Silverthorne commits to affordable housing development

SILVERTHORNE — Development of a substantial affordable housing neighborhood in Silverthorne moved one step closer to reality when the Town Council approved an agreement with the new owner of the Smith Ranch property — a 51-acre parcel located outside the town limits near the Kum and Go convenience store on Highway 9.

The agreement gives Silverthorne and the property owner a set of deadlines by which to negotiate a development plan and annexation of the land by the Town. The new owner — Tim Crane of Compass Homes Development — and the Town must agree to a general plan by the end of June, and annexation and zoning of the parcel must be completed by Oct. 31, 2008. If the deadlines aren’t met, Silverthorne is obligated to buy the property from Crane for no more than $3.7 million.

Withthe affordable housing 5A tax money collected by the Town remaining unspent, Silverthorne recently hired a consultant to create an action plan. Development of the Smith Ranch property — now called Red Mountain Village — will be designed to fit in with the consultant’s findings, Silverthorne community development director Mark Leidal said.

“We want to take a look at: Are we meeting the needs?” he said.

Leidal acknowledged the possible uniqueness of the contingency purchase agreement, but said it illustrates the Town’s commitment to development of affordable housing on the property.

At present, there are no deed-restricted non-rental housing units within town limits.
Once the initial development plan is approved by the June deadline, public feedback will be solicited as part of the standard development process.

“We are looking forward to getting public input on this topic,” Mayor Dave Koop said.

<b>A controversial parcel</b>
The Smith Ranch — located more and more centrally as Silverthorne has continued to expand north — has long been the target of developers. The Town annexed an 11-acre portion of the original ranch alongside Highway 9 and zoned it for a possible grocery store in a close and contentious public vote in 2003, but ground was never broken on the project.

Development of the property has often been tied to the fortunes of the larger parcels on the other side of Highway 9: the 192-acre Clark Ranch and the 273-acre Heit Ranch. Until 2005, Boulder-based Seminole Land Holdings owned all three of the former ranches.

Several proposals for luxury developments of the east side of Highway 9 have included an affordable housing component for the west side parcel.

When developer Crane’s company bought the Clark Ranch in 2005, he also acquired the option to buy the Smith Ranch, but a breach of contract lawsuit filed against Seminole by retired Denver attorney and land speculator Robert Rich stopped the sale.

Despite the delay in ownership transfer, Crane continued to negotiate with the town on Seminole’s behalf to annex the property and zone it for affordable housing — even getting as far as presenting a sketch plan. Crane’s plans failed to progress and the Town Council eventually discontinued any annexation discussion.

According to Crane, the lawsuit was dismissed last month, enabling him to close on the property.

The 51-acre parcel covered by the agreement is currently zoned for agricultural uses in unincorporated Summit County, which limits its density to one home per 17.5 acres. Annexation to the Town would involve rezoning.

<b>A public/private partnership</b>
In addition to developing the Clark Ranch parcel as the upscale, 200-plus-home Angler Mountain Ranch, Crane’s Compass Homes Development has also been the driving force behind Meadow Creek in Frisco, The Lodge at Riverbend in Keystone and several other properties in Summit County and Florida.

The Smith Ranch project will allow the company to enter the affordable, or “attainable,” housing market.

“It’s a unique opportunity to do something you don’t normally get to do,” Crane said. The final plan will be heavily influenced by the input of the town’s housing consultant, he added.

“It’s something that’s going to be based on needs,” he said.

Past proposals for the property included up to 160 housing units. Crane said he envisions some mixture of single-family houses and duplexes, with similar sized market homes scