tax revenues of
roughly $7.5MM per annum on a stabilized basis, which suggests bonding capacity -after
deductions for funds necessary to cover operating costs of the project district - in the range of
$50MM. This assumes an incremental mill levy increase of approximately 40 mills,. which we
believe the future property owners will be willing to bear based on the luxury-type product being
delivered. It is understood that all TIF bond proceeds will used be for °public" uses in accordance
with their intended purpose.
• Please overlay the Town's Frontage Road plans that we provided you with your design to enable
us to confirm that your Frontage Road improvements fit within the planned road corridor that has
been conceptually approved by the Town and the Colorado Department of Transportation.
See exhibit H
• Clarify the ownership assumptions and how the land would potentially be subdivided.
. The Town will own in fee simple all public uses, the developer will own in fee simple all private
uses.
• Please provide 1 electronic copy and a photo ready original of an executive summary (7-8 pages
total) of your proposal which can be distributed to the public. This executive summary should
include: 1) summary of the private and public uses with square footage, 2) Summary of proposed
parking clearly describing public parking, 3) summary of the total cost of the project with the
values of the specific public uses, 4) Brief summary of who is on your team and their experience,
5) Explanation of construction phasing and how you address parking during construction.
4240 will send the Executive summary CD and photo ready original directly to Russ.
2525 McKinnon Street Suite 750
Dallas, TX 75201
214.750.0011 Fax 214.750.0060
Lions Head Parking Structure Redevelopment The Open ~ Hillwood Partnership
• The public has identified indoor recreational amenities as an important need in the community.
Regarding your wellness center - to what extent are amenities (pool, rec equipment) available to
the public. Are their opportunities recreational programs in the facility open to the public?
Our project will have a Bliss Spa that will be open to the.. public.
Russell, thank you again for the opportunity to further clarify our proposal. I hope the information being
sent adequately addresses the questions posed in your letter. As we discussed, the information included
in Exhibits F (the HVS reports) is highly confidential and I ask that you treat it as such.
Cc:Jonas Woods
Marc Stanworth
2525 McKinnon Street Suite 750
Dallas, TX 75201
214.750.00 l 1 Fax 214.750.0060
LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership
1
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OPENlNILL1V000 LK3NSf3EAL} GARAGE RE9EVELOPMENT, TAX IMPACT SUNNARY
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LccgingTax Fesenues -(}9rer Novels ('~cn1 Atler~e~)
Salts Tax F.evenves • Fn>iect Guess Gdven
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Total Increnenlal Lodglrgl5ales Tax Revenues
Litt Tax Revalues
Trdnsfe; Tax Revenues
Frrdrt0lirg Fees ~ 49; Gf Sales Tax Revenues
GonsWgloO Fees • Flan Ch?"~S aee ;~alydi; ~ 1f444 Fr3eavalue
51~e dC0 Shared Revs ;LM1rlor Uetuc4 Ci1., H~1lvray User's} ~ 29; of Sales Tax Rev,
Couny Raed 8 Bridgefmd IRaBd 1'2 Mlls x Tcvm~ A'/I
Couny 538s Tax 11590 of 1Yc';curty Sales-as}
To4al SdaetedODter7ax Re~~enues
Total Town of Vail Irraemantel Tan Revenues
