New development in Edwards will provide 87 critically needed housing units to the Vail Valley starting in 2023
On October 13, BGV Edwards Property LLC closed on a land acquisition in Edwards, Colorado, that will be developed in partnership with Vail Health into 87 condominium units ear-marked for professional workforce housing. Fox Hollow, located at 18 and 22 Murray Road, is 3.5 acres of developable land approved for 13 multi-family buildings.
“We could not be more pleased with the partnership, alignment of vision, and collaborative environment we have created with Vail Health,” said Graham Frank, managing member of both BGV Edward Properties LLC and BGV Avon, LLC, the development entity behind the new condominium project Frontgate | Avon. “The fact we can bring critically needed workforce housing to the Valley associated with Vail Health is in direct alignment with our commitment to the local community. Will Cook and Craig Cohn have been incredible partners and visionaries in bringing this much-needed project to fruition for the community.”
Vail Health intends to use all 87 units for professional workforce housing. Vail Health will be purchasing 28 of the units and master leasing the remaining 59 from BGV Edwards Property LLC for the next 10 years.
“This project is an example of how collaboration between two local organizations with similar end goals can help address a critical issue in our community,” said Will Cook, President, and CEO of Vail Health. “This is the largest private, deed-restricted and free market employee housing joint venture project in Eagle County, and Vail Health is proud to partner with BGV Edwards Property LLC to make it possible.”
BGV Edwards Property LLC is tracking to break ground on the project in spring 2023. Vail Health is planning to take possession of its first units in late 2023, with the entire project’s expected completion to be in Q2 of 2024. The 87 units will include 1, 2, 3, and 4-bedrooms with a combination of private garages and surface parking across the 13 building campus.
“Fox Hollow was entitled more than five years ago; however, the unique structure of the project that includes both deed-restricted and free-market units prohibited one single entity from being able to see the project through to completion,” said Craig Cohn, Chief Real Estate Development Officer for Vail Health. “A creative solution to that was to leverage BGV’s development expertise and Vail Health’s financial wherewithal to make creating additional employee housing inventory in our community possible.”
With this investment in employee housing, Vail Health’s housing inventory will almost double from 93 units to 180, and the total employee bed count will increase by 58 percent from 160 beds to 380.
“Through a combination of buying and leasing the 218 bedrooms at Fox Hollow, Vail Health will have the ability to house a broad range of employees, from entry-level staff to senior leaders, and those looking for either short-term relocation or longer-term housing options,” said Cook. “Furthermore, this investment to build our own housing helps us to increase the overall affordable housing inventory in the county, which will alleviate pressure elsewhere by freeing up units in other locations for other businesses.
“One of the biggest challenges for Vail Health related to housing was that while we were very good at interim housing, for say traveling nurses and relocation of staff, we were not able to help people stay in the community by offering longer-term housing options,” said Cook. “This now allows us to not just focus on recruitment and short-term housing for workers but provide long-term affordable leases for staff for a permanent housing solution, especially with the subsidized employee rent model we plan to introduce with this project.”