A WORK-IN-PROGRESS GUIDE TO VAIL’S NEWEST NEIGHBORHOOD NOVEMBER 15, 2010
AN INTRODUCTION TO EVER VAIL Thank you for taking the time…
… to learn about Ever Vail and provide us with your questions and comments. We’ve said at the outset that this proposed project is just as much about you as it is about us. The proposed Ever Vail has been in the Town of Vail approval process since 2007, having been reviewed in about 30 meetings and hearings with the Town and the community. The review process has positively shaped and re-shaped the project since the original plan submitted three years ago. Our natural environment will always be our most celebrated aspect of any real estate endeavor. Ever Vail will be designed and constructed with a focus on sustainability and our enduring respect for Vail Mountain and the Vail community. In fact, the Ever Vail site’s proximity to nature has allowed the project design to bring nature and civilization together like no other project has before in Vail. We’re not turning our back to Red Sandstone Creek but rather restoring and enhancing it so that those living in, staying in or visiting Ever Vail for the day can see it, enjoy it, access it. In Ever Vail, accessibility to the creeks and the mountain, the town-wide bike path and the iconic glassed-in climbing wall, will be easy and available to all. The proposed Ever Vail mixed-use project will redevelop a nearly 12-acre site that is currently home to an aging maintenance facility, office buildings and a former gas station, providing the much needed in-fill development connection between Lionshead Village and Cascade Village. It will bring together mountain operations, affordable and free-market housing, and community benefits. On the heels of finishing up a more than $1 billion revitalization of Vail, and yet as we are still mired in volatile economic times, many of you are asking, Why Ever Vail? EVER VAIL | WORK-IN-PROGRESS GUIDE
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Why now? In a few words, because… • We want to be a part of the parking solution in Vail. Approximately 670 parking spaces could be available to the public. These spaces would be bui1t, operated and maintained at no expense to the Town. • Vail needs lifts and public parking in close proximity. The walk from Ever Vail parking to our new gondola will be the shortest walking distance from car to lift anywhere in Vail. • Parking is a primary driver in the design of the Ever Vail sit e and defines the underground improvements, which includes approximately 1,478 parking spots, as well as a new, state-of-the-art mountain operations facility with direct access to the snowcat bridge and access road up Cat Alley. • We want to be a part of Vail’s affordable housing goals, and we are planning on providing 67 percent of our deed-restricted requirement on-site, which will house more than 125 employees. • We think it’s important for our company and our community to plan now to stay competitive in the future. The Vail Resorts family of companies is choosing to invest $1 billion in the Vail community with Ever Vail. When the economy does turn around, Vail will be one of few – if not the only – resort communities to potentially have new product, a new 4-star RockResorts hotel, new programming and new mountain gondola access coming on line. Ever Vail will also further position Vail as a leader in embracing strong sustainable building standards. We estimate that Ever Vail will bring about 2,400 new destination guests to Vail a day, nearly 1,000 of which will be new skiers. • A new revenue source contributing to Town coffers is more important than ever. Our fiscal analysis estimates Ever Vail will generate one-time revenue of more than $32 million for the Town of Vail, as well as $7 million at build-out in ongoing annual revenue that includes more than $4 million from tax increment financing. • We want to help fulfill other community needs, such as providing a
proposed 12,000 sf facility for the Vail Recreation District’s Youth
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Services programs and activities, relocating the Saturday children’s DEVO program from congested Golden Peak, and restoring Red Sandstone Creek creating a larger open, park-like area. It’s important to keep in mind that we aren’t applying for a building permit yet, rather we are spending the upcoming months to get our project approved. Included in the Ever Vail approval will be the design for realigning the Frontage Road. Realigning the Frontage Road is about a yearlong construction project. Thus realistically, we won’t start construction of buildings within Ever Vail sooner than spring of 2013. See you on the slopes!
Rob Katz Chairman & CEO Vail Resorts, Inc.
Dick Funk Vice President of Construction Vail Resorts Development Company
Chris Jarnot Senior Vice President & COO Vail Mountain
Graham Frank Director of Development Vail Resorts Development Company
John Garnsey Co-President, Mountain Division Vail Resorts, Inc.
Alex Iskenderian Senior Vice President & COO Vail Resorts Development Company
Thomas Miller Director of Development Vail Resorts Development Company
Kristin Kenney Williams Director of Mountain Public Affairs Vail Resorts Management Company
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WHAT GUIDES US Town of Vail Guiding Documents. The proposed Ever Vail project was not developed in a vacuum. Specific direction is given in the Vail Land Use Plan, the Lionshead Redevelopment Master Plan and the Vail Transportation Master Plan.
