Vail Resorts ( MTN - Get Report) bought a former Amoco service station in Vail, Colo., for $3.3 million.

The one-acre parcel is located on the corner of Forest and South Frontage roads. The site has been closed as a service station so work can begin in conjunction with Vail Resort's redevelopment efforts in what is commonly known as the LionsHead area of Vail.

"While a purchase of a gas station is not by itself an earth-shattering event, the fact that it facilitates potentially lucrative development is a very positive step forward," said CEO Adam Aron.