The $325-million project will consist of 77 luxury residencessituated above 70,000 sf of commercial space, including a movietheater and a large public plaza. Solaris also includesapproximately 300 underground parking spaces and Vail Village'sonly ice skating rink.

Knobel tells GlobeSt.com that the 70% of the 77 condos have beensold at an average price of approximately $2,300 per sf. The saleseffort is most active during the winter and springtime when thewealthy Vail enthusiasts are in town. The gross sell-out value forthe condos is $461 million, he says.

The first mortgage construction loan is being supplied by a JVof Vectra Bank, which is part of the California Bank and Trust, andPB Capital, a subsidiary of PostBank, which is affiliated with thePost Office of Germany. The mezzanine loan is being supplied by afund of Och-Ziff Capital Management. The public financing is beingprovided by the sale of Metro District Bonds. The equity componentis being supplied by Knobel.