Construction underway on new affordable housing development in Vail

Posted at 1:11 PM, Sep 14, 2017
and last updated 2017-09-14 15:16:08-04

VAIL, Colo. – Vail isn’t exactly known for affordable housing, but a project currently underway will add more than two dozen “affordable” homes on the town’s west end.

Crews broke ground on the Chamonix Vail development in April. The project includes 32 two- and three-bedroom townhouses ranging in price from $399,999 to $739,000. The homes will be deed-restricted to keep them within an affordable range.

While $400,000 might not seem affordable to many, it’s more affordable than most homes in Vail. The cheapest home listed for sale currently is a 2-bedroom condo for $319,000. If you’re looking for a detached single-family home, expect to pay at least $1 million. The goal of Chamonix was to "create reasonably priced home-ownership opportunities for working families," according to a release.

The town of Vail bought the 3.5-acre site in 2002 and is using capital project money to fund construction of the $17.7 million project.

Homebuyers were selected via lottery in May and families will start moving in to homes in the Chamonix development in December.