Emerald Heights townhome project sees 1st contract
March 14, 2014
Steamboat Springs — One townhome is under contract at the Emerald Heights project — the only multifamily building permit to be pulled in 2013 intended for the general public and the project that lead to the suspension of Steamboat Springs' community housing requirements.
The first building of six planned at Emerald Heights is nearing completion, with the prices for the initial four units to be set between $569,000 and $589,000, according to developer Jon Peddie.
There are two other interested parties for the other units that now are having their interiors finished, Peddie said, with the hope for a certificate of occupancy in June.
Also this summer, Peddie hopes to begin construction on another building or two in the project off Hilltop Parkway. A total of 23 units are planned.
The Emerald Heights townhomes are among a few other new units finding buyers in the beginning of 2014, with a recent sale at Rocky Peak Village and a contract at Majestic Valley.
Peddie said he reworked the details of Emerald Heights, which is on land that once was part of the Eco Corral project, to differentiate the units from other new construction.
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"The old plans were more vertical," Peddie said about the Eco Corral plans. "We wanted to have vaulted great rooms and main-level masters."
The exterior staircase of Eco Corral was brought inside and each unit has a two-car garage.
The footprint increased slightly to accommodate the changes, with the three-bedroom, 3.5-bath units coming in at about 2,300 square feet and three levels. An additional room on the first level could be used for an office or bedroom.
Emerald Height units have luxury finishes such as granite counters, travertine tile, in-floor heat and a stainless steel appliance package, Peddie said.
The homes also will be rated for energy efficiency. A combination of Corbond spray-in and batt insulations will be used in conjunction with Kolbe high-efficiency windows.
Mountain Energy Consultants has been hired to check the units and ensure they are as airtight as possible.
Care also has been taken to use siding and roof materials with long lives so as not to burden the homeowners association with immediate capital needs. The central park area will include a play structure for children.
Peddie said the the pricing of the Emerald Heights is comparable with other new townhome construction on a per square foot basis, being only about $10 per square foot more than a recent Rocky Peak Village sale at the high end.
The land was acquired from the bank after Eco Corral failed, but between construction costs and other fees, the market will only bear a certain margin for new construction at this point. Homes selling for below replacement cost has been common throughout the past few years.
"We're able to get a product out there that's very competitive," Peddie said. "Nobody could go build a duplex and get the same thing."
As Peddie argued before the Steamboat Springs City Council this past summer, the additional costs from the city's community housing requirements were enough to prevent the project from being competitive.
Any costs incurred would affect the sales price, and while the real estate market is getting better, it's still behind the curve, said Peddie, who was facing a $166,000 fee before the community housing suspension.
For now, there's interest in new construction and very few building permits are being pulled for multifamily projects.