Tag Archives: Lion’s Ridge

Gorman & Company, Inc. Partners With Town Of Vail And Wright And Company To Build 112 Unit Deed-Restricted Employee Housing In Vail, Marking Vail’s Largest Employee Housing Project Ever

VAIL, Colo., Sept. 16, 2014 /PRNewswire

– Gorman & Company, Inc., an affordable housing development leader for over 35 years, has partnered with the Town of Vail and local developer Jen Wright and Wright and Company for the redevelopment and new-construction of Lion’s Ridge Apartment Homes on a 5.24-acre parcel on Vail’sNorth Frontage Road opposite Vail Mountain, which is the eastern half of the existing Timber Ridge employee housing complex. All costs of construction will be borne by the developer while the town will lease the underlying land to the developer with payments deferred up to 10 years. The town has invested $8Million in the parcel to insure the units remain deed restricted housing.

The groundbreaking, held Tuesday, September 16 at noon, was open to the community as a celebration of the Town’s housing milestone. Construction begins immediately.

“This is a phenomenal project for Gorman & Company, Inc. in that it involved complicities that the Town of Vail Councils and staff for many years, and the associated Town and community planners and financiers all solved. The result will be a beautiful housing project benefitting the community of Vail for the long-term,” said Gary Gorman, chief executive officer of Gorman and Company, Inc.

Lion’s Ridge Apartment Homes will be comprised of 112 deed-restricted units and a manager’s unit, will be constructed by Gorman General Contractors with construction management by the local firm of RA Nelson. The project, comprised of one and two bedroom units will include four, three-story tall buildings. The Town of Vail will continue to own and operate 95 rental units on the western side of the property.

“Lion’s Ridge Apartment Homes will be for the year-around employee in Vail who wants to live and work in Vail for the long-term,” said Jen Wright, principal of Wright and Company, the locally-based developer. “They will be ‘loft-like’ with galley kitchens, washer-dryers, storage and, generally-speaking, nice apartment homes which appeal to the Vail residents who are established here.”

Vail Mayor Andy Daly, echoed Wright and Gorman’s sentiments. “I couldn’t be more proud of this monumental accomplishment knowing that our investment on behalf of the Town of Vail taxpayers is fundamentally sound and will become part of this community’s legacy,” he said.

Construction to begin at Lion’s Ridge

By: Scott N. Miller, Vail Daily, September 15, 2014

VAIL — It’s been more than a decade since a big rental housing project was started in Vail. And, like anything in Vail, this project has carried plenty of controversy.

Town officials and developers Tuesday will hold a ground-breaking ceremony for the Lion’s Ridge apartments. That 113-unit project, on the eastern half of the 10-acre Timber Ridge property, will essentially replace the old units — which date to the early 1980s. But instead of units geared toward seasonal workers, these new apartments are aimed at year ‘round residents.

Every unit in the new apartments will have its own laundry equipment and furnace. The new apartments will also feature a small storage area for every bedroom.

At a Vail Town Council meeting in November of 2013, community development department director George Ruther noted that the plan for the new apartments is to present an in-Vail option to people who can live elsewhere.

That’s a scaled-down vision from several more ambitious plans floated over the years.

Those plans began percolating in the early years of the previous decade. Then, the original owner of Timber Ridge was ready to put the property on the open market, since federal tax incentives that kept the property in the “affordable” housing pool were set to expire.

Former Vail Mayor Rod Slifer recalled that town officials at the time believed the town wouldn’t be able to replace those 198 units of employee housing, and decided to buy the property.

“The council at the time felt it was important to keep it there for housing,” Slifer said.

Since then, there have been at least three proposals to replace the apartments with everything from rental housing to entry-level condos. All those proposals ran into various roadblocks, most having to do with the cost of building in Vail.

The most recent proposal — the one breaking ground Tuesday — is more modest. Developers Jen Wright and Gary Gorman brought the essentials of this plan to the Vail Town Council in 2013. Even after approval in November of 2013, more hurdles cropped up.

The project was supposed to break ground in May, with an eye toward the first tenants moving in in time for the 2015-16 ski season.

But ground breaking was delayed, due to what Wright said were difficulties with possible lenders. In late summer, Wright and Gorman asked to modify the original agreement, extending the terms of the ground lease for the apartments from 35 to 50 years, and adding an option for the developers to buy the property within the first decade.

That purchase price is about $5 million, roughly half of what the town paid for that part of the property.

Developers said both those changes were essential to get the project running. And plan supporters on the council have argued that contributing property, in whole or part, is standard practice in building workforce housing in mountain towns. However, the prospect of selling town land was a sticking point for some residents and a couple of council members.

Second-term council member Margaret Rogers first ran for office in 2007 pledging to get a Timber Ridge plan in place. She opposed the latest deal, both because of the potential cost to the town and the fact there aren’t more units being built.

Rogers and fellow council member Dale Bugby were in the minority on council, and cast the dissenting votes when the plan was put up for approval.

Wright praised Vail Mayor Andy Daly and Town Manager Stan Zemler for keeping the process going through the most recent hurdles.

“We couldn’t have gotten this done without the town,” Wright said.

Slifer believes the deal remains a good one for the town.

“It’s been a good investment,” he said. “It’s terribly important to preserve rental housing in town.”

Craig Cohn, a member of the Vail Local Housing Authority board, said he’s also eager to see new housing built.

“As a member of the (board), it doesn’t really matter what the deal was,” Cohn said. The important thing, he said, is building new housing for Vail’s front-line workers

“The town of Vail is under-housed at this price point,” Cohn said. “The sooner we get going the better.”

And, Wright said, “the town will end up with a nice project. It’s going to be a great place for people to live.”