The Town of Vail will be conducting its first large-scale housing lottery in 20 years on Wednesday, May 3 when 88 qualified homebuyers will gather at Donovan Pavilion for the Chamonix Vail selection process. Doors will open at 5 p.m. for registration and sign-in with the lottery proceedings beginning promptly at 6 p.m. Members of the public are welcome to attend.
The format for the evening will comprise of one lottery drawing in which each of the participants will have their names drawn at random giving them an equal chance of being selected. As each participant’s names are drawn, he/she will choose from among five available home types based on financial eligibility and/or placed on a wait list for a future purchase opportunity, also based on eligibility. All 32 homes will be deed-restricted with maximum resales capped at 1.5 percent per annum of the original purchase price.
Wednesday’s lottery marks a major milestone in the town’s pursuit of housing on the 3.54-acre site, located at 2310 Chamonix Road in West Vail. The property was purchased by the town in 2002 and, over time, various site plan scenarios were examined. Mayor Dave Chapin says he and other members of the Town Council are proud to bring new housing opportunities to Vail in such a monumental way. “What a privilege it is to recognize the commitment of this Town Council and the dedication and passion these homebuyers have shown in their desire to live in Vail,” he said. “We’re opening new doors for residents and families to put down roots thanks to a tremendously successful public-private partnership.”
The Chamonix Vail design-build team includes Triumph Development West, R.A. Nelson and 359 Design with support from the Town of Vail Community Development Department and the Vail Local Housing Authority.
Lottery “winners” on Wednesday will have five business days to execute a reservation agreement and submit a $1,000 non-refundable reservation fee. If a Chamonix Vail home becomes available after the lottery drawing, the names on the wait list will be used to reassign the home.
Pricing ranges from $399,000 for a 2-bedroom, 2-bath, 1-car garage home to $739,000 for a larger 3-bedroom, 3-bath, 2-car garage home. Construction of the homes began April 10; the first families will be moving into their new residences in December 2017.
Vail’s last large-scale lottery occurred in 1997 when buyers were selected to purchase homes within the 53-unit Vail Commons development which also included a grocery store, 18 rental units and a 2,000-plus square foot daycare center.
For additional details on Wednesday’s lottery proceedings, including home preferences, visit chamonixvail.com.
Contact: George Ruther
Community Development Director
Community Development Director George Ruther goes over the lottery process.