' 51010 380,?16 701578 X57,8& ?68204 759,204 163,204 759,204 753,204 763104 6[6,011
2 14114 79,7£2 1?x.710 211,606 214 r,4 214,414 214114 214,c•4 214,414 2141'4 1,7f7,JD8
6 5090 34,161 64,1E9 31,732 63732 36,732 'x3,732 66,732 33,132 83.732 571;547
4 01506 S08,Cf9 909.56; 953.260 958280 913,280 9a328P 969,280 953,280 967.995 821(,169
5 1633 52,771 96.22E 1L'),099 100099 1)),099 10),099 1JQ,Q99 1~)J,099 10),099 $'.7,321
8 1.020ALG 1.02-0.000 1.OZ)000 1.020000 1.02J.000 1.OD)04D 1.420.000 1.020.000 1.020.000 A.ifiC!4D4
164.456 2,674-066 2,972,1'K2 3,114.401 3,127.128 3,121,;29 3,127.729 .,121,729 3,121,729 3,126.444 21,096;356 15,516,1]0 20
J 11,315 W,1:i 113,121 119,126 119,116 119,116 11'3,126 119,116 t19,3fi 113,966 1,N1,3T3 1,410,QJ0 4
9 992115 2,63',391 2,535,966 889,121 422.573 4'22,573 -022,371 42$573 422,573 421.5?3 9,551,736 6,100,07D 6
6784 83,045 116:906 124,58E 125109 125,109 125J09 125,109 926,'D9 126,056 1-065;372 790,OJD 15
1J94,7i1 1,794,742 -
3393 41,~..e'1 59E53 62192 62555 32,555 62,555 52,555 62,555 62.529 541,961 276,0)D 22
• 40~ii 43171 46~i4 41.474 43.474 4Gt74 43,474 4474 ?E5,365 450.0)0 10
3362 39.6ff '3.224 74.546 79040 13.-040 79.040 79.040 79.M0 73.992 671.927 445.5)7 15
1,611,285 164,167 292,13D 911,898 518.178 313,178 513,176 313,178 313,118 SI3A52 4-0.6',417 2,(11,590 15
1,974,529 4940,710 5,911;661 4,414,346 3,982.606 3,932,606 3,982,606 3;992,606 3,932,6D6 3,981,076 4$135,581 26,407,63D 15
42,125,192
LiSrlShaad URA Pra e ' Tail I~cirdnealal Retieroes to Yail
IncrementalASSessedb'aPialimYOmPro}ect 7,8 21;]15158 64,34',8f1 81,154;683 84,05,841 84,?06841 84,745,8E1 84,~rh,841 84,7)5,641 84,701.841 E4?05.841 ?59,456,441
EstnatedOvedapphglEilLedieslNotlrxludnghletruDaidclsy 99:1' 46.?41 J6~1 46.341 d63~S 43,u' 45341 4fi34i 43.341 43341
U~he&d Fro 0C108+1 Pro ' Tax trlpremenlel AevOnUe4 913:648 1,981,9-01 3 760:761 925,363 3,925:360 3,925,353 928,353 3;92 363 3,925,353 3 9?5,353 35,194;J64
VaD Lacai tAarRattn Distdd Increnardal Rcnenuos
~hanTermLodclagAcoommoda9oaRevenueSubJeatoMal~etlrgTex 1,2,6 1,132668 12,382219 23,44D~E1 25,905563 2f,233T43 24,233,143 25,233,743 2E,233,i43 26,233,743 2f,233,i63 221,114,157
`ai acal Eladc~ug bslri~~. ~dgng Tan Bale 1 SOW 1.4C"m I.40~G 1 X096 1 EO'4 1.40`.6 1 ~O~i 1 ~O~a t.40~k 1 ~U1'e
a8 Laaal hlarkatBl DiStdCt InCraner0al Tai Ravenu~ 24,499 173,3;1 331,153 362,676 361.173 331,2x3 941273 367,273 387,273 361,273 3,095598
_ _e ate_Tax_Reuenues _?._ _________.~ ____ 5'rc~<39T30;7 5 3,096AT7~;~u,a•>=.10003896'5•=- T0237r S"~- 8215.132°r5 ;' 827523? S'"'-•"" 275,132 5 "-Btr132KK+5"~"`' ,~8;2T5,23Y5 '8,2T3662A~"> 80`15244
------.. _a_,_
exhibit A
Tax Impact Analysis
note: Lull tax analysis emailed separately
LionsHead Parking Structure Redevelopment The Open Hillweod Partnership
^
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MO~tTENSON
Lionshead Garage Redevelopment
Public Use Elements
Public Component Size (GSF) Amount ($)
Public Parking Garage' 668,500 $95,000,000
Transit Hub 16,000 8,580,000
Information Center 2,400 420,000
Vail Performing Arts Center 40,000 20,700,000
Upper Retail Pedestrian Street 71,000 6,000,000
Frontage Road Improvements 78,000 12,000,000
East Lionshead Circle Improvements 35,000 2,500,000
Total Public Use Budget 2 910,900 145,200,000
1 Includes garage allocations for the Vail Performing Arts Center and
the public retail, but excludes all private use size and cost allocations.
