Developer proposes multifamily development at Chadwick Estates
January 17, 2014
Steamboat Springs — On Thursday, the city of Steamboat Springs' Planning Commission will consider a development plan for a 10-unit multifamily building and two duplexes that would be the most significant addition to Steamboat's multifamily inventory in years.
The project is being proposed by Garrett Simon, of Meriwether Management Co., for parcels along Eagle Glen Drive near the base of Steamboat Ski Area.
The land originally was part of the 2007 Chadwick Estates Villas development that failed partway through the project, and Meriwether purchased the unbuilt lots from Bank Midwest in March 2012 for $900,000.
The new units proposed by Meriwether and two triplex buildings that previously were approved will draw on the community amenities built by the original developer of Chadwick Estate Villas.
Simon said Thursday that he sees the 10-unit building as being an alternative to vertical townhome living. The units will be in the range of 2,000 to 3,000 square feet but will be on a single level, eliminating the inefficiencies in multilevel floorplans, he said.
"People do want to live on one floor," Simon said.
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The first phase of the project is to start on the triplexes that were approved in early 2013, he said, and the 10-unit building could follow as early as 2015.
Simon said he sees these properties as being a mix of primary residences and second homes.
People who previously might have spent only three months in Steamboat are transitioning into staying longer and longer, Simon said, and the higher the usage of the residence, the more attractive single-level floor plans become.
Simon and Meriwether also are involved in the development of duplex and triplex units in the Wildhorse Meadows area, with building permits coming soon for those units.
Simon said the timeline of the different projects depends on how deep the market is for different types of units.
The plan, he said, is to start the triplexes that were approved in 2013 this summer with the earliest start for the 10-unit building being summer 2015, depending on the market.
"What pent-up demand has been created since the beginning of recession for new product and more thought-out floor plans?" he said.
As construction starts for some of these projects, Simon said, there will be a pre-sale program.
Simon said that his firm typically is conservative but that the nature of these projects allows them to test the market by constructing one building at a time.
"That's indicative of most projects today," he said.
The likelihood of things moving forward is greater on smaller projects, he said, than the larger projects prevalent in the mid-2000s.