You. If you are a Vail resident, visitor, a business owner, a member of Vail Town Council, a staff member at the Town of Vail, or a member of one of Vail’s appointed boards, you no doubt have weighed in during the past several years as we’ve been designing and planning Ever Vail. And we’ve listened. In our plans that were revised with the Town of Vail in November of 2010, many of your comments and concerns were addressed.
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We’re still listening. Below are the key philosophies and comments that we focus on each day as we plan and design Ever Vail: • Build GREEN and ensure Ever Vail is a sustainable development. • Redevelop Red Sandstone Creek into an amenity. • Be a part of the parking solution, getting cars off the Frontage Road, and providing efficient, close-in skier and DEVO drop-off. • Be a part of the affordable housing solution, keeping employees living in Vail. • Enhance, not compete, with the retail and restaurant offerings currently in Vail Village and Lionshead. • Provide additional hot beds. • Keep Vail Mountain employee offices in town, and create new office space for other local businesses. • Create a viable, lively fifth portal: Ever Vail will offer a new access point to the mountain, but at 12 acres, Ever Vail will not be a portal that rivals the iconic villages of Vail and Lionshead at 58 and 55 acres, respectively. • Provide activities and spaces for our local and guests’ children. • Include transit facilities. • Help generate increased revenues for the Town of Vail. • Keep Vail competitive as North America’s premier mountain resort community. EVER VAIL | WORK-IN-PROGRESS GUIDE
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OUR SITE TODAY… 0 I-7
VAIL RESORTS MOUNTAIN OPERATIONS FACILITY
VAIL PROFESSIONAL BUILDING
D ROA E G A ONT R F S.
CASCADE CROSSING BUILDING
ERWSD
RITZ CARLTON GORE CREEK PLACE
GORE CREEK GLEN LYON OFFICE BUILDING
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… PROPOSED EVER VAIL TOMORROW I-7
S.
O FR
GE A NT
0
RITZ CARLTON
AD RO
EVER VAIL ERWSD
GORE CREEK PLACE
GORE CREEK RED SANDSTONE CREEK
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SUSTAINABILITY From its outset, Ever Vail has been inspired by Vail Mountain, and as a project seeks in every way to respect the resources and beauty Vail offers. Our sustainability philosophy is best summed up by our CEO, Rob Katz: “I really believe our company has a very special obligation and a very special opportunity as it relates to the environment… What we really do is sell nature. That is why we are in the resort vacation business.” As a result of this approach, the masterplan for Ever Vail achieved a LEED Platinum Rating (the highest possible rating) for Neighborhood Development in September 2008 when it completed Final Stage One LEED-ND Review. According to U.S. Green Building Council, Ever Vail was the: • 12th project to be LEED-ND certified (Stage 1) • 3rd project to achieve a Platinum LEED-ND rating • 1st LEED-ND project in the Colorado/Rocky Mountain Region
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Some of the key sustainable strategies to be employed at Ever Vail include: • Sustainable materials: Use of local materials, low-toxin products, reused materials, materials with high recycled content, beetle-kill trees and products that promote high indoor air quality. • Creek and wetlands restoration: Restoration of Red Sandstone Creek including bank restoration and wetland mitigation. • Water conservation: Use of high performance fixtures throughout, and landscaping that includes native and drought-tolerant plants. • Energy conservation: Energy-saving building design and consideration of several renewable energy systems such as solar photovoltaic, solar thermal and biomass. • Walkability and access to alternative transportation: Walking and biking encouraged through mixed-use design and pedestrian/bicycle connections to Lionshead, Cascade Village and Vail Village; on-site transit center that enables easy bus and shuttle connections.
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FISCAL ANALYSIS Thompson & Trautz, LLC, a local, independent financial services company, provided analysis of the potential financial impacts, revenue and expenditures that Ever Vail may have on the Town of Vail. The analysis was based on information provided by Vail Resorts Development Company, the Town of Vail, the Eagle County Assessor, and various other consultants currently engaged to work on the project. The results of the analysis estimate that the project will generate for the Town of Vail one-time revenue of $32 million as well as $7 million at build-out in ongoing annual revenue. This estimate includes $4.1 million from tax increment financing (TIF). The TIF dollars would be available for use throughout Lionshead for public projects. Any additional operating or service expenses to the Town will be reduced or eliminated because Ever Vail proposes to include metro districts within the project that will maintain on-site landscaping, hardscape, snowmelt, snow removal, as well as publicly-accessed right-of-ways and easements.
