Glenwood Springs Council approves Lofts at Red Mountain phase III
Nurses, teachers, baristas, ski patrollers and budtenders.
According to the Lofts at Red Mountain’s co-developer, people in those professions and several others, currently reside in the apartment complex in the Glenwood Meadows.
“I could go on,” said Richard Myers, Realty Capital managing director, at the Feb. 20 City Council meeting. “If our units aren’t affordable, then how do those people afford them?”
City Council, in a 6-1 vote, approved the development’s third phase. Councilmembers Steve Davis, Tony Hershey, Rick Voorhees, Charlie Willman, Mayor Jonathan Godes and Mayor Pro Tem Shelley Kaup voted in favor of the project’s proposal. Councilwoman Paula Stepp voted against it.
Stepp’s concerns largely centered on parking.
“Let’s take care of the people moving into these places to the degree that we can,” she said.
The proposed project was expected to provide 101 parking spaces but fell six short of that.
The forthcoming 89-unit apartment building, which includes three floors of studio and one-bedroom apartments on top of a lower level parking garage, will be developed along the north side of Wulfsohn Road between East Meadows Drive and Market Street.
“I’m glad to see that we have workforce there,” Willman said. “I suspect a lot of those people are working two jobs to make that work.”
According to Myers, the Loft’s earlier phases filled up faster than any other project in Realty Capital’s 30-year history as a company.
Based out of Irving, Texas, Realty Capital’s portfolio features predominately residential and commercial properties throughout Texas.
“Rents range from about $1,500 to about $2,500 a month or so,” Myers said. “They are not officially affordable per, you know, an affordable housing unit, but actually they’re very affordable.”
According to loftsatredmountain.com, a 3 bedroom, 2 bathroom unit at the Lofts costs between $2,960 and $3,080 a month to rent. A 2 bedroom, 2 bathroom unit at the Lofts rents for between $2,355 and $2,980 a month.
“This is working,” Myers said. “Even without rent control.”
Only one member of the public came forward to talk about the project.
“I don’t think these rents are affordable,” said longtime Glenwood Springs resident Michael Hoban. “I think the prices are ridiculous.”
The Snowmass Village Town Council unanimously voted to issue a notice of default for Krabloonik’s lease during a July 5 regular council meeting. Now, it’s time for Krabloonik’s owners to develop a plan for how to address the compliance issues.
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