Snowmass Village Town Council gives nod to upper-end employee project
The Snowmass Village Town Council gave the green light last week to a high-end affordable housing project at the base of the Snowmass Ski Area.
In OK’ing the project, the Town Council was convinced that there is a strong-enough market for the 16-unit, deed-restricted “Parcel N” project.
Snowmass Village voters gave their approval in January to the $6 million project. But the council grew skeptical as to whether there were enough employees in Snowmass Village qualifying under the town’s guidelines. Also at issue were whether enough workers could afford to pay $215,000 to $255,000 for a two- or three-bedroom townhouse.
Because of the council’s concern, Snowmass Village housing director Joe Coffey held a public meeting and asked Snowmass Village employees to fill out a survey indicating their level of interest.
“We’ve got a very strong market for these units,” Coffey said. “Fifty-six people said they would buy a unit today.”
The units, which will be located on a small bench of land at the bottom of Faraway Drive, are across the street from the luxury timeshare project called the Timbers. And they are going to be built by the same contractor, Norris and Associates Inc. of Glenwood Springs.
“They are going to be finished out probably nicer than any other employee units that we have in the village,” said Coffey, who noted they are practically ski-n
in, ski-out and offer easy access to the Snowmass Center and the mall.
The two- and three-story townhome units will range in size from 1,250 square feet to 1,525 square feet and will include garages. The units will be slightly larger than the Fairway Three townhomes located on the Snowmass Club golf course.
Under the housing guidelines in Snowmass Village, prospective buyers must work full time at least eight months a year in Snowmass. There are also limits to how high a buyer’s annual income and net worth can be.
For example, if a unit costs $250,000, the maximum allowed annual income for a household is $140,000 and the net worth cap is $330,000.
Coffey also told the council that the 16 units at Parcel N will have a multiplier affect. Employees currently living in other deed-restricted projects may be able to move up to the new townhomes, thus freeing up other employee units.
“Just 16 units is going to have a definite impact on housing in Snowmass,” Coffey said.
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