Sep 18 2014
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's North 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.
Timber Ridge Apartments are torn down on Tuesday in Vail to make way for Lion's Ridge Apartment Homes, one and two bedroom long term employee housing. (PRNewsFoto/Gorman & Company, Inc.)
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.