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The following is a News Article about
Keystone Colorado Real Estate Update

Keystone’s Goldbug lot slated for multi-family unit development
By NICOLE FORMOSA, Summit Daily News May 2, 2006

KEYSTONE — The Board of County Commissioners approved a density transfer that will allow Vail Resorts to develop a large multi-family residential building on the Goldbug parking lot in River Run.

Although there are no imminent plans to develop the two-acre parking lot, the Board’s approval permits 165 multi-family units and 12,000 square feet of commercial space to be built when the time comes, said Vail Resorts Development Company’s Thomas Davidson.

The Goldbug lot is located south of the Arapahoe Lodge and Black Bear condominiums and west of the River Run Gondola.

Vail Resorts Development Company will transfer 45 commercial units from within the River Run neighborhood, 38 commercial units from the Wintergreen parcel near Landfill Road and 17 multi-family units from the Mountain House neighborhood into River Run. Those 100 units added to the 65 already available in River Run will suffice for a future development, Davidson said.

“We’re not talking about any changes in the development standards for that (future) building,” he said. “That building doesn’t get any bigger or any taller than what’s already described in the PUD (planned unit development). What’s described in the PUD is a very large building, so we need 165 units in order to be able to pursue development of the project.”

The Goldbug lot has always been outlined for development in the resort’s PUD. The Marriott Grand Residences project slated for the Hunki Dori parking lot consumed a lot of the density assigned to River Run because it’s proposed with numerous lock-off units, which each use one-third of a unit of density, Davidson said.

In asking for the density transfer, VRDC is ensuring it will have the appropriate density it needs when it does move forward with a project in Goldbug.

Nobody spoke for or against the project at Tuesday’s public hearing, although Commissioner Bill Wallace addressed a letter submitted that expressed concern that a potential timeshare development in the Goldbug lot wouldn’t be a positive contribution to the neighborhood.

“My personal experience is actually, timeshares I think are healthy. ... You get a real nice mix of uses, people, I think it’s really healthy,” Wallace said.

Davidson said he doesn’t know whether or not the future development will be designed as a timeshare, or whether it will be developed by Vail Resorts Development Company, or another company, such as what will occur with the Mariott.

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