A redevelopment proposal in Breckenridge aims to reshape two controversial developments and promises to bring hundreds of additional beds of privately funded workforce housing.
Breckenridge Grand Vacations wants to vacate its 2021 pre-approved plans to build six buildings on the North Gondola lot in the heart of town and instead reallocate the density onto other parcels of land, including the parcel involved with the 2019 approval of the East Peak 8 development.
The proposal comes with multiple contingencies and decisions that will involve collaboration with Breckenridge Grand Vacations, Vail Resorts and Breckenridge Town Council.
“This doesn’t go anywhere without all three entities aligned and moving in the same direction and the same goal,” said Mike Dudick, CEO and co-owner of Breckenridge Grand Vacations.
Under the proposed vision presented to council members on Tuesday, June 13, a majority of the density from the North Gondola lot parcel would move to the parcel that holds the East Peak 8 development.
Dudick said the pre-approved plan for the North Gondola development allows his company to build an 86-key hotel, two large condominium buildings and three townhomes, but his company is willing to permanently pull that application if all three parties can strike a redevelopment deal.
The pre-approved plan for the East Peak 8 development allowed his company to build a 143-key hotel, townhomes and commercial space, but the redevelopment calls for only building 35 hotel rooms and using the transferred density for condominium timeshare units and commercial space.
The leftover density would be used to build homes on two parcels currently owned by Vail Resorts that would change ownership if the deal is ultimately successful.
One parcel contains two nearly half-acre lots, where two homes would be built. The parcel is located where 4 O’Clock Run dead ends near the ski resort property. Dudick said there’s a possibility that these homes would be used as timeshares.
The second parcel is located near Timbertrail Road’s dead end near the resort. The plan would be to build up to 20 homes, which would be roughly 7,500 square feet in size. Dudick said he thinks the total number of homes may drop down to 14, which means the saved density would be sent back to be used at the East Peak 8 site.
“We intend to use all of the density,” Dudick said.
The redevelopment involves keeping eight pre-approved duplexes on the South Gold Rush lot, but it adds the possibility of creating up to 300 workforce housing beds and parking on the North Gold Rush lot.
Dudick claimed the workforce housing units would be privately funded and would be required to be built before any other building development takes place. Due to town requirements, Breckenridge Grand Vacations would be required to create 45 beds for the workforce, but if the town agrees to add density to that lot beyond the preapproved East Peak 8 and North Gondola lot developments, Vail Resorts would build additional workforce housing, Dudick said.
“This is a central element to the deal because Vail wants to be a financial partner with us, either through ownership or a master lease, to secure upwards of 150 bedrooms,” Dudick said. “They’re committed to spending money to deliver workforce housing.”
Dudick said he believes the site could hold up to 300 beds of workforce housing plus a parking structure under the units.
Previous discussions to build additional workforce housing on the North Gold Rush lot didn’t work out.
On Tuesday, council members raised concerns about pedestrian safety and traffic issues on Park Avenue, which is also Colorado Highway 9, and both parties agreed to discuss those details at a later date.
Breckenridge Town Council did not provide any indication to whether or not they agreed with the plan, but members agreed to look into the details and discuss their concerns at an upcoming meeting.
Dudick summed up the redevelopment project by posing a question to council members, asking them to consider the opportunity to add workforce housing and direct density away from the town core and up toward the resort.
The changes proposed for the East Peak 8 site include reducing the footprint of the building while also fixing an issue where delivery trucks would have to use a nearby neighborhood to turn around.
“Do you want more square footage and less people, or less square footage and more people? Dudick asked. “That’s the trade off.”
The full nearly two-hour-long presentation from the meeting can be viewed at here.