As Vail seeks new opportunities to build deed-restricted housing in town, it is pushing ahead with its plans in West Middle Creek.
On Tuesday, Dec. 19, the Vail Town Council will review a pre-development agreement with Corum Real Estate Group. If executed as recommended by town staff, the town and developer will begin the entitlement process with Vail’s Planning and Environmental Commission and Design Review Board.
The entitlement process is expected to occur over the next year or so and will include conceptual design work, completion of construction documents and the issuance of a building permit. Vail is targeting a May 2025 start date for construction on the parcel.
West Middle Creek is a 17.87-acre site located north of Interstate 70, between the Middle Creek Village Apartments and the Solar Vail Apartments. In December 2022, the town rezoned the parcel from natural area preservation to accommodate housing and child care in the future.
In August 2023, the town also acquired an adjacent 1.25-acre parcel from the Colorado Department of Transportation to maximize the housing opportunity on the site.
In June, the town released a request for proposals for development services for the site and received 10 applications. During a months-long process, an advisory committee reviewed these applications and interviewed the candidates. Ultimately, the Town Council gave staff the go-ahead to enter into negotiations with Corum in October.
At the Oct. 17 Town Council meeting, George Ruther, the town’s housing director said that the recommendation to move forward with Corum was based on the company’s track record in Vail and with affordable housing — having served as the town’s property manager at Timber Ridge for “many years” and with developments in Breckenridge and Frisco — as well as the development approach that Corum brought to the table for West Middle Creek.
As currently contemplated, the West Middle Creek housing development includes the construction of 264 deed-restricted homes in three buildings. These three buildings are expected to bring 416 beds and are comprised of 68 studio units, 116 one-bedroom units and 80 two-bedroom units.
Similar to other town-owned deed restrictions, the units will be available for rent to individuals who work at least 30 hours per week in Eagle County and earn a minimum of 75% of their annual income from that business. As proposed, the town intends to offer master leases on 10% of the homes.
According to a memo from Ruther in the Dec. 19 Town Council packet, the West Middle Creek Village Apartments will be “the second largest capital investment made towards resident housing in Vail’s history,” second only to the Timber Ridge redevelopment.
West Middle Creek is anticipated to carry a total development cost of around $110 million.
If approved by council on Tuesday, the pre-development agreement with Corum is based on the town seeding the initial $3.9 million in funds for the entitlement process. These funds will come from the town’s InDEED fund and will be fully reimbursed on the issuance of revenue bond financing, per the agreement.
“Not only does this funding approach lessen the financial challenges of the entitlement process and create the opportunity for the town to develop the West Middle Creek Village Apartments, but this approach also ensures the ability to reinvest the town’s limited financial resources to deliver more housing solutions in the future,” reads the memo.
If the Vail Town Council approves the pre-development agreement on Tuesday, the entitlement process is expected to begin in January at a joint meeting between the town’s planning commission and design board. This meeting is scheduled for Jan. 8, 2024, and will include a high-level overview of the project, initial planning and a schedule for the development review process.
Following this meeting — which is meant to improve upon the “effectiveness and efficiencies of the development review process” according to the housing department — the project will begin the formal application and review process. The proposed pre-development agreement sets several deadlines to keep the project on track for a construction start in May 2025.
Vail Town Council will meet for its last regular meeting of the year on Tuesday, Dec. 19. The afternoon meeting is scheduled for 12:05 p.m., and the evening meeting for 6 p.m. at Vail Town Hall (75 S. Frontage Road). The meeting is streamed on Zoom, High Five Media and the town’s Facebook page. To learn more about the meeting and how to provide public comment, visit Vail.Gov/Government/Town-Council.