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Following completion of the new 32 deed-restricted Chamonix Vail townhomes earlier in the year, the town is preparing to sell a remaining parcel on the town-owned property. The development site, located at 2420 Chamonix Lane in West Vail, is being sold on the free market at the full price of $875,000.
During Town Council’s approval of the Chamonix Vail townhome development in 2016, the parcel was intentionally left vacant due to the added costs in building affordably on the steep site. It was also acknowledged that an opportunity for a future transaction would infuse the town’s housing fund with proceeds from the sale thereby reducing the total amount of the town subsidy.
In anticipation of the sale, the town’s Housing Department, acting on the direction of the Vail Town Council, submitted six development applications to facilitate future development on the parcel by the third-party prospective buyer, STK Capital LLC. The applications were: 1) minor subdivision; 2) zone district boundary adjustment; 3) conditional use permit; 4) variance; 5) an amendment to an approved development plan for the construction of a one, multiple-family structure with a requirement to build an attached employee housing unit at least 1,200 square feet in size; and 6) a master plan amendment. Vail’s housing zone district allows for free market development to help subsidize the cost of deed-restricted homes.
The applications were reviewed by the Planning and Environmental Commission during a series of public hearings in August and October. In accordance with the town’s notification process, a public notice was mailed to adjacent property owners. The review process included a site visit to the property and two public meetings. An ordinance to rezone the property and a resolution to approve the master plan amendment is set for the Town Council agenda on Nov. 19. An ordinance authorizing the sale by the Town Council is set for first reading on Dec. 3.
The 3.6-acre Chamonix property was purchased by the town in 2002. The town’s investment has included $3.6 million in land and infrastructure costs to subsidize the townhomes.
For additional details on the development applications, visit www.vailgov.com/planning.