Industry News
Colorado Mountain Express, a subsidiary of Vail Resorts, has just been approved to convert commercial space that they own into two four bedroom apartments. In order to comply with zoning regulations, a small portion of the 3,000 square foot first floor will have to remain commercial. This is a significant development because it shows a willingness between Summit County and Vail resorts to work together to solve the low-income housing crisis.
“We’re pleased to have been able to work with the town of Silverthorne to create an innovative workforce-housing option for what’s otherwise been an underutilized space,”-Â John Dawsey, Colorado Mountain Express
In the grand scheme of things, this is actually a relatively small development, as the renovations will only cost about $440,000. Vail has pledged $30 million to developing employee housing across all divisions of the company. Vail is also currently building a $6 million apartment complex in Keystone and is working on plans for a 23-acre lot in East Vail. In total, they now own or lease 3,000 beds across Eagle and Summit counties. With 26,000 employees in total, the majority being Millennials, Vail still needs more solutions for affordable housing.
Since 2015 the town of Breckenridge has committed over $45 Million to affordable housing projects. The town has already built over 1,000 deed-restricted units. The local government and Vail Resorts need to work together to create an efficient solution to the workforce housing crisis. Rezoning and renovation of buildings for housing, like the recent development in Silverthorne, is a step in the right direction. Projects like this could become increasingly common in the coming years.
