Traer Creek is a land investment company based in Avon, Colorado. We invest in the community by partnering with businesses, municipalities and individuals to make Avon a vibrant place to live and work.
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Kristin Kenney Williams, kristin@commfluent.com, 970-390-0062
April 16, 2026
AVON TOWN COUNCIL APPLAUDS PROGRESS ON VILLAGE (AT AVON) PUD AMENDMENTS WITH 6-1 APPROVAL
- Amendments were a joint application by Traer Creek LLC, Town of Avon
- Significant affordable housing opportunities approved at second reading April 14
The Town of Avon (“Town”) and Traer Creek LLC (“Traer”) have been working cooperatively on a series of amendments to the Village (at Avon) Planned Unit Development (PUD) (“Village”) that were reviewed for the fifth and final time by Avon Town Council on Tuesday, April 14. The joint application was approved 6-1.
“Our team has worked diligently with the Town since the 2014 agreements, and appreciates the collaboration with Town Manager Eric Heil, Community Development Director Matt Pielsticker, and many other members of staff,” says Michael Lindholm, who, alongside his brother, Marcus Lindholm, leads the Traer Creek investment team and the development efforts of Jasmine Development, Inc. (“Jasmine”). “These collaborative efforts have resulted in all the projects that have been constructed or started construction since 2014, including the two hotels, the Piedmont Apartments, the 242-unit Bosk Apartments currently under construction, and the Vail Valley Foundation’s Lettuce Patch Early Learning Center on Planning Area E, also under construction (Traer was obligated as part of the Village community master plan to give Planning Area E to the Town with the condition that if that particular parcel was not conveyed to the Eagle County School District that it would either be given for free or leased for free to the end user entity engaging in an educational purpose) to fill a need and be a community asset. In total, the Village has seen the construction of approximately $350 million in private development since 2014 up to today.”
BACKGROUND
The PUD and CARADA amendment application (the “Application”) was originally submitted in March of last year. Traer and the Town have spent the last year working through numerous issues that have come out of discussions related to the original submittal, and new issues brought forward by the two parties, Planning and Zoning Commission, and the Town Council.
The Village is a large PUD, comprised of more than 1,700 acres, and stretches from Planning Area A, just east of Chapel Square, to Planning Area I, located behind Eagle-Vail across the Eagle River, and north up to Planning Area J and Planning Area K on the mountain up to U.S. Forest Service property. Among other things, the PUD consists of up to 2,400 homes and 825,000 square feet of commercial space, excluding Planning Area I. The PUD also provides a Community Housing Plan that has been amended as part of the current Application approval. No increased density was requested.
The Village was annexed into the Town in 1998 with construction of public infrastructure beginning in 2002 and continuing up to and including today. The Village now includes the 244-unit Buffalo Ridge affordable housing apartment complex, the 240-unit Piedmont apartments, the 242-unit Bosk apartments (slated to open end of 2026), Traer Creek Plaza, Wal-Mart and The Home Depot, the Springhill Suites and Towneplace Suites, the Maverik convenience store and gas station, with future residential and commercial in the pipeline. To date, 368,573 square feet of commercial space and 807 housing units have been built or are in the process of being built, including the 244 Community Housing apartments at Buffalo Ridge. (A total of 500 Community Housing units are required; the construction of the Buffalo Ridge affordable housing far exceeds the original and first trigger of 100 affordable homes as part of the opening of the Wal-Mart and Home Depot.)
On Tuesday, the Traer team and Town Staff addressed Town Council’s final comments, including the below:
- Modifying the Mountainside Vested Rights Request (additional trigger): Appropriate performance triggers tied to water infrastructure improvements and provision of access was finalized to provide certainty to the Town that they will be able to develop Community Housing on the East Avon Preserve:
o If Traer (or the metro district, or a developer as Traer is a land investor) has funded an escrow account or another financial instrument for the Upper Eagle Regional Water Authority’s (“Authority”) use for construction of water storage infrastructure (for water service and fire mitigation) within PAK capable of serving the East Avon Preserve occurs by October 20, 2039, vested rights for PAK, RMF1 and Block 3 of PAJ are automatically extended to October 20, 2059. This infrastructure, as well as the permanent road improvements up to the water tanks, are preliminarily estimated to cost at least $40 million as part of the first phase, as estimated by Jasmine (a separate development entity). The funding requirement is meant to address the Town Council’s concern regarding the funding of infrastructure that will serve the East Avon Preserve. In addition, Traer (or the appropriate future landowner) is obligated to work with the Town to determine an appropriate legal access to the East Avon Preserve.
