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UPDATE: City Council Approves Continuation of $72M Condo Project

AVON, CO-The council approves a $37-million completion bond, allowing for construction to resume on the Gates on Beaver Creek. Two years away from completion, the development is leading the local market with 30% of the 49 properties sold.

By John Rebchook | Updated on April 17, 2006

(To read more on the multifamily market, click here.)

AVON, CO-JMG Development has received final approval from the Avon Town Council for its $72-million development, the Gates on Beaver Creek. The approval allows it to resume construction. Residences at the Gates include 49 condominiums that start at $975,000. The two- to four-bedroom units range from 1,268 sf to 2,680 sf, including 16 two-story penthouse suites.

The development is aptly named, as it is at US Highway 6 and Avon Road at the entrance to Beaver Creek, west of Vail. “The Town of Avon has been wonderful to work with,” says Tim Barton, president and CEO of JMJ Development, the developer of the project. He calls it “one of the finest projects” in Eagle Valley, which he says will “spur continued economic development and revitalize this area.”

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