Timber Ridge Village groundbreaking set for Oct. 9 in Vail

The Town of Vail and Triumph Development recently issued the following press release on the Timber Ridge Village groundbreaking at noon on Wednesday, Oct. 9:

The Town of Vail and Triumph Development are inviting the community to help celebrate the groundbreaking of the new Timber Ridge Village at noon on Wednesday, Oct. 9. The ceremony will include brief remarks and light refreshments onsite at 1281 N. Frontage Road, just east of the Vail Post Office.

Demolition of the current buildings is underway, with construction anticipated to begin in mid-October and take approximately two years to complete. The new Timber Ridge Village will be comprised of 58 studios, 90 one-bedrooms, 79 two-bedrooms, 67 three-bedrooms and 8 four-bedrooms, for a total of 302 homes. The unit mix has changed slightly from the originally proposed 294 homes in response to market conditions. The development is deed-restricted, requiring that every home be occupied as a primary residence by at least one full-time employee of an Eagle County business. 

Over 130 businesses and individuals have already entered into contracts to purchase the homes. In addition, Habitat for Humanity Vail Valley is planning on self-financing 10 three-bedroom homes at Timber Ridge Village for purchase by qualified buyers, with the Town of Vail and Eagle County Government helping to fill the funding gap between the actual cost to build the homes and affordability. The $2 million investment each by both the town and county will allow Habitat to issue zero-interest mortgages affordable to qualified buyers earning under 80 percent of the area median income.

The Town of Vail is providing $38.6 million in up-front construction funding in addition to $10.4 million in land, both of which will be repaid back to the town upon sale of the homes. The town is also investing in the project by purchasing $25.5 million in homes, plus contributing $1.9 million to construct a new transit stop at the development.

Livability, sustainability and convenience were top priorities during the design process. The development is located near the West Vail commercial area and on the West Vail and Lions Ridge Loop free public transit routes. Each of the homes will incorporate high efficiency electric appliances and mechanical systems, and the new residents will share the benefits of rooftop solar panels which will be used to power the common elements of the development. Shared rooftop decks and community rooms will be included throughout the neighborhood. Every home includes one separate lockable storage area in the heated garage level of each building.

More information, including purchase opportunities, can be found at www.TimberRidgeVail.com.