Summary

Triumph partnered with the owners of one of the oldest condominiums in Vail to tear down and redevelop their building into a new luxury boutique condo hotel. The project delivered seven weeks ahead of schedule – with all units under contract at one of the highest average dollar per-square-foot values in the Vail Valley. The project is entirely sold out and complete.

Transaction Structure

Twenty-six individual unit owners unanimously elected to partner with Triumph to redevelop the property into a brand-new luxury condo hotel. By listening to the owners unique set of requests, Triumph crafted a fractional ownership condo hotel for one-third of the redeveloped property, which allowed original owners to collectively own nine two-bedroom condominiums that were twice the size of the antiquated prior units and better suited to the usage pattern. These changes permitted owners to continue to run the property as a condo hotel to offset condo fees. Triumph financed all at-risk pre-development work – getting the project fully entitled, pre-sold, and in a position to begin construction – before the original owners were required to contribute their units to the project.

Development Strategy

Triumph focused on a development site with a premier location but a dated, neglected building. Prior to entitling the property, Triumph presented its plan to all of the adjacent neighbors, modified the plan based on their comments, and ultimately received full support of the neighborhood. Triumph then created a Special Development District that tripled the allowable density while preserving zoning constraints, and received the first unanimous town council approval of an SDD. Triumph capitalized on the property’s fantastic location and intimate size by designing boutique condominium units that catered to luxury buyers. Triumph openly negotiated with the buyers to help them personalize their units. Triumph presold all the for-sale units, and was able to deliver the building ahead of schedule and on budget