TMVOA Invests in the Future of Mountain Village
Last week, TMVOA made the most important investment in the future of Mountain Village since Ron Allred made a deal for The Peaks Resort (known as the Doral at that time) to be developed. TMVOA closed on the purchase of Mountain Village Lot 161C-R in order to ensure the future development of a world class resort hotel in accordance with the goals and objectives of the Mountain Village Comprehensive Plan, which was adopted by MV Town Council in 2011 after a three year process. The development of Lot 161C-R as a world class resort hotel is imperative to the long-term vision of creating the critical mass necessary to achieve economic sustainability, viability and vitality.
This 2.8 acre site is located in the heart of the Mountain Village Core adjacent to the gondola station. This key site has always been envisioned for a high-end branded hotel that would serve as the crown jewel in Mountain Village. It will provide our Town with the necessary hotbeds and broad national and international appeal it needs to achieve the community’s world class vision and attract a high-end branded hotel. Branded hotels have tremendous appeal, and are able to draw upon extensive marketing programs and dedicated clientele (on a national and international scale) to attract visitors year-round. This would significantly improve our tourist economy and strengthen other critical elements that support a vibrant community; such as increasing airlift, growing shoulder and summer seasons, improving retail and restaurant spending, increasing conference and meeting business, and a sustainable supply of quality year-round jobs.
This has been Mr. Allred’s vision since the beginning of the creation of the Mountain Village, and it was reaffirmed in the Comprehensive Plan that outlines a 30 year roadmap for the future. Without the development of the hotbed densities on Lot 161C-R as recommended in the Comprehensive plan, it is believed that Mountain Village may never reach the critical mass to become a sustainable year round economy. This key parcel of land has been stalled for over 5 years since the Silverline development failed to move forward (twice). The investment made by TMVOA to purchase this key parcel will allow TMVOA to patiently and methodically position the property for development of a world class hotel. This will include working with adjacent property owners and key stakeholders, finding a solution to parking for the Ridge development, identifying a top notch resort development team and securing the entitlements for the development of the property in accordance with the goals and objectives of the Comprehensive Plan. TMVOA will work closely with the Town of Mountain Village, the neighboring property owners and the TMVOA membership throughout this process. While TMVOA will undertake certain preliminary planning activities to position the property for a developer to come in, TMVOA will not act as the developer.
TMVOA began working on the future of 161C-R over two years ago. After several years of research, analysis, due diligence, and thoughtful discussion regarding the future of Mountain Village, TMVOA purchased this premier lot (161C-R), two lots in the Ridge subdivision (which was a requirement by the seller), and 36.125 units of condo density for a the total purchase price of $8.1M. During due diligence, TMVOA conducted a formal appraisal on the properties and associated density and valued the package at $9.985M. Given this appraisal, along with the knowledge that Lot 161C-R is likely the best undeveloped parcel at a ski resort in all of North America, the TMOVA Board believes the purchase is not only a sound investment, but is the organization’s duty and responsibility in supporting Mountain Village’s future and sustainability. The alternative would be for Lot 161C-R to be developed as 33 condo units under current zoning which would debilitate the future of Mountain Village.
Over the next year, TMVOA will work with experts in the fields of resort, hospitality and recreation master planning and development, and luxury hotel management to map out specific development scenarios which will be critical to identifying and attracting the right resort development project and team for our town. This project is of critical importance to Mountain Village’s future, and represents a pivotal time in our town’s evolution. The TMVOA Board and staff are very excited about this opportunity and hope that all our members share in this feeling as we work together to build a bright and vibrant future.
Board of Directors
Telluride Mountain Village Owners Association
Posted on Sep 18, 2015