Residents of Vail will soon have new shopping and dining options at Las Plazas at Old Vail, a retail development slated to open by fall of this year.
The property, south of Rita Ranch at the northwest corner of Houghton and Old Vail roads, has been divided into 15 lots with buildable areas ranging from 3,000 to 19,000 square feet.
Although there is adequate zoning to accommodate office space or light industrial operations, the lots are being marketed for retail and restaurant use, said Michael Laatsch, who is with commercial real estate company CBRE.
Interest in the project has already been significant, he said.
“Considering that we just broke ground this week, we have two pads in escrow and another pad is in final contract negotiations,” Laatsch said.
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While he could not say who these potential occupants are, CBRE has said all three are national operators. The development’s first tenants should be revealed by midsummer.
The success of a Super Walmart, which opened last year across the street from the new development, validated that the area was underserved in terms of retail options, Laatsch said.
“From a lot of feedback from people that work and live in the area, there’s also a shortage of quality dining options,” he said. “Those are the types of uses that I would anticipate seeing.”
The area is ready for increased commercial growth and so far the community has been supportive, CBRE’s Nancy McClure said in a news release.
“As soon as our signs went up, we had residents calling to inquire about potential users and which restaurants might be locating at the property,” she said. “People are excited about new amenities for Rita Ranch and the surrounding outlying areas.”