HomeMy WebLinkAbout04. West Vail 2.9.24West Vail Center
West Vail Center EXISTING CONDITIONS
West Vail Center WHY CHANGE?
•Economic competitiveness
•Strip style commercial doesn’t
meet Vail Land Use Plan vision
•Aesthetically lacks sense of place
•Primarily car-oriented
•Vail lacks developable land, yet
demands more housing and
commercial
West Vail Center MARKET OPPORTUNITIES
•Low Real Estate Supply
• Businesses going down valley
•Highway Visibility/Location
•Only convenience stop between
Summit County and Eagle-Vail
•Healthy Commercial Rents
•Healthy Retail Sales
•Property Ownership
•Limited number of parcels
Vision: West Vail Center
“The reimagined ‘West Vail Center’ is the center of economic and social life in West Vail. It’s a
place to meet a friend for a cup of coffee, conveniently pick up groceries and other essentials,
and access transit connections to the rest of the town and valley. As the western gateway to
the Town of Vail, the commercial center is aesthetically pleasing and inviting, with new and
upgraded buildings that reflect the neighborhood’s scale and mountain setting while
providing much-needed resident housing. The area’s new pattern of development is oriented
to pedestrians, accommodating to bicyclists, and accessible by both car and transit. Vibrant,
active businesses in the commercial area serve both locals and visitors, supporting and
meeting the needs of West Vail’s year-round community.”
West Vail Center
Summary of Goals
1.Town works collaboratively to improve economic vibrancy and provide housing
2.Expand housing opportunities in West Vail Center
3.Ensure comfortable and efficient access for people using all transportation modes
4.Retain essential businesses that serve Vail’s year-round community
5.Attract new businesses that support social life (e.g. coffee shops)
6.Create an inviting, human-scaled environment within West Vail Center
7.Maintain an aesthetic that is distinctive and memorable, yet suits West Vail’s mountain
environment
West Vail Center
West Vail Center FRAMEWORK
West Vail Center SCENARIO 1
West Vail Center SCENARIO 1
West Vail Center SCENARIO 1
West Vail Center SCENARIO 2
West Vail Center SCENARIO 2
West Vail Center SCENARIO 2 PHASING
West Vail Center SCENARIO 2 PHASING
West Vail Center SCENARIO 2 PHASING
West Vail Center SCENARIO 2 PHASING
West Vail Center SCENARIO 2 PHASING
West Vail Center SCENARIO 3
West Vail Center SCENARIO 3
West Vail Center SCENARIO 3
West Vail Center PROS AND CONS
1 – QUICK WINS 2 – PARCEL-BY -PARCEL 3 – MAIN STREET
Implementation
•Led by property owners in partnership with Town
•Market-rate housing
•Create value to fund redevelopment and parking costs
•Provide incentive to property owners
•Town Partnership
•Assist with paying for a portion of structured parking
•Consider a special district and/or TIF
•Replacement Parking Costs
•Roughly $35.0-$40.0 million
•500-600 spaces @ $65,000 per space in structured parking
West Vail Center
What could the mix of businesses in
West Vail Center look like?
West Vail Center
Food/Market Coffee Shop & Bakery
Pizzeria Bar/Restaurant
Breakfast/Lunch/Brunch Restaurant Vintage Apparel / Thrift / Used Gear
Kids Gifts/Toys Private Fitness/Gym
Pilates/Yoga Studio Salon
Barber Shop Optician
Interior Design Physical Therapy
Office: Professional, Non-Profit Office: Executive Suites/Co-Working
Doctor/Medical
50%
14%
36%Retail/F&B
Personal Services
Office/Services
Zoning Recommendations:
Updates to Commercial Core 3
West Vail Center
1
•Develop new parking schedule
•Expand allowed housing types
•Revise landscaping requirements to
align with scenario
•Develop new mix of allowed,
conditional, and prohibited uses
New Zoning District:
Community Mixed Use
Scen. 2
Scen. 3
•Develop new mix of
allowed, conditional, and
prohibited uses
•Increase max building
heights
•Develop new parking
schedule
West Vail Center
•Increase max site
coverage
•Expand allowed
housing types
•Reduce minimum
setback
requirements
•Restrict inactive
uses to upper floors
•Revise landscaping
requirements to
align with scenarios
Funding and Financing
Tool Scenario 1
Annual Revenue
Scenario 2
Financing
Capacity
Scenario 3
Financing Capacity
Business
Improvement
District (BID)
•$200,000-
$300,000/yr.
•5.000 mills, $0.50-
$1.00/sqft
•N/A •N/A
Tax Increment
Financing (TIF)
•N/A •$10-13 million •$11-14 million
Special District
(30 mills residential
10 mills comm.)
•N/A •$10 million •$13 million
West Vail Center
West Vail Center IMPLEMENTATION COMPARISON