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The Town of Vail last week issued the following press release seeking input on the level of interest in purchasing deed-restricted homes at the redeveloped Timber Ridge Village Apartments:
The Town of Vail and its partner, Triumph Development, are seeking input from Vail’s business community as well as individuals as to their interest in purchasing deed-restricted homes at the redeveloped Timber Ridge Village Apartments. A free reservation system is now open at www.triumphdev.com/timberridge.
Projected home prices are as follows, subject to change:
One Bedroom $433,000
Two Bedroom $655,000
Three Bedroom $868,000
Four Bedroom $1,080,000
If enough interest is generated, potential buyers will be required to make a fully refundable reservation deposit by June 1, 2023. A future earnest money deposit would be required to secure purchase of a home. Amounts are yet to be determined.
A home selection process, including eligibility for participation, criteria for selection, deed restriction terms and more will be created in response to the depth of the market and level of interest. The deed restriction that will be recorded on the homes requires the persons residing in the homes to be employed at a business located within the community and working a minimum of 30 hours per week on an annual basis. At least 75% of their income must be earned at the local business.
The total estimated cost for the redevelopment of Timber Ridge is $152 million. As proposed, the Town of Vail would contribute the land and provide the seed money for the site development and infrastructure, resulting in finished building pads ready for vertical construction. Estimated cost for this work is $38 million. Triumph Development would be responsible for all other development costs and guarantees to deliver the 284 deed-restricted homes at an estimated cost of approximately $114 million.
At least five of the seven buildings would be sold to business owners and individuals in the Town of Vail, with two of the buildings potentially retained by the town as rental homes for individuals who meet the deed restriction qualifications.
Construction is expected to take place from May 2024 through the fall of 2025, with the development ready for occupancy by the 2025/2026 ski season. For more information, contact Town of Vail Housing Director George Ruther at GRuther@vailgov.com.