Silverthorne construction projects include several workforce housing developments
As Summit County communities seek to expand access to housing, Silverthorne has several unit developments currently under construction in the city that will bring dozens of housing units to the city – both for sale at prices of the market and those destined to house the local workforce.
“We’re thrilled to bring a labor-intensive product right in the heart of downtown, one block from the Transit Center, walkable to all of these amenities,” said City Manager Ryan Hyland. “It’s actually a very short walk to the library too.”
The city maintains a list on its website for development currently in the planning stage and those under construction. In Silverthorne, there are currently 15 construction projects underway, and the majority of them are multi-unit housing developments, with private units and restricted deed housing. Others are improvements to private companies, and some include housing units for the employees of those companies.
At the planning stage, there are several other housing unit developments, and all of them are privately owned. The Smith Ranch neighborhood expansion, which is being planned but has not been formally submitted to the city’s planning commission, said Hyland, which is currently unlisted.
As part of the expansion, the new part will include rental housing for the workforce. Of these units, 70 are for people earning 80% to 120% of the region’s median income to target middle-class members of the workforce. In another building, there will be another 65 that will cost between 30 and 60 percent of the region’s median income, Hyland said. On the 10-acre site, housing will be located to the west and commercial areas to the east. The commercial site should eventually house a large commercial grocery store.
“We know that — especially with all the rooftops coming to this area, including Smith Ranch — it’s only a matter of time before we have a grocer interested in this site,” Hyland added. “It just takes a little time.”
According to the city’s strategic housing plan, the city aims to take steps to further protect year-round housing for residents, and rising house prices and other factors like short-term rentals have changed the landscape when it comes to long-term housing. in the community.
“From 2020 to 2021 alone, real estate values in Silverthorne have increased by 14%, and since 2008 the average price of a single-family home has increased by 68%, from around $770,000 to around $1.3 million. dollars in 2021,” the plan reads. “Multi-family homes have increased in number and value over the same period, with an average price in 2008 of around $450,000 compared to $792,000 in 2021, a 76% increase.”
In addition to Smith Ranch, the current construction of the Fourth Street North development will also include over 100 workforce housing units. Of the 132 units, 79 of them are in perpetuity for being a rental that cannot charge more than 60% of the area’s median income. For a studio, current rental rates for a one-person household making 60% of the region’s median income — or $43,980 per year — are $1,099.50 per month.
Hyland says the city has benefited from their partnership with Milender White Development and funds from the Summit Combined Housing Authority’s Referred Measure 5A, whose voters approved an extension in November 2021.
“This is an important project that we are working on in partnership with a developer. We are using 5A funds to secure the workforce in this particular development,” Hyland added. “What this one looks like, c is that there are two, three and four chamber configurations, in all these configurations a total of 132 chambers, and each of these chambers must only be available for labor, so the 30 hours usual or more per working week in the county.
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