The Ever Vail project by Vail Resorts is a $1 billion development which would create a new mountain base station, with shops, Vail homes and much-needed parking. After years of planning and millions of dollars spent on that process by Vail Resorts, some residents are still questioning the project and calling for a citizen vote on whether it goes forward. Does this sound like another Eagle River Station fiasco about to happen?
Thankfully, the Vail Town Council won’t allow that to happen. Owners of homes in Cordillera, and condos in Beaver Creek, Bachelor Gulch real estate would be pleased to have more parking, shops and entertainment venues.
Planning Commissioner Rollie Kjesbo asserts it is not appropriate to re-question the big picture this far down the line. Whether Ever Vail should or should not happen, that is the right position for the Town Council to take at this point. However, that does not mean the town should accept Vail Resorts’ proposals. When the project starts and how fast the area is developed are also appropriate issues and control points for the town.
The Council has decided to discuss Ever Vail at virtually every town meeting over the next six months, with opportunities at each for public comment. Business owners at the other base stations are concerned about the impact to revenues that Ever Vail would create, despite the report from a Vail Resorts-hired consultant that tax dollars would substantially increase. That consult estimated that Ever Vail would generate $31.5 million in one-time revenues for construction fees, over $2 million in annual sales tax revenues, and over $5 million in lift tax and real estate transfer tax revenues. To get a second opinion, a third party consultant will be hired to confirm or refute the first consultant’s estimates.
The question of how much retail business the town of Vail can support is a valid one. At face value, Vail Resorts is interested in the sale of real estate at Ever Vail, not the operation of shops there over time. However, their real motivator is long-term viability of the new base station to attract visitors and keep Vail at the tops of the ski industry ratings.
The town would be well advised to have confidence that Vail Resorts would not invest $1 billion in the project without expectations of success. That said, projects do fail, and we have seen quite a bit of that in the last couple of years, as macro-economic conditions affect the micro-economic issues of a local plan. Careful scrutiny is in the town’s best interests, but many would argue that the kind of blockade that confronted the developers of Eagle River Station is not. Vail seems on a better track with Ever Vail.
Contact Joe Johns of Grand Seasons Real Estate at (970) 471-1432 to find out about great values for vacation properties in the area.
