Luxury condos on tap in Vail
23 units, priced at up to $7M, part of town's revitalization
plan
Publication: Rocky Mountain News;
Date: 04/06/2004
By Chris Walsh
A Phoenix real estate company will
build 23 luxury condominiums in the heart of Vail
- one of the first major projects in the town's $1
billion redevelopment plan.
Daedalus Real Estate Advisors LLC
will construct a 90,000-square- foot, four-story building
complete with 23 condominiums, heated underground
parking and private dining facilities on just under
an acre.
The project, on the corner of East
Meadow Drive and Willow Bridge Road in Vail Village,
also includes retail space for clothing, ski accessories
and other specialty stores.
Called One Willow Bridge Road, Daedalus
expects to complete the project in December 2005.
The price tag matches Vail's image
as an elite playground for the rich. Ten condos will
sell for $4 million to $7 million each, while the
other 13 will sell as fractional ownership properties
at $350,000 to $700,000 per ownership stake.
It's one of the first large projects
in Vail's massive, five-year redevelopment plan to
revitalize and modernize the town.
"Vail is undergoing a major resurgence,
and this is a new opportunity to get in on the ground
floor on the next wave of improvements to the whole
village," said Robert McNichols, a managing member
of Daedalus.
The company acquired the land for
about $14 million from the Sonnenalp Resort. The Swiss
Hotel & Spa, which sits on the property, will cease
operations April 19 and will be demolished this summer.
The Swiss Chalet restaurant will be relocated to an
undetermined location in Vail Village.
Among the project's highlights:
-
Condos that range from 1,600
to 2,700 square feet, with two- and three-bedroom
plans, living rooms, dining and kitchens on
one level.
-
Heated underground parking
with direct elevator access.
-
Fireplaces, gourmet kitchens
and designer bathrooms.
-
Private swimming pool and
whirlpool overlooking Gore Creek.
Daedalus declined to provide the project's
total cost. But McNichols said its value, once complete,
will be close to $100 million.
The nearby Sonnenalp resort, which
plans to add 38 hotel rooms as part of a larger expansion,
will manage the property and provide residents with
access to its amenities.
"The thing that will really distinguish
Willow Bridge is the service -element," said Johannes
Faessler, Sonnenalp owner and general manager. "Ultimately,
owners will have access to really a full palate of
hotel services, from room service to activities."
Daedalus' plans are testament to the
city's growth opportunities, said Stan Zemler, Vail's
town manager.
"The people who are interested in
investing here have made a decision that Vail has
a strong future," Zemler said. "These developers decided
that the time is right and the opportunity is here."
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