Breckenridge, Colorado — Big changes are coming to Peak 8 in the years ahead.
Over the past few years, Breckenridge Grand Vacations and other parties have been developing a proposal that would utilize the available pieces of land for development around Peak 8. Known as Finale, the estimated $500 million development will offer residences, condominiums, and hotel rooms for those who want to live at or visit the Colorado ski resort.
It’s named Finale over its claim that this will be the last major development at Breckenridge.
However, Mark Truckey, who’s the Community Development Director of the Town of Breckenridge, disagrees with this “final” assessment.
“Not the last [development],” said Truckey to the Denver Gazzette. “But that’s probably accurate near the base of the ski lodges, [and] the vacant properties in that area of town.”
Here’s a breakdown of the new real estate developments, along with the affordable housing that’s tied to it, that’s coming to Breckenridge.
Independence Townhomes: Situated downtown next to the Breck Connect Gondola, these sixteen residences will feature between three and five bedrooms. These 16 townhomes are priced between $4.125 million to $6M. Purchase of a home includes two lifetime Epic Passes (good for sixty years) and the chance to buy a membership to the Grand Colorado Resort. According to a June press release, seven of these townhomes are already under contract.
Victory Ridge: In June, home sales were launched for Victory Ridge. This development will feature a total of 14 ski-in/out homesites above the Peak 8 base area. With sizes between 2/3 and 1 acre, these lots have a price point from $5.25M to $8.9M. Purchase of a home includes two Epic Passes for life (lifetime= sixty years) and first dibs on the Imperial offerings. Also part of this plan is a developable lot near the future Peak 8 developments, priced at $8.9 million.
Imperial Hotel & Private Residences: Situated at the heart of the Peak 8 base area, this luxury resort is billed as the last luxury slopeside resort at Breckenridge’s base areas. The 400,000-square-foot development will feature a mix of condominium and hotel rooms. For guests and condo owners, amenities will include dining outlets, bars, aquatic facilities, and an arcade. This proposed hotel received approval from the town of Breckenridge in May.
Imperial Chalet & Villas: Located next to the Imperial Hotel, a separate building will be available for homeowners. This building will feature residences, chalets and villas with two to five bedrooms. For homeowners, it will also include access to amenities at the Imperial Hotel.
Affordable/Employee Housing: Due to the high cost of living, Breckenridge’s town policy requires new or existing businesses to provide 35% of their employees with access to employee housing.
According to the Summit Daily, the plan is to use two parcels, situated in northern Breck, as sites for affordable housing. Parcel 2 is planned to feature 48 employee housing bedrooms and 400 parking spots for various users. Parcel 7, known as the Entrada Parcel, is planned to have approximately 60 workforce housing units.
Legal Issues: However, the construction of the Imperial properties isn’t definitive due to ongoing legal battles. The One Ski Hill Place Homeowners Association, a HOA which is unhappy with Breckenridge Grand Vacations for several reasons, has filed two lawsuits against them.
The first lawsuit was filed on May 19th against a subsidiary of Vail Resorts (Vail Summit Resorts INC) and Breckenridge Grand Vacations. This was over an easement, which the HOA said was canceled without their needed approval.
The second lawsuit, which was filed against Breckenridge and Grand Vacations in June, alleges the town violated its municipal code by approving. They’re seeking to have the court nullify the approval and recover their fees back. Breckenridge Grand Vacations responded to these two lawsuits in court filings, stating that the HOA promised support of the project, only to change course. It also claims that some members of the HOA still support the proposal. Breckenridge Grand Vacations is calling for the lawsuits to be stopped before they cause harm to their plans.
Image/Video Credits: Emery, Finale (Breckenridge Grand Vacations)
