Members of the Vail Town Council and Vail Local Housing Authority joined with the development team from Sonnenalp Properties for a ribbon-cutting to recognize completion of the Solar Vail Apartments. Ready in time for the 2019-2020 winter season, the new Solar Vail Apartments include 65 new studio, one- and two-bedroom apartments, located at 501 North Frontage Road.
The development has been made possible by a collaborative partnership between Sonnenalp Properties, Town of Vail and the Vail Local Housing Authority. As a result of the collaboration, 100% of the new homes have been deed-restricted and will be occupied by residents of Vail, with 25% of the homes intentionally set aside for employees of Vail businesses other than the Sonnenalp Hotel, such as Vail Health.
The Solar Vail partnership represents the first use of the Vail InDEED program in which the Town of Vail purchased 62 deed-restrictions at a cost of $65,000 per unit for a total of $4.03 million. Funding comes from $3.2 million which has been generated from fee in lieu payments received by the town from developments with either an inclusionary zoning or commercial linkage mitigation for employee housing requirements. A large portion of this amount, $2.3 million, are housing mitigation fees from Vail Health associated from the hospital’s current expansion.
Prior to construction, the 24-unit property was used exclusively for Sonnenalp employees; only 9 homes were deed-restricted. Sonnenalp Properties has since deed-restricted 6 homes elsewhere in Vail to ensure the new development is a net increase of new units within the community.
“We applaud the Faessler family for their commitment to make it possible for employees to live close to their jobs and become active members of our community. When lights are on, our community benefits in so many ways – socially, spiritually and economically.” – Mayor Dave Chapin
“Initially, the family had to shelve redevelopment of this property due to increase in the cost of construction and widening gap in financing. But thanks to programs like Vail InDEED, it’s now possible to propose new approaches to redeveloping properties like Solar Vail to increase opportunities for locals housing.” – Steve Lindstrom, Vail Local Housing Authority Chair
“The Solar Vail Apartments would not have been built without the financial participation and the ‘let’s make it happen’ mindset of the town throughout the entitlement, planning and financing process.” – Johannes Faessler