About 430 condominiums will be built, averaging less than 900 sf. The plan also calls for 12 single-family home sites. A key component will be a "grand scale" lodge with 148 condominium hotel units, a fitness center with swimming pool, tennis courts, a year-round ice-skating rink and a 12,000-sf conference center.

The Peak 7 plans calls for a "smaller, more intimate village" comprised of two condominium buildings with skier services on the plaza level and a series of small mountain lodges, each with six to 10 condominiums.

At both peaks, a total of 110,000 sf would be built, with 46,000 sf replacing existing buildings. In addition, 35,000 sf is allocated for new skier services and restaurant space and 26,000 sf is configured as retail space.

A key portion of the plan would be a gondola in the former mining community's Watson parking lot. The gondola would link the town with the ski mountain for the first time.

Although this is the most ambitious plan by Vail Resorts, it's not the first. In the past three years, the company has invested about $100 million to improve Breckenridge.And even if the EPA, as expected, grants the permit, Vail Resorts still needs approval from the town of Breckenridge, where some environmental concerns already have been raised. Vail Resorts has been meeting with town officials for the past two years about its plans.