The Vail Town Council will consider an ordinance authorizing the sale of its town-owned commercial space in Vail Village at its Tuesday, April 2 meeting. The action item is listed as 4.3 on the meeting agenda with opportunities for public comment.
As proposed, Ordinance No. 5 would authorize the sale of the space, located on the lower level of 100 East Meadow Drive in the Vail Village Inn, Phase V building, to STK Capital, LLC, for $1.547 million. According to the Vail Town Charter, the Town Council may sell town-owned real estate property subject to passage of an approving ordinance.
Tuesday’s consideration of Ordinance No. 5 follows earlier direction by the Town Council to retain the services of a commercial real estate seller’s broker to list the space which generated interest from several prospective buyers. The sales contract contemplates a restrictive covenant enduring the future use of the property remains commercial and prohibiting residential uses.
The approximately 3,700 square foot unit was acquired by the town as part of a mitigation obligation when the Phase V building was constructed nearly 30 years ago. Over the years, the space has been home to the Colorado Ski Museum, Plum TV, Vail Valley Partnership, 2015 Alpine World Ski Championships and other temporary office uses. Most recently, the town leased the space to SoulCycle for a Vail pop-up event during the 2018-2019 holiday season.
Prior to deciding to sell the commercial property, the Town Council reviewed utilization of the space, evaluated the ongoing cost of ownership of the property and contracted for a commercial real estate property appraisal to be completed to determine an estimated fair market value. In the end, the Town Council determined the space would likely see increased utilization and greater overall community benefits, including increased property and sales tax collections, if sold to a private owner.
To review the staff memo on Ordinance No. 5, click here or to comment in advance of the meeting, email the Town Council at email@example.com.