Application Submitted For Wintergreen Workforce Housing Development at Keystone
- Project to provide more than 380 beds to employees working across Summit County
- Vail Resorts committing development parcel and master lease of more than 140 beds
- Pending approvals, construction could begin First Quarter 2018
Keystone, Colo. — Dec. 7, 2016 — A substantial effort to improve affordable housing is under way with the application submittal for up to 200 affordable and workforce housing units – that would provide just over 380 beds – in Keystone Resort that would be made available to employees across Summit County, Colo.
Earlier this year, Vail Resorts, Inc. announced it had entered into an agreement with Gorman & Company, Inc. for the development of rental units in a community workforce housing project on Vail Resorts’ own Wintergreen parcel.
Vail Resorts has committed the development parcel to the Gorman development team through a long-term ground lease arrangement for approximately $35,000 per year, which allowed the project to move forward. The housing will include units made available at a spectrum of affordability and to individuals earning between $10 and $12 per hour as well as households earning year-round salaries.
“We are seeking approval from Summit County to redefine who can live in these new units,” said Kimball Crangle, Gorman’s Colorado Market President. “In order to make a successful impact on the affordable housing shortage that continues in the county and relieve the short supply of housing options, we want to be able to provide a variety of rental product to meet a variety of needs, as well as rent to employees who work anywhere in the county and not only in the resort.”
In addition to the land contribution, Vail Resorts is planning a significant, long-term lease with Gorman for about 140 beds, leaving a large number of units available for others working in Summit County.
The Wintergreen project is an innovative and community-oriented project that will make great strides in addressing real needs in Summit County.
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About Gorman & Company, Inc.
Gorman & Company, Inc. specializes in revitalizing communities through innovative housing partnerships. As a trusted partner and respected industry leader since 1984, Gorman creates meaningful workforce housing projects that match community needs. Gorman also offers expertise in downtown revitalization, the preservation of affordable housing, and the adaptive reuse of significant historic buildings. Gorman is consistently ranked as one of the top affordable housing developers in the county by peer organizations. Gorman & Company has offices in Denver, CO; Milwaukee, WI; Chicago, IL; Phoenix, AZ; and Miami, FL. Learn more at www.GormanUSA.com.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts’ subsidiaries operate ten world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher in Australia; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.
Contact(s)
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts’ subsidiaries operate ten world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher in Australia; Wilmot Mountain in Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.
Contact(s)
Kristin Kenney Williams, (970) 754-2712, KWilliams@vailresorts.com