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ESTIMATED ANNUAL REVENUES
TIF Revenue Sales Tax - Condo Lodging Sales Tax - Hotel Lodging Sales Tax - Utilities Sales Tax - Retail and F&B Lift Tax RETT
4,188,041 724,687 422,188 54,013 846,216 299,640 513,000 $ 7,047,785
ESTIMATED ONE-TIME REVENUES
RETT Use Tax - Building Materials Permits & Fees Traffic Impact Fees
10,283,724 16,000,000 5,430,000 500,000 $32,213,724
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WHERE IS THE TOV TODAY? REDEVELOPMENT YEARS SOURCE: TOWN OF VAIL FINANCE DEPARTMENT
$40,000,000
$30,000,000
Use Tax Permit Fees Property Tax
$20,000,000
$10,000,000
REIT Sales Tax
$0
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
TOWN SALES TAX COLLECTIONS REDEVELOPMENT YEARS
$20,000,000
$17,500,000
SOURCE: TOWN OF VAIL FINANCE DEPARTMENT
Avg: $17.5M Avg: $14M
$15,000,000
$12,500,000
$10,000,000
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1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
REDEVELOPMENT YEARS As the two charts show, redevelopment in Vail has proven to be a significant benefit to the generation of revenues to the Town, including the improvement to sales tax collection. Without redevelopment, the Town’s revenues would have been relatively flat. Redevelopment has lessened the impact of the recession on the Town’s coffers. Increase in revenues while projects off-line — Crossroads (now Solaris) — Village Inn (now The Sebastian) — Chateau at Vail (now Four Seasons) — Swiss Chalet (now One Willow Bridge) — Core site (now Arrabelle/Vail Square) Increased revenues despite many projects not yet on-line — Solaris (79 dwelling units) — Four Seasons (171 dwelling units and hotel rooms) — The Ritz-Carlton Residences®, Vail (116 dwelling units) EVER VAIL | WORK-IN-PROGRESS GUIDE
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MARKET ANALYSIS BBC Research, a Denver-based market research and consulting firm, has prepared an analysis of the necessary commercial activities that will allow Ever Vail to be vibrant and successful but not compete too heavily with the other core retail areas. Updated plans in November 2010 show that Ever Vail is now envisioned with three restaurants (down from six), from high-end dining to casual-family dining, and a nightclub/live music venue. The retail proposed for Ever Vail is primarily located along the pedestrian corridor leading to the proposed new gondola with first-floor frontage. The plans still include a 13,000-square-foot specialty grocer, and approximately 15,564 square feet of retail uses – down from about 36,000 square feet. • Ever Vail requires a core level of commercial activity, including a mix
of restaurants, bars, skier services and general retail, to provide basic services for Ever Vail skiers, residents and guests.
• The proposed hotel requires 1 - 2 internal restaurants/bars to ensure
guests have appropriate services and convenience associated with resort offerings. Currently envisioned, these offerings are likely to include a pool, workout
area, sundry shop and spa, which dictate a small amount of in-hotel retail as well. This function could probably be accomplished with 5,000-8,000 sf of hotel retail and restaurants.
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• The concept of a specialty grocery is an attractive anchor prospect
as it potentially broadens the market and lessens reliance on winter skiers/tourists.
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PARKING Parking in Ever Vail is a primary driver in the design of the site and defines the underground improvements. We are currently proposing to construct Ever Vail with a total of 1,478 parking spaces with the potential of about 1,000 available to the public and employees: Public Skier Parking: Public Commercial Parking: Private Residential Parking: Employee Replacement Parking: Mountain Operations Parking: Other Parking:
400 spaces (permanently available to the public) 265 spaces 458 spaces 289 spaces 50 spaces 16 spaces
The public parking available will have similar uses to other public parking structures throughout Vail. The vast majority of the parking, both public and private, is located entirely underground. All of the parking, including public, is being proposed to be constructed, operated and maintained at no expense to the Town.
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SKIER AND DEVO DROP-OFF Just like public parking, we have heard a strong demand for more skier drop-off. Skier drop-off parking will be located within the proposed transit center at Ever Vail, on the eastern portion of the site. The transit center is currently designed to accommodate six buses for use by both ECO Transit and the red and green Town bus routes, including two bus stops for the in-town buses. Along with six bus bays, we are also designing for the expandability of bus spaces as well as constructing approximately 13 short-term parking spaces. These spaces are located about 400 feet from the gondola which is half the distance from the Vail Village parking structure to the Vista Bahn. Those with children participating in the weekend Vail Development Team program know how congested the current DEVO location at Golden Peak has become. An additional 50 parking spaces are intended to be provided on the western portion of Ever Vail and designated as short-term parking for DEVO drop-off and pick-up. These spaces will be located underground, in the public parking area directly below the DEVO meeting area, along with the Vail Recreation District Youth Services’ drop-off space.
