Steamboat developers considering ‘entry-level’ condo project on Hilltop
June 28, 2017
Peter and Kim Kreissig, of K and K Builders, Inc., the successful developers of Rocky Peak Village townhomes on Willett Heights Trail, are shifting their focus to a different category of housing and studying the feasibility of developing up to 48 "entry-level," two-bedroom condominiums on a parcel of land set back from the intersection of U.S. Highway 40 and Hilltop Lane, which they have under contract to purchase.
It's not a coincidence that the very tentative target price range begins at $245,000.
Kim Kreissig, who is also the managing broker and owner of ReMax Steamboat, said she and her husband began to consider building entry-level housing following a general presentation about the short supply of workforce housing in Routt County given by Yampa Valley Housing Authority Executive Director Jason Peasley.
"Jason spoke to our team at ReMax to share what is happening with the Housing Authority, and it was that conversation that made me say to Peter, 'I think this is our next niche. We should try to do something meaningful that can help our community,'" Kreissig explained.
The tentative price is consistent with the recommendations of the December 2016 Housing Steering Committee report, which pegged the supply gap in that housing category at 153 units.
The Kreissigs' plans have become public because Landmark Consultants, acting on their behalf, has submitted information required for a pre-application review to the Steamboat Springs City Planning Department. The step was taken in the context of performing due diligence on their pending purchase of the site.
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The parcel the Kreissigs are eyeing is 3.38-acre lot 1 in Fox Creek Filing 2, which is immediately behind the automotive repair shop behind the Sinclair gas/convenience store at U.S. 40 and Hilltop. The address is 1421 Hilltop Pkwy.
The site is zoned community commercial, which does not preclude residential development. However, there is no commercial element in the submittal.
Landmark Vice President Erik Griepentrog points out the condos would be within walking distance of Old Town Hot Springs, and Kreissig added the property is across a controlled intersection from direct access to the Yampa River Core Trail and Emerald Park.
The only remaining lot in Fox Creek, it has been reviewed for development more than once and remains vacant because of site constraints, according to Griepentrog. Currently, the automotive garage is leasing a portion of the site for vehicle storage. One of the challenges inherent in the site is that it is bisected by a sanitary sewer line.
Parking needs on the site are proposed to be satisfied in part with double-deep garages for each unit.
In his submittal to the city, Griepentrog indicates the Kreissigs hope to build eight condominium units of about 960 square feet in each of six two-story buildings on the site. The prospective developers also contemplate installing rooftop solar panels on the condominium buildings.