The Repainted Vail

The town of Vail, Colorado, has a lot going for it. Its slopes cover 5,000-plus skiable acres of the imposing Rocky Mountains and dip into pristine deep-powder back bowls. The sun shines more than 300 days a year, allowing residents to soak up views from the 11,570-foot summit in any season. And although it is certainly popular -- Vail is consistently named the top ski resort in the United States -- all that space gives snow lovers room to make fresh tracks. On a typical day, there are only two skiers per acre.

Despite these assets, almost two generations after the first trail was marked, in 1962, the town was beginning to show its age. Dated faux-Bavarian architecture, condominiums stuck in the '70s and a dearth of available high-end real estate left style-conscious skiers with no alternative but to opt for flashier scenes in places like Aspen, 100 miles away. "Vail had lost its vitality, and it was just time for a redo," says town spokeswoman Suzanne Silverthorn.

So in 1998, officials authorized a master redevelopment plan and, soon after, released a new mission statement: the town would create not only the best ski experience in the States but the country's premier mountain resort as well. Thus was born Vail's so-called billion-dollar renewal, a massive tearing down and rebuilding effort designed to provide options for skiers who wanted the best both on the mountain and off.

Nearly ten years and $1.5 billion later, the hotel and residential project that kicked off the redevelopment, the Arrabelle at Vail Square, a RockResort, opened its doors. As the area's first new boutique luxury property in a quarter-century, the hotel now takes center stage in LionsHead, which has been transformed into a European-style village square. On the Arrabelle's heels are the Four Seasons Residence Club Vail and the Ritz-Carlton Residences, which are scheduled to debut in 2009 and 2010, respectively, but are already selling in a pre-opening market.

In fact, while the rest of the country sinks further into a real estate slump, Vail's new properties are in the midst of a spike. Residences at the Arrabelle are selling for nearly double what they did when they went on the market, in 2005; throughout town, the number of real estate transactions valued at more than $4 million was up 31 percent last year. "The redevelopment is in Vail's core, so these are blue-chip properties," says Cynthia Kruse, president of the Vail Board of Realtors and a Realtor with RE/Max Vail Valley Inc. (800-777-1892; remax-vail-co.com). "They're the mountain equivalent of beachfront property. There isn't going to be any more of it."

WHOM YOU'LL MEET

Vail's mountains are the main attraction: people are here to ski (or, more and more often, to snowboard), not just to be seen. While riding a lift to the expansive 3,000-acre back bowls, you're likely to run into Argentine businessmen on their summer holidays and East Coast families out for a long weekend.

WHAT TO DO

Skiing and winter sports are, naturally, what visitors chiefly associate with Vail. But summertime brings endless opportunities for hiking, kayaking and mountain biking, as well as for culture. There are at least a dozen festivals held in the warm months, celebrating everything from music and dance to dining and wine.

WHERE TO STAY

The family-friendly Arrabelle at Vail Square, a RockResort, decorated in a clean Biedermeier style, provides ski nannies to keep track of the young ones while you're on the slopes. The thirty-six guest rooms (plus another fifty condominium lock-off rooms) have fireplaces, heated floors and decks. Double rooms from $425. 675 LionsHead Place; 866-662-7625; arrabelle.rockresorts.com. (See a full review.)

WHERE TO EAT

Inside the subtle champagne-and-claret-hued dining room of Kelly Liken, guests are treated to New York strip steak (from Colorado beef) with purple-potato hash and ribbons of organic root vegetables and to lamb loin atop mounds of sage-and-chèvre-studded sourdough-bread pudding. Lively bartenders pour stellar cocktails, like a cucumber-lime elixir with fresh-pressed juice. 12 Vail Rd.; 970-479-0175; kellyliken.com.

Centre V, Vail Valley's only French brasserie, offers a great view of Vail Mountain while serving up duck leg confit, coq au vin and other staples for dinner. Chef Thomas Salamunovich owns Larkspur (larkspurvail.com) and is a veteran of Sweet Basil (sweetbasil-vail.com), two local perennials. 675 LionsHead Place; 970-754-7700; arrabelle.rockresorts.com. -- ADDITIONAL REPORTING BY ALIA AKKAM

ON THE MARKET

Arrabelle at Vail Square, a RockResort

from $2.99 million

Residents receive all the benefits of an extremely solicitous hotel staff, as well as the services of a 10,000-square-foot spa and fitness center. Most important, with a gondola just steps from its door, the Arrabelle is truly ski-in, ski-out -- something of a rarity in Vail. The fifty-six full-ownership condominiums sold out quickly, but several are available for resale through local agents, including a five-bedroom, 6,000-square-foot penthouse for $11.8 million. CONTACT: Slifer Smith & Frampton; 970-479-0245; arrabelle.rockresorts.com.

Four Seasons Residence Club Vail

from $400,000

Scheduled for completion in the fall of 2009, nineteen fractional units are being sold at one-twelfth interests, with prices beginning at $400,000. There are also sixteen private residences starting at $5.3 million and 120 hotel rooms. The Four Seasons is just inside the main entrance to Vail Village, about a block from the lifts; a personal ski valet will lug your equipment to them in the morning and wax your skis and warm your boots there in the evening. Two deeded parking spaces, prized in Vail, come with each residence. 877-748-8245; fourseasons.com/ownvail.

One Willow Bridge Road

from $650,000

It's easy to imagine giving an après-ski party at this tranquil twenty-two-residence development in the heart of Vail Village, in which two hot tubs, an infinity pool and an outdoor fireplace overlook Gore Creek. Though the whole-ownership residences have sold, eleven two- and three-bedrooms, priced from $650,000 to $850,000 for a one-seventh share, remain. Foodies will enjoy the Wolf stoves and the gourmet grocer, wineshop and bistro. Tech-savvy residents can control everything from the lighting to the temperature wirelessly. 970-477-5757; onewillowbridgeroad.com.