New Developments in Breckenridge

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Jun 10, 2002

New Developments in Breckenridge

In May, a major new development deal was cut between the Town of Breckenridge and Vail Resorts, calling for significant expansion of the ski area.  This will, as you may surmise, bring an increase in property values, particularly to those who own property on Peaks 7 and 8, but will likely bring an overall increase for Breckenridge property.  It will also bring more traffic to those areas as the build-out goes on.  Following are comments from Eric Thompson of Vail Resorts.

 "I am thrilled to announce that last night (May 21st) the Town of Breckenridge voted to approve the Peak 7 & 8 development in principle. It is a complicated deal but the key elements are as follows; A total of 501 sfes (single family equivalencies), at Pk. 7 & 8, which includes 131 units at Pk 7, 340 residential units at Pk 8 as well as almost 60,000 sq ft of skier services, ski school, rental, restaurants child care etc.

In the midst of the deal we transferred enough density to the Maggie Building, the Ten Mile Room and the Breckenridge Mountain Lodge to rebuild all those facilities at some future date.

The upgrading of the Pk 8 facilities is long overdue.  The addition of new ski in-ski out hot beds and the new skier services space lays the groundwork to keep Breckenridge competitive for the next 30 years. The deal includes a partnership between the Town of Breckenridge and Breckenridge Ski Resort to jointly fund the gondola and the skiway through the creation of a Tax Increment Financing district. The Breckenridge Ski Resort commits to 2,500 parking spaces , and creating permanent open space on 52 acres we own in Cucumber Gulch.

A key element in our proposal is the sunsetting of 110 units of density, this reflects the goals of the Joint Upper Blue Master Plan. We have also reduced the commercial density from 28,000 sq ft to 15,000 sq ft, so as not to compete with the strength of the Main Street experience. We have ordered the lift for Peak 7.  We have also ordered the replacement for 4 Chair.  Although we are still working out the details with the Forest Service, we hope to install Chair 4 this summer.  Although one hears about win/win deals often, I really feel that this is a deal where both sides feel really good about the outcome."

-Eric Thompson- Director of Sales & Marketing