o Introduced Tuesday evening: On/after October 20, 2036, the Town may provide notice to Traer requesting funding of proportionate share of water infrastructure if:
o Community Housing Units in CH1 and CH2 are or have been constructed;
o Town has final approval and funding for Community Housing in East Avon Preserve;
o Town has ability to fund its proportionate share of water infrastructure;
o Traer funds its proportionate share of water infrastructure, then vesting is extended to Oct. 20, 2059.
- Community Housing Standards: No changes: Replace Affordable Housing in Section I of the PUD with a new Community Housing section, including standards of up to 120% AMI rental and up to 140% AMI ownership, to mirror the Town’s Community Housing Guidelines. Also allows up to 85 Community Housing units to be Resident Occupied (employed at least 30 hours a week in Eagle County.) In addition, CH2 is allowed an exemption on income levels for Town employees for 14 months. The changes also expressly allow Community Housing in residential planning areas.
- Traer remains committed to the land dedication for CH1, along with the rezoning of PF1 to CH2, which facilitates the development of 40 Community Housing units. To address the concerns of neighbors living on Eagle Bend Drive and comments by the Town Council regarding maximum height and density of CH1, the approved amendment allows for a maximum building height of 35 feet (instead of 48 feet) on CH1, and reduced density from the 36 to 24 Community Housing units to better match the neighbors to the south. Town Staff, with Traer’s encouragement, is in preliminary discussions with Habitat for Humanity Vail Valley to explore affordable homeownership opportunities in this location. A total of 64 Community Housing units are facilitated across CH1 and CH2. CH2 has already received a Preliminary Design Review approval from the Village DRB, and the DRB anticipates a Final Design Review submittal this summer.
- Development Bonus: Town Staff provided additional information and language so that the PUD is consistent with the Avon Municipal Code. Traer also agreed with a increased notice requirement to make sure all neighbors are aware of any Development Bonus applications.
- Short-Term Rental: The PUD Guide has been revised to clarify that there are unlimited STRs on PAA, with limited STRs on PAC, PAD, PAJ. Includes corresponding parking requirements to match the Town’s code.
o In addition, the proposed development area is directly adjacent to neighborhoods that currently allow unlimited STRs, including properties within East Avon Town Core, including Chapel Square, Hurd Lane and Eagle Bend neighborhoods. It should be noted that the allowable uses within PAA already have several forms of transient lodging, including but not limited to: accommodation units; bed and breakfast; extended stay motel; hotel, motel or lodge; temporary divided dwelling; vacation club.
o As discussed by Traer and Kensington in the March 24 meeting, unlimited STRs on PAA are critical to generate the kind of continuous foot traffic to support the Whole Foods Market development and businesses in PAA and the Town commercial core.
- PAA Height: Height was increased from 55 ft. to 60 ft (within 250 feet of the southern boundary). as a use by right, including an additional limitation of a maximum of five stories.
- Engineered Grade: Additional clarification was provided.
- Residential and Commercial Minimums and Maximums: This amendment was eliminated from the application.
- Administrative Subdivision – Nearly all of the Village already goes through the administrative subdivision process, and certain planning areas north of the interstate were added.
- PAC/PAD Height and Density: This amendment was eliminated from the application.
- PAJ Height and Setbacks: Allows residential up to 60 ft./5 stories within PAJ, as well as decreasing the setback to 10 ft. building for Blocks 1 and 2 to accommodate commercial projects.
- Clarification on 280 Units on a Cul-de-sac: This amendment was eliminated from the application.
The joint applicants believe the most important elements of the approved amendments are maintained, and are in the best interests of nearby neighbors, the community at large and the advancement of the PUD, including significant opportunities to add to the Community Housing supply for critical workforce, modifications that can increase tax revenues through development, including adding funds to the Downtown Development Authority for the purpose of financing Community Housing and infrastructure.
By approving this Application, the Village is now better able to move forward responsibly with strategic implementation resulting in a variety of successful new projects, responding to market demand while taking into account capital and equity markets. The governing documents are already comprehensive and allow for additional growth, And while the governing documents are complex, explains Michael Lindholm, the concepts themselves are not.
