Breckenridge Grand Vacations, owner of the Grand Lodge on Peak 7, wants to construct a new Time-share resort on the site of the now-defunct Bergenhof restaurant on Peak 8.
The development could include a large aquatic area, multiple movie theaters, a full service spa and fitness center, arcade, skier concierge and at least 80 units, according to a memo to the town from the owners of Breckenridge Grand Vacations .
"We're hopeful that we can build something really nice at the base of Peak 8," said Breckenridge Grand Vacations co-owner Mike Dudick, who also sits on the town council.
Specifics about the proposed development have not been made public due to a non-disclosure agreement with Vail Resorts, but the developer is asking that the town agree to allow a density increase on Peak 8, an exchange of transferable development rights with the open space bank and a few other terms to make the project feasible.
As part of the deal, Breckenridge Grand Vacations is offering a $25,000 donation to the continued preservation of Cucumber Gulch, a critical wetlands complex and wildlife habitat the town has been working to protect for several years.
The company is expected to bring the proposal to the Breckenridge Town Council at its work session Tuesday afternoon. Dudick, who is out of town with his family, will not be present at the meeting.
Breckenridge Grand Vacations owners stated the development was crucial not only to the continued success and growth of their company but to the local economy, according to the memo.
The memo states that without the new development the company will "dramatically down size" when its current Time-share development, the Grand Lodge on Peak 7, sells out, cutting approximately 150 "highly compensated jobs" and "slashing sales" by $54 million a year.
The Grand Lodge is approximately 60 percent sold and owners project it will sell out by the fall of 2014.
If the town council approves a development agreement, the proposal would go to the Breckenridge Planning Commission for review.
It would need planning approval as well to proceed.