Industry News
The town of Vail, CO, has been facing a severe housing crisis in recent years due to limited real estate, low wages, and employee housing challenges, but it appears the town is finally taking action. On May 16, the city council signed an agreement with Triumph Development to begin the redevelopment of the Timber Ridge apartments, an apartment complex in West Vail.
The mayor, Kim Langmaid, claims that this is the largest capital project that the town has ever seen, with spendings estimated to reach $165 million.
Currently, the Timber Ridge apartments have 96 units with approximately 196 bedrooms. This new redevelopment is planned to expand those numbers to 288 new units and 569 bedrooms within seven buildings, significantly increasing the number of people that call Timber Ridge home by prioritizing homes over parking space.
The redevelopment is planned to be deed-restricted, meaning that the individuals living in Timber Ridge must be Eagle County employees, work at least 30 hours per week, and earn at least 75% of their income from local businesses.
According to the agreement, the town plans to contribute $49.5 million to purchase more adjacent land for the expansion and begin work on the site. Triumph Development intends to contribute the other $115 million to the project to complete construction. The town and Triumph are expected to make their money back while selling the new living spaces.
The town already has allowed businesses to reserve units; however, residents must go through a lottery process to stake their claim on the buildings. The lottery is planned to be held as early as four months before the end of construction.
George Ruther, the housing director of the town of Vail, claims that there is a long way to go when it comes to housing, and the town will need a lot more money, so the sales of these units will help continue to achieve housing goals down the road.
Construction is slated to begin in May of 2024, and the first new residents are planned to move in by November 2025. Although Vail, CO, is far from solving their housing crisis, this certainly is a step in the right direction.