2 All public building elements are fully finished and include FF&E items
necessary to operate the buildings per their intended use.
exhibit B
public use elements
LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership
r ~ ~ ~ ~ w ~ A r ~ ~ ~ ~ ~ ~ r ~ rr ~ ~ ~
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1
'Conceptual Layout Only -Design to be further developed
~ with the Town of Vail
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a exhibit C1
public roadway improvements
3
v
w ~w w w~ w w w w w w w ~^ ~~~ w w~ w w
- --- _- --
::~..:, -
\?~
'Conceptual Layout Only -Design to be further developed
with the Town of Vail and CDOT
'Maintaining areas to hold snow will be a major
consideration in final design
exhibit C2
heated pavement / pavers
--- - - -_ -~ o~-
--f-- - ___ ____. - - a
~d ~ ~~eP ~='~~~ ~~ under ~.., ~==-F=~ ~ l 1,1.50 _ ,~ un er / \Q( --~~ ~_ ,
.. ~ 'r ~ ~ ~ l final parking.
~; ~ construction ~" ~ . nstructlon
new' co ~.
o ~ 9 a a ~ n p "~ ; . ,'p - r~,-.~._,~ ~ structure 2,002' ,
1150~exlstln ~`~ l~
public stalls. f ~ ~~ ,- Pi 400 ublic ~~ ~ ~ stalls ' P2 ,~_~~~~ ~ C i ~ parking stalls; ~, e-,~' }t
` ~ C alts ~~ ~~ } ~ ~ .' ~ .~ C
~~
activity round-about/frontage road P1-parking garage construction P2-parking garage construction P2-parking garage complete
duration aaril 2008-October 2008 april 06, 2009-January 31, 2010 april 2010-June 2011 June 2011
work
Pre Phase 1: Phase 01: Phase 02: Final Completion: open new
Realign South Frontage Road Demolition/reconstruction of west Demolition/reconstruction of east half replacement garage /transit center /
and Construct New halt of garage. of garage. transit hub /info center
Roundabout.
-Build 1,150 permanent stalls + valet entry -Build 850+/- permanent stalls + entry / -2,002 total on-site parking stalls
-All 1,150 parking stalls remain ramps exit ramps
available for public parking -1,605 on-site public stalls (120 short term
-400 public stalls remain open within -1,150 public stalls remain open within + 1,485 long term stalls)
-New roundabout open for 2008- existing parking structure. western half of new parking structure.
2009 ski season to help alleviate -5 ECO Bus Transit Hub
existing traffic congestion
-On-Site "Great Hall of Arrival"
-On-Site ToV Information Center
hours / lam-7pm / M-F
days
lam-7pm / M-F
Option 01 ~ 2,002 total on-site parking stalls (1,605 public + 397 private)
• 1,150 public stalls will be constructed in 10 months and open to the
public on January 31, 2010.
Overview Constructed completely within regular working hours.
lam-7pm / M-F
lam-7pm / M-F
exhibit D1
construction phasing -option 01
~ ~ w ~ ~ ~ r ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~, ~
- _ _~: _ . - -__-~_ o 0
\® ._ - ~-TBP~ __--~op `~11 under ~ ~-~ ~4` 1,150.1 _ under ~4~ ~. -_~
If,~ y i` construction ~ (' ` ~ new:i ~ construction ~ _ final parking ~ - `
Y r l 61150 exlsting~ •.~4 ~ ~ ~ ~~ ~' ~ public` ~• _ `-- , ~ , . ~= 'structure - 1,717
400 ublic , ~ arkln stalls
public stalls ` ~ P ~'~ ~~ ~ ~ P 9
stalls
a ~~ l P1 stalls 1 F--- ~ P2 .-~ _
.
1
1 ,. ';~
~,
activity round-about/frontage road Pi-parking garage construction P2-parking garage construction P2-parking garage complete
duration aril 2008-October 2008 april 06, 2009-december 01, 2009 april 2010-June 2011 June 2011
work
Pre Phase 1: Phase 01: Phase 02: Final Completion: Open new
Realign South Frontage Road Demolition/reconstruction of west Demolition/reconstruction of east half replacement garage /transit center /
and Construct New half of garage. of garage. transit hub /info center
Roundabout.
