A new development will help ease Vail’s extensive housing crisis.
Vail Daily reports that the Vail Town Council finalized the agreement with Triumph Development on May 16th that will redevelop the Timber Ridge Village into a deed-restricted housing development. Currently, Timber Ridge has 96 affordable housing units, which will be demolished for this new build.
The development will feature seven buildings. There will be 284 housing units (567 bedrooms) and 284 parking spaces. These units are deed restricted for only year-round residents and seasonal employees. The amenities of each of the seven buildings will include elevators, a rooftop deck, a community room, and a bike storage room. The development is expected to open in November 2025. Timber Ridge is also a short walk away from public transit and the Cascade Village lift.
The $165 million project is a public-private partnership and allows local businesses to buy a stake in it. Travis Coggin, who is the Mayor Pro Tem of Vail, described why they went forward with this project:
“We always hear the business community saying how much they’re struggling with housing and how, if they could, they would step up. And they truly did step up in a big way. We don’t just have one business, it’s 165 units that are being taken down by nonprofits, for-profits, big, small, across the board and I think when we deliver this, it’s something that just is a big step forward. This is the first step of many, although we’ve taken a lot of steps to get here.”
The purchase price for the units is still pretty expensive, but this is Vail we’re talking about here. A studio costs $377,000, a one-bedroom costs $433,000, a two-bedroom costs $655,000, a three-bedroom is $868,000, and a four-bedroom costs $1,080,000. There will also be for-rent options. A lottery system will choose these units’ occupants four to six months before the project’s completion.
“Two-hundred and eighty-eight homes sounds like a lot, and it is, but we have a long way to go when it comes to housing,” said Travis Coggin.“We’re going to need a lot more money, so this money that’s coming back to the town of Vail through the sale of these homes is going to help us continue to achieve our housing goals going forward.”
The Town of Vail is also currently constructing a 72-unit worker housing facility, which is expected to open later this year. If only there were an employee housing development that the main job creator in Vail wanted to build…
Image Credits: Town Of Vail/Triumph Development