A mixed-use project that will add commercial space and housing to downtown Silverthorne has a new name now that development is beginning to pick up pace.
Pre-sales of condominiums being built in Phase 1 have begun and the project, which was approved in April as Forth Street North, now sports a new official name: In.habitance.
The 4-acre development will bring 72 new residences to the west side of Colorado Highway 9 between Fourth and Sixth Streets.
Slifer Smith & Frampton Real Estate, based in Summit County, and Milender White Development, the construction company that built Bluebird Market, have formed a partnership to move the development forward.
Milender White development manager Jim Miller said infrastructure work for the project has begun and added that crews are excited to begin construction.
In total, there will be eight buildings. Plans include a development for workforce housing as well as a parking garage, a 65ft rock climbing wall, new restaurants, a small commercial plaza and a 111-key hotel.
As for housing, there will be a multi-family housing estate and four mixed-use buildings.
Condominiums in mixed-use buildings currently range from $600,000 for a one-bedroom apartment to over $1 million for three- or four-bedroom apartments.
Silverthorne City Manager Ryan Highland said while these condominiums are a good addition to the area, some Summit County residents will likely have to look to the Milender White Labor Housing Building or labor housing promised by Smith Ranch to find more feasible options.
“The market is really tough,” Hyland said, adding that the town of Silverthorne will remain focused on Smith Ranch to provide affordable housing for residents.
As for move-in dates, Miller said construction is expected to take about 16 months, likely starting in the spring of 2023. That brings move-in dates to 2024, depending on the amount of condominium pre-sales and other factors.
He said bridging the gap between pre-sale and construction costs can sometimes be difficult.
Milender White has not been spared the recent increase in construction costs due to the COVID-19 pandemic, inflation and economic turmoil.
“The inflationary environment that we’ve all heard about in the news is actually likely exacerbated in the commodity and construction labor markets,” Miller explained. “So it’s been a real challenge to work with those blueprints and to develop blueprints and specs and to do that on a budget as well.”
Fortunately, Miller said there’s been noticeable interest in condominiums, so developers remain optimistic.
Despite rising construction costs, Miller assured that the workforce housing development will remain priced at 60% of the region’s median income.
“We’ll stick with that,” Miller said.
Silverthorne planning officer Lina Lesmes said the town approved the In.habitance project because it promises to increase housing for residents.
“We fully support workforce housing in as many places as possible,” added Lesmes.
Hyland said he was delighted to see a project destined for downtown Silverthorne.
“When you have people living in your downtown, it brings vibrancy,” Hyland said.