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EAGLE’S NEST
NDOLA AIL GO EVER V
E
AD SC CA ER
AG LL VI
EV
E
IL VA
FT
LI
ND
GO
EAGLE BAHN
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H BA
BAHN
VA
RI
VISTA
GONDOLA MID-STATION
OL
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A
GOLDEN PEAK
VAIL VILLAGE
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LIONSHEAD
EVER VAIL
CASCADE VILLAGE
A NEW GONDOLA A highlight of Ever Vail, a new gondola will be provided to serve the skier parking spaces and the uses within Ever Vail . Skier drop off and parking are all loacted within 400 feet of the gondola providing the closest park-to-lift access in Vail. The gondola will help alleviate congestion at other portals and allow skiers to access the mountain, with a mid-point stop at the base of Chair 26, and a terminal at Eagle’s Nest. The mid-point stop will allow an easy and efficient return for skiers and snowboarders at the end of the day.
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CENTRAL PLAZA The gondola plaza will be a center of energy within Ever Vail, where guests can kick back with a microbrew from patios overlooking the mountain. Events and activities will create a social and celebratory vibe that lasts throughout the day and into the evening.
RENDERING OF PROPOSED MULTIFUNCTIONAL CONFERENCE SPACE ADJACENT TO THE GONDOLA PLAZA.
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NEW MAINTENANCE FACILITY Underneath the Central Plaza, a new, state-of-the-art, completely subterranean mountain operations facility is proposed at Ever Vail, with direct access to Vail Mountain via the new Cat Alley unveiled in November 2009. The facility will be approximately 100,000 sf and will handle Vail Mountain’s snowcat maintenance and storage, vehicle maintenance, lift maintenance and fabrication, warehousing, shipping and receiving, locker rooms, office space, and many other functions necessary to the operation of Vail Mountain. The new maintenance facility will help Vail Mountain to continue to provide a high level of service to residents and guests for the future. The new facility will replace the current above-ground facility located on the site today. Built in the 1960s, the current facility is spread over 4 acres of surface area, where extreme weather conditions produce difficulties for employees and the impacts of an industrial use in the core area of the Town of Vail create challenges for the surrounding community.
EXISTING FACILITY
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EXAMPLE OF NEW FACILITY
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EAGLE’S NEST
NDO AIL GO EVER V LA
DE VI
ER EV
CASCADE VILLAGE
LL AG E
IL VA
LI FT
% of Skiers
3%
A
L DO
N GO
EAGLE BAHN
HN BA
A SC
CA
VA RI
BAHN VISTA
GONDOLA MID-STATION
GOLDEN PEAK % of Skiers
16%
GOLDEN PEAK/VAIL VILLAGE Retail/Restaurant 336,751sf
VAIL VILLAGE % of Skiers Acres
27% 58 ac
EVER VAIL LIONSHEAD % of Skiers 44% Acres 55 ac Retail/Restaurant 116,341 sf
% of Skiers Acres Retail Restaurant Specialty Grocer
10% 12 ac 15,564 sf 15,695 sf 13,000 sf
THESE NUMBERS AND PERCENTAGES ARE BASED ON ESTIMATES AND PROJECTIONS FOUND IN OUR NOVEMBER 2010 REVISED APPLICATION.
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COMMUNITY OFFERINGS AND COMMERCIAL USES COMMERCIAL USES The amount of commercial square footage proposed at Ever Vail has been significantly reduced in response to concerns over cannibalization of retail and dining business in Vail Village and Lionshead. Extensive effort has been made to determine how much square footage is necessary to make Ever Vail viable and serve the needs of those who will live, park, and visit there each day. Additionally, we are seeking out retail and dining options that can’t be found elsewhere today in Vail. Currently, three restaurants/bars are proposed at Ever Vail, ranging from casual, family dining to high-end establishments. This includes those facilities located in the hotel. Total restaurant and bar space is approximately 15,695 sf, including a nightclub/live music venue of about 6,600 sf. The retail proposed for Ever Vail is primarily located along the pedestrian corridors with first floor frontage. As proposed, there is approximately 15,564 sf of varied retail uses on the site; our current plans include a 13,000 sf specialty grocer.