“Perhaps the most important part of the agreements is the Financing Plan that establishes clear goals and aligned incentives between the Town and Traer,” he says. “Namely, the Town wanted Traer to invest in the Village by financing or facilitating the public infrastructure required to bring the greatest revenue-generating, high-value development to produce greater tax revenues and to increase the overall tax base, which would in turn allow the Town to begin collecting certain credited taxes within the Village as soon as possible – in short, the more vertical and horizontal construction taking place on the valley floor the better for the Town.
The existing agreement obligates the project to spend in these high priority areas a minimum infrastructure investment of $16.8 million of the first $24.7 million spent on infrastructure. Traer and the Metro District have overdelivered by financing or facilitating not $16.8 million but $24 million (that’s an additional $7.2 million), as well as another $16 million, for an over-delivery of $23.2 million to the Town’s priorities.”
The governing documents also recognize the substantial infrastructure investment required for the Village project to proceed, some of which has already been constructed, some of which is in the process of being constructed. In order to support the Village development, roughly $84 million in public infrastructure has been constructed to date, including the I-70 diamond interchange Exit 168, Post Boulevard; six roundabouts; a Union Pacific Railroad underpass; a sewer trunk line and water lines; and other public infrastructure dating back to the early- and mid-2000s, which at that time cost roughly $64 million. Of the $84 million, $16 million of public infrastructure investment has been completed since 2014, including extending East Beaver Creek Boulevard in two phases, Wagon Trail Road and Crescent Hill Road, all by way of Traer financing. Another approximately $25 million in additional public infrastructure investment is under way and visible on the valley floor east of Chapel Square, all being financed through Traer advances. (For clarification, Jasmine is constructing all public infrastructure within the Village.)
The Traer and Jasmine team are proud of its contributions to the Avon community, and of its commitment to future benefits with patience and careful planning. The public infrastructure investment taking place now on the valley floor is possible because Traer and Jasmine have expended significant time and funds in updating the master plan with Jerde Architects to ensure smart planning. That planning process began in 2021 and allowed the Town and metro district to finalize infrastructure design and paved the way for the first phase of development, currently slated to include a Whole Foods.
“It has taken more than four and a half years to work through the Jerde Master Plan with all of the different consultants, including working with the Town on master planning design and its impact on the Town’s road layouts, stormwater, etc., but all the work has paid off,” says Michael Lindholm. “Today we are preparing for the first phase to proceed, which will bring substantial revenues to the Town and fit within a greater framework of our master plan. And Traer is willing to finance the infrastructure investment that will make this first phase become a reality.”
Jasmine, with financing from Traer, has graded the valley floor, including the future Whole Foods parcel. The approximate $25 million investment includes making permanent East Beaver Creek Blvd. and Chapel Place, as well as connecting Crescent Hill Road up the hill all the way east to the terminus where the Bosk project is currently being constructed.
“All to say, after all that has been completed these last 10 years, we are striving to move forward with right-size planning on a timeline that ensures smart investment that benefits the community,” says Marcus Lindholm. “We’re excited to move forward and see the right investments made, responsibly, and in the right amount of time, all to respond to market demand. We are investing in Avon’s future because we believe in its future.”
Why was the Application jointly sponsored by the Town and Traer?
The Town and Traer bounced ideas off one another since 2023, and believed each party’s asks were appropriate and reflective of shared goals. The Town initiated the discussion by pursuing multiple ideas and requests requiring Traer’s consent, including a donation of land by Traer for Community Housing (CH1), as well as rezoning some existing Town-owned land previously given by Traer (CH2), all at no cost to the Town. And Traer raised some items that it realized could assist in moving forward with the valley floor.
Current vested rights for the PUD terminate in 2039, which may seem like a long time from now, but is considered short for investors needing to fund significant public infrastructure, especially on Planning Area K and RMF-1. That said, Traer has agreed to proceed with substantial public infrastructure financing on the valley floor now (built by Jasmine), without additional vested rights on the valley floor. (Extended vested rights have happened in other areas in the community, including East West’s projects at the Riverfront.)
“This is important,” explains Marcus Lindholm, “because the total cost includes constructing water infrastructure, including, multiple water tanks, that will ultimately service, among other things, Community Housing on Colorado State Land Board and Town land. Traer and Jasmine need assurance that any advances for public infrastructure will be paid back when the time comes.”