Stott’s Mill project secures Basalt council vote
October 29, 2009
BASALT – A development project featuring seven free-market residences and 103 affordable housing or local-oriented units was given final approval Tuesday night by the Basalt Town Council in a 6-0 vote.
The Stott’s Mill project will be built along Southside Drive, the road to Basalt High School. It features 33 deed-restricted, price-capped units; 15 “resident occupied” units with appreciation caps that must be sold to full-time residents of Basalt; 53 resident-occupied units without appreciation caps; two units that will be dedicated to the downvalley school district; and the seven free-market units.
When completed, the project will also include a 3,300-square-foot day-care facility and a 4.5-acre park.
The project was in the town’s review process for about four years. It was praised by council members for adding so significantly to the town’s stock of affordable housing.
The developer, Brikor Development LLC, requested vesting rights, which retain the approvals, for five years. Briston Peterson, one of the partners, said the extra time is needed because of the ailing economy. Lenders haven’t loosened funds for potential buyers of housing. Without demand, he and his partners won’t rush development.
The council stuck with the usual three year vesting of rights, but said Peterson could seek an extension if the market demand doesn’t improve.