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COMMUNITY OFFERINGS AND COMMERCIAL USES (continued) CREEK RESTORATION AND PARK AREA Red Sandstone Creek runs through the Ever Vail site, but unfortunately, it currently bears more resemblance to a drainage ditch than a babbling creek. A key component of Ever Vail includes enhancements proposed to Red Sandstone Creek. Stream bank restoration and wetland mitigation will improve the creek environment, with the ultimate goal of creating a park along this creek. OFFICE SPACE As currently proposed, Ever Vail will include approximately 34,669 sf of office uses, some of which is intended to replace the office space displaced by the development of the site. Once Ever Vail is complete, Vail Resorts will relocate its Vail Mountain offices to Ever Vail. The remaining office space is intended to be leased to local businesses. HOTEL AND CONFERENCE SPACE Ever Vail will include a new RockResorts Hotel with approximately 102 rooms in addition to 29 lock-offs, and approximately 6,000 sf of conference and meeting space. The hotel lobby is intended to be a vibrant public space, with a restaurant and bar overlooking Gore Creek and the pool terrace of the hotel. At the confluence of Red Sandstone and Gore Creeks, we are proposing another 4,000 sf meeting space below the retail plaza level which will operate much like a community pavilion. Unlike most meeting space, windows providing views will deliver a stunning backdrop to conferences, seminars, wedding receptions and non-profit events.
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PROPOSED VAIL RECREATION DISTRICT AND COMMUNITY FACILITIES In addition to the many community and skier uses that have been included in Ever Vail, we are providing a proposed 13,000 sf facility devoted to children’s programming . This facility, intended to be run by the Vail Recreation District, will focus on children and family after-ski activities during the winter, and day camp programs and drop-in activities during the summer. The facility will also include an indoor climbing wall, which will serve as an iconic element to the entire project. The VRD’s extensive programming will be greatly enhanced in the lively space at Ever Vail, particularly as compared to their current Youth Services facility located in the Lionshead Parking Structure. All DEVO functions will be relocated to this location, served by about 50 shortterm parking spaces. Ticketing facilities, along with other skier services including ski school meeting space, will be provided at Ever Vail. Approximately 6,000 sf will also be dedicated to public restrooms and associated amenities.
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RESIDENTIAL AREAS As proposed, Ever Vail includes 422 residential dwelling units on the site that may be a mix of affordable year-round housing, whole ownership condos, and shared ownership homes for a variety of lifestyles. We are continuing to hone the final mix of units based on market conditions and our drive to create a vibrant, thriving community throughout the year.
On-site employee housing will also be a key component of a lively Ever Vail community. Roughly 41 of the total residential units will be deed-restricted employee housing units, some with income restrictions consistent with the LEED Platinum rating by the USGBC. As currently proposed, there are 32 forsale employee housing units and 9 rental employee housing units, for a total of approximately 49,000 sf in 41 units on-site. Approximately 67% of the Town of Vail’s employee housing requirement will be met within Ever Vail, even though regulations require only 50% to be on site. Any remaining requirement not met on-site will be met through the use of existing employee housing credits or the purchase of off-site units.
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PROPOSED ARCHITECTURAL ATTRIBUTES • Simple sheltering roof forms with gable ends facing the primary pedestrian route. • Punched windows organized in simple patterns contrast expansive windows in upper story units. • Bending street pathways leading past an assortment of shops / restaurants ending at the mountain lift. • Contemporary elements strategically placed within a traditional design. • Contrast of simple white stucco against dark colored material detailing. • Simple clean and contemporary execution of traditional detailing elements. • Iconic landmark elements serve as wayfinding and may contrast from the surrounding contextual architecture with contemporary gestures. • East side of project reflects adjacency of Lionshead and traditional alpine strategies. • West side of project allows for more contemporary alpine strategies while also relating to the east side. • Sustainable responses to sun, snow, wind and rain are evident in the architecture and outdoor spaces. • Select sustainable features will manifest as elegant iconic elements. EVER VAIL | WORK-IN-PROGRESS GUIDE
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CHARACTER STUDIES
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PROPOSED PHASING OF THE PROJECT
ION MENT CT U GN R ST EALI N O R E-C OAD R P ER AG T ON FR
PHASE ONE
PHASE TWO
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IT BEGINS AND ENDS WITH THE MOUNTAIN This is the end of our work-in-progress guide, but the beginning of the story of Ever Vail. Thank you again for your participation in the approval process.
PHASE TWO
All plans and programming are proposed, remain subject to governmental approvals (which have not yet been obtained) and no representations are made about the accuracy of any information for the final project. Any reference to size or square footage is approximate. Views are not guaranteed. All information presented in this notebook is proposed and all elements are subject to change or elimination without notice. The project is working towards LEED-ND certification and no representations are made regarding the final certification which will not be determined until the project is complete. The Ever Vail™ project is being developed by Ever Vail, LLC, an affiliate of Vail Resorts Development Company. Designated trademarks are the property of Vail Trademarks, Inc. Š 2010 Vail Resorts Development Company.