Kensington Development Partners, in a joint venture with Jasmine Development Group, an affiliate of the long-time landowner, and FDC Development, has formally launched the commercial development of the 40-acre parcel of the master-planned Village at Avon.
With the recent closing of the land between the partners, construction has broken ground on Phase I, introducing a vibrant, pedestrian-friendly lifestyle hub that sets a new standard for modern urban resort living in the Vail Valley.
Phase I construction is anchored by a new 28,500-square-foot Whole Foods Market and Skjól, a Scandinavian-inspired residential community featuring 122 luxury condominiums designed with premium indoor-outdoor living spaces, private spa wellness facilities, and immediate trail access. This residential opportunity has garnered significant early demand, with over $100 million in contracted pre-sales already secured.
Simultaneous with the construction launch of Whole Foods and Skjol, Kensington has officially opened marketing and leasing efforts for additional retail opportunities surrounding Whole Foods, including the planned Promenade. The Promenade is positioned on six acres immediately east of the Phase I core and will introduce an additional 50,000 square feet of vertically integrated commercial, retail and residential space — significantly expanding the development’s footprint.
The Promenade seeks to create a year around shopping and dining hub in the heart of the Vail Valley, with a combination of convenience and vibrancy in a downtown setting, unlike anything that exists in the Vail Valley today. Kensington’s retail outreach is targeting elite lifestyle, wellness, food and beverage, and outdoor recreation brands to elevate district’s offerings and shopping experience. Many discussions are already taking place with a mix of strong local businesses as well as elevated national found across other dynamic mountain towns and similarly positioned trade areas.
“Kensington is incredibly proud to be initiating construction on a shared vision that has been years in the making”, stated Jared Eck, partner at Kensington Development Partners. He added, “Delivering Whole Foods Market and the Skjól residences establishes a vital foundation where premium retail and luxury condominiums expand the owners and guests comprehensive value proposition. As Phase I gets underway, we are equally energized to advance our promenade efforts, curating a walkable town center promenade that expands year-round shopping, dining, and community experiences for the entire Vail Valley.”
“We spent the last five years revising and retooling the Master Plan for the 40 acres. Moving forward with Kensington on Phase I and the promenade represents an opportunity to bring a unique and reimagined, vibrant retail commercial and residential core that will bring a new synergy and buzz to the Town and the Vail Valley,” said Marcus Lindholm, a principal at Jasmine Development. “It’s where everyone will want to be.”
“We are ecstatic with the record-breaking velocity of sales reached with our sales launch at Skjól. It confirms that our buyers recognize and appreciate the value proposition which we have created in the new luxury condominium building,” stated Graham Frank, managing partner of FDC/BGV Development Partners.
Built on past performance and mutual trust, Kensington has successfully developed 112 total projects, representing 11.3 million square feet of commercial real estate with a cumulative market value of $2B.
