Vail Town Council approved Hillwood Capital's Improvement Agreement for Lionshead Parking Garage

After much discussion by Vail locals and Vail Town Council on the redevelopment of  the Vail-Lionshead Parking structure, The Hillwood Capital Group was given the approval to move forward on plans for a conference center, hotels, condos and parking. The 3 parties making decisions on these plans wil be Hillwood, the Town of Vail and Vail Associates. The Open/Hillwood group promises to build the parking structure in phases, so some parking will always be available in the garage during construction.  The Town of Vail retains the right to take back the project if Hillwood doesn’t live up to the plan.

It was interesting at the Vail Council meeting, the plan was approved with the assumption that Ever Vail would be built before Hillwood could start on their parking.  Since Vail Associates is developing Ever Vail and is also a third party in approving what goes in the Lionshead Parking structure, it seems they are carrying the ace card.  So who is on first? Who will benefit the most, Hillwood, The Town of Vail, or Vail Associates? 

If the best interests of the Town of Vail are to be a priority, does speaking out with letters and voices at town council meetings have any impact at all? It seems the real strings are going to be employee housing and how Timber Ridge, owned by the Town of Vail, factors into Vail Associates and Hillwood’s needs for employee beds.  The developer must now submit a more detailed plan for a 34,000 square foot conference center, 2 hotels, 60,000 square feet of retail space, 1,450 public parking spaces, 255 retail parking spaces, a bus station with 5 slots for buses,  a new roundabout, street improvements, and a 2,000 square foot Information Center.  The target date for submittal to the Town of Vail for approval is March 15, 2008.  If the Town of Vail eventually approves Hillwoods’ plans for the redevelopment of the Lionshead Parking structure, it still requires Vail Associates approval.  The Town of Vail may hold the trump card in determining who will purchase Timber Ridge for affordable housing.  So far Hillwood and Vail Associates are trying to buy Timber Ridge.  Is this partnership or competition?

Teri Lester, Eco-Broker and homeowner in Vail.  970-376-0779 or tlester@gatewayland.com

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