Real estate boom speeds timetable for midvalley Tree Farm project
Hotel, senior living and 196 apartments now expected to be finished within three years in El Jebel area
The real estate frenzy that’s sweeping the Roaring Fork Valley is drastically reducing the time that some major projects are anticipating before complete build-out.
Ace Lane’s Tree Farm project anticipates being substantially finished within two to three years rather than the five to seven years contemplated when it was approved in 2017, according to materials submitted to the Eagle County planning department.
Planning director Morgan Beryl on Wednesday approved a request from Lane’s team for a minor amendment to the approvals. The initial approvals required 40 price-capped apartments to be completed before construction could exceed 142,000 square feet. The approved amendment allows construction to occur concurrently on the 40 apartments and as much of the other buildings as possible. The apartments still have to be completed in the first phase.
Dave Marrs, chief financial officer of Geronimo Ventures LLC, part of Lane’s team, said major components of the project will break ground this summer, including a 122-room hotel, a 72-unit independent living complex and a 196-unit apartment complex that includes the 40 deed-restricted units.
“It looks like the hotel is going to break ground first,” Marrs said. That could happen as soon as July, he added.
A new website for the project said the hotel will be part of the Tapestry Collection by Hilton. It will feature a bar with indoor and outdoor dining. The boutique hotel, the website said, “will come online December 2023 and will be a must visit for guests, and locals, alike.”
The 196 apartments and 72 independent living units are projected to come on the market in spring 2023.
On the commercial side, 20,000 square feet of restaurants and shops are planned.
“A bistro, café, deli, tavern, boutique, lifestyle and other conveniences are scheduled for completion between fall 2022 and summer 2023,” the project website said.
Marrs said the separate builders of the various components of the project are coordinating planning, architecture, excavation and vertical construction. They will likely break ground within a couple of months of one another.
“There’s some really nice synergies,” he said.
A limited amount of office space is attracting inquiries from upper valley businesses. Many are facing escalating rents so they are seeking alternatives, Marrs said. Many of the businesses have workforces who live downvalley, so they are exploring relocation to save the time spent commuting, he said.
While demand is no problem, supply of materials could hinder the goal of builders to complete the components sooner than later, according to Marrs. There’s a limited amount of concrete available at any given time for the curb and gutter, and asphalt for the streets, he noted.
If the supply challenges can be overcome, Marrs estimated that 70 percent of the project could be completed within three years.
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