Luxury condos on tap in Vail
23 units, priced at up to $7M, part of town's revitalization plan

Publication: Rocky Mountain News; Date: 04/06/2004

By Chris Walsh

A Phoenix real estate company will build 23 luxury condominiums in the heart of Vail - one of the first major projects in the town's $1 billion redevelopment plan.

Daedalus Real Estate Advisors LLC will construct a 90,000-square- foot, four-story building complete with 23 condominiums, heated underground parking and private dining facilities on just under an acre.

The project, on the corner of East Meadow Drive and Willow Bridge Road in Vail Village, also includes retail space for clothing, ski accessories and other specialty stores.

Called One Willow Bridge Road, Daedalus expects to complete the project in December 2005.

The price tag matches Vail's image as an elite playground for the rich. Ten condos will sell for $4 million to $7 million each, while the other 13 will sell as fractional ownership properties at $350,000 to $700,000 per ownership stake.

It's one of the first large projects in Vail's massive, five-year redevelopment plan to revitalize and modernize the town.

"Vail is undergoing a major resurgence, and this is a new opportunity to get in on the ground floor on the next wave of improvements to the whole village," said Robert McNichols, a managing member of Daedalus.

The company acquired the land for about $14 million from the Sonnenalp Resort. The Swiss Hotel & Spa, which sits on the property, will cease operations April 19 and will be demolished this summer. The Swiss Chalet restaurant will be relocated to an undetermined location in Vail Village.

Among the project's highlights:

  • Condos that range from 1,600 to 2,700 square feet, with two- and three-bedroom plans, living rooms, dining and kitchens on one level.

  • Heated underground parking with direct elevator access.

  • Fireplaces, gourmet kitchens and designer bathrooms.

  • Private swimming pool and whirlpool overlooking Gore Creek.

Daedalus declined to provide the project's total cost. But McNichols said its value, once complete, will be close to $100 million.

The nearby Sonnenalp resort, which plans to add 38 hotel rooms as part of a larger expansion, will manage the property and provide residents with access to its amenities.

"The thing that will really distinguish Willow Bridge is the service -element," said Johannes Faessler, Sonnenalp owner and general manager. "Ultimately, owners will have access to really a full palate of hotel services, from room service to activities."

Daedalus' plans are testament to the city's growth opportunities, said Stan Zemler, Vail's town manager.

"The people who are interested in investing here have made a decision that Vail has a strong future," Zemler said. "These developers decided that the time is right and the opportunity is here."