Aspen construction activity on pace with 2013
May 11, 2014
Aspen’s construction activity through May is nearly identical to the same time period in 2013, with numbers showing a slight year-to-year decrease of 0.33 percent in total permit valuation.
In 2013, permit valuation through May 5 totaled $80.7 million, while in 2014, totals so far are $80.4 million, according to numbers from Aspen’s Community Development Department.
“Looks like we’re tracking about the same right now,” said Johannah Richards, administrative manager for the department. “Last year was a good year. That about equals to processing about $100,000 worth of construction an hour if you look at the valuation of projects with the hours that we’re working. So it’s another consistently busy year for us.”
Residential projects are outpacing commercial by a margin of 101 to 63.
By far the largest project in 2014 was the demolition and replacement of the Jerome Professional Building, on North Mill Street, which came in at $12.5 million. The mixed-use redevelopment, designed by David Johnston Architects, will contain commercial, affordable-housing and free-market residential uses. The same group also contributed to the redevelopment of the Spring Street Building.
The first quarter of 2014 started off strong, with median project values measured at $15,000, $18,000 and $14,490 in January, February and March, respectively. Median values have trailed off in April and May at $9,000 and $5,000, respectively.
Richards said her department has had several pre-construction meetings recently. She expects a few “new single-family homes coming in soon valued around $5 million each.”
For all of 2013, Aspen totaled $203.5 million in permit valuation, a 37.4 percent increase from 2012.
In recent years, the lowest mark — through May 5 — came in 2010, totaling $20.1 million. Numbers rebounded in 2011, with a $52 million expansion project at Aspen Valley Hospital, which brought totals to $98.1 million. The next year showed a total of $69.4 million through May 5.