Monday, September 26, 2005
A Steamboat Springs contracting firm plans to build 20 new townhomes in West End Village.
The plan calls for half of the units to be deed-restricted, affordable housing.
Jeremy MacGray said he and his partners in JSM Builders -- J. Brian Heit and Andrew George -- would like to break ground on the two affordable buildings this fall and build throughout the winter.
"I want those (townhomes) to get in the hands of the people who need them," MacGray said. "We were all fortunate we got our foot in the door a few years back."
West End Village, on the north side of U.S. Highway 40 on the city's far west side, has eased some of the pent up demand for single-family homes during the past five years.
Tony Connell, representing the original developer, Connell LLC, confirmed that the sale of the townhome lots represents the original sell-through of the 74-lot subdivision.
MacGray, Heit and George formed a new company, Capstone Endeavors, LLC, and purchased the two lots in West End Village in April. Just a few undeveloped lots remain. The company, which has 20 employees, has been building high-end duplexes near the base of Mount Werner this summer.
Norbert Turek of Slopeside Consulting said the two townhome lots, which represent 1.64 acres combined, are zoned multifamily, and the subdivision approval requires that half of the units meet the city's requirements for affordability in exchange for concessions to the developers.
Turek, who is working with Capstone, said the developers intend to ask the city whether it would consider allowing the eventual buyers to decide which of three levels of "affordability" they want to opt into.
The decision would swing on the buyers' willingness to pay a little more to someday enjoy more upside in the resale market.
In addition to meeting city affordability standards, two of the 10 units closest to Abbey Road will meet federal standards for accessible housing. They will be one-story living units on the ends of each of the two-story buildings.
The 10 market-rate homes would not be started until next spring. The three-story townhomes will have garages on the first level.
MacGray said all of the townhomes would be stick built on site. He hopes to achieve the affordability by keeping subcontracting in house. His goal, he said, is to reinvest some of the savings in higher finishes in the homes.
"We'd like to give it more of an upgrade feel," MacGray said. "They'll have some wood siding and 40-year shingles."
The deed-restricted townhomes will measure 1,180 square feet, and the free market townhomes will be in the range of 1,500 square feet range plus garages.
It's premature to discuss final unit prices, he said.
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