Real Estate Boom Acceleration Chart for Midvalley Tree Farm Project

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El Jebel Tree Farm Construction, Wednesday 2 June 2021 (Kelsey Brunner / The Aspen Times)

The real estate frenzy that has engulfed Roaring Fork Valley is dramatically cutting the time it takes to complete some major projects before construction is complete.

According to submissions to Eagle County Planning, Ace Lane’s Tree Farm should be largely completed in two to three years, rather than the five to seven years it was approved for in 2017.

Planning director Morgan Beryl on Wednesday approved Lane’s team’s request for a minor amendment to the approvals. Initial approvals required 40 limited-price units to be completed before construction surpassed 142,000 square feet. The approved amendment allows the construction of 40 apartments and as many other buildings as possible at the same time. The apartments are yet to be completed at the first stage.



Dave Marrs, chief financial officer of Geronimo Ventures LLC, part of the Lane team, said the main components of the project will be laid this summer, including a 122-room hotel, a 72-unit independent apartment complex and a 196-unit apartment complex that includes 40 units. with limited action.

“It looks like the hotel will be the first,” Marrs said. He added that this could happen as early as July.



The project’s new website says the hotel will be part of the Tapestry by Hilton collection. It will have a bar with indoor and outdoor dining. The website says the boutique hotel “will open in December 2023 and is a must-see for both guests and locals.”

It is planned that 196 apartments and 72 individual residential units will enter the market in spring 2023.

On the commercial side, there are plans to build 20,000 square feet of restaurants and shops.

“The bistro, café, deli, tavern, boutique, lifestyle and other amenities are scheduled to be completed between autumn 2022 and summer 2023,” the project’s website says.

Marrs said the individual builders of the various components of the project are coordinating planning, architecture, earthworks and vertical construction. They will most likely fail within a couple of months with each other.

“There are really good synergies,” he said.

The limited number of office space attracts inquiries from businesses in the upper valley. Many are facing rent hikes and are looking for alternatives, Marrs said. Many businesses have employees who live in the valley, he said, so they are exploring the possibility of moving to save travel time.

While demand is not an issue, the supply of materials could prevent builders from completing parts sooner rather than later, Marrs said. He noted that a limited amount of concrete is available at any given time for curbs and gutters, as well as asphalt for streets.

Marrs estimates that if the supply problems can be overcome, 70 percent of the project could be completed within three years.

scondon@aspentimes.com

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