-Build 1,150 permanent stalls + valet entry -Build 567 permanent stalls + entry /exit -1,717 total on-site parking stalls
-All 1,150 parking stalls remain ramps ramps
available for public parking -1,320 on-site public stalls (120 short term
-400 public stalls remain open within -1,150 public stalls remain open within + 1,200 long term stalls)
-New roundabout open for 2008- existing parking structure. western half of new parking structure.
2009 ski season to help alleviate
-5 ECO Bus Transit Hub
existing traffic congestion -Round-the-clock demolition /excavation
and pre-cast structure erection to meet -On-Site "Great Hall of Arrival"
aggressive schedule
-On-Site ToV Information Center
working
hours / lam-7pm / M-F 24hrs per day / S-S 7am-7pm / M-F lam-7pm / M-F
days
Option 02 ~ 1,717 total on-site parking stalls (1,320 public + 397 private)
• 1,150 public stalls will be constructed in 8 months and open to the
public on December 01, 2009.
Overview Phase 1 constructed around-the-clock, 7-days-a-week.
exhibit D2
construction phasing -option 02
EMPLOYEE HOUSING
W Program
gross
description of use NSF units formula employees
Lodging 120 1.2500 150.00
Multi-Family Units 50 0.4000 20.00
Meeting Rooms /Public Spaces 9,600 0.0010 9.60
Spa 2,688 0.0013 3.49
183.09
St. Regis Program
gross
description of use NSF units formula employees
Lodging 120 1.2500 150.00
Multi-Family Units 50 0.4000 20.00
Fractionals 25 0.4000 10.00
Meeting Rooms /Public spaces 20,550 0.0010 20.55
Spa 8,000 0.0013 10.40
210.95
Other (provided by massing)
gross
description of use NSF units formula employees
Retail /Service /Commercial 60,000 0.0050 300.00
Cultural Center 32,000 0.0010 32.00
332.00
gross employees ~2s.oa
30~o multiplier /total employee beds provided 217.81
*21 pillows/10% of required beds are currently provided on site
*7,350sf currently allocated on site = 350sf per bed
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*350
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or a
requ
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s
per
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assume
exhibit E
employee housing analysis
LionsHead Parking Structure Redevelopment The Open ~ Hillwood Partnership
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~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ i ~ ~ ~ ~ ~
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1
2008 2009 2010 2011 2012 2013 2014 2015 Total:
' - - - $91,904,210 $239,243,120 $211,139,469 $44,614,800 $0 $586,902,199
' 91,904,210 239,243,720 211,139,489 44,614,800 - 588,902,199
- - - - $37,285,714 - - - $37,285,714
' - - - $40,842,857 - - - - $40,842,857
' - - - - $2,171,429 - - - $2,171,429
- - - - $1,440,000 - - - $1,440,000
' - - $2,114,286 - - - - $2,114,286
' - $4,283,143 - - - - $4,283,143
- - - - $42,857,143 - - - $42,857,143
' - $47,240,286 $83,154,288 - $130,994,571
' - - - - $139,144,496 $322,998,006 $211,139,469 $44,614,800 $0 $717,896.770
' - - - $7,315,575 $19,043,800 $16,806,702 $3,551,336 $0 $46,717,415
' - - $13,699,683 $24,288,743 - - - $37,988,426
' $21,015,258 $43,332,543 $16,806,702 $3,551,338 $0 $84,705,841
' - - - $21,015,258 $64,347,801 $81,154,503 $84,705,841 $84,705,841
BOND CAPACITY Bonding Capacity
Assessed Value Mills Annual Rev, ~ 19 vrs, 6%. 20% coverage
TIF Bonds $84,705,841 46.341 $ 3,925,353 $35,039,640
Metro District Bonds $84,705,841 26.000 $ 2,202,352 $1 g~659,P79
Metro District Op. Rev. $84,705,841 14.000 1 185 882
86.341 $ 7,313,587 $ 54 898 919
exhibit G
assessed value & property tax income revenues
LionsHead Parking Structure Redevelopment The Open Hillwootl Partnership
Planned road corridor that has been -
conceplualy approved by the Town of
Vall end the Colorado Departnwnt of
TranaportaUon
Proposed conceptual road layout
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-i--~
~ ~ ~
'Conceptual Layout Only -Design to be further devebped
`- with the Town of Vail and CDOT
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exhibit H
a conceptual frontage road layout