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New Breckenridge Parking Structure Announcement

Posted by Breckenridge Associates Real Estate on Friday, January 11th, 2019 at 2:55pm.

The Town of Breckenridge and Breckenridge Ski Resort announced mid-December a term sheet has been finalized which outlines details for a parking structure to be constructed on the South Gondola Lot in Breckenridge. The new parking structure is anticipated to break ground in spring of 2020 and is expected to create approximately 400 additional parking spaces, pending final Colorado Department of Transportation (CDOT) approval.

“We know that in-town parking is a critical need in Breckenridge and we look forward to partnering with the Town to bring new, incremental parking spaces to the South Gondola Lot for the community and our guests,” said John Buhler, vice president and chief operating officer at Breckenridge Ski Resort.

Vail Resorts will remain the owner of the property while executing a 50-year lease, with the option for two consecutive 10-year extensions under the same lease terms, with the Town of Breckenridge. The parking structure will be wholly owned by the Town of Breckenridge, and operations of the structure and surface parking on South Gondola Lot will be managed by the Town of Breckenridge year round. Vail Resorts will control pricing in the winter season, and the Town of Breckenridge will control pricing during all other times of the year. The Town of Breckenridge and Breckenridge Ski Resort will work jointly on parking management strategies to improve traffic flow through town.

“I am very pleased to reach this preliminary agreement on terms,” stated Mayor Eric Mamula. “Council believes that the South Gondola Lot is the right location for a parking structure in Town. We are excited to work in collaboration with the ski area to provide an amenity for our residents and guests that facilitates access to Town and access to the mountain.”

Following the term sheet, the Town of Breckenridge and Vail Resorts will work to finalize an agreement. The structure will go through a traffic study and design development phase. The Town of Breckenridge and Vail Resorts understand that parking will be displaced during the construction of the structure and both entities are committed to collaborating on parking and traffic management plans during the construction timeline.

Once the agreement is finalized, further details about construction plans and timelines for the new South Gondola Lot parking structure will be communicated with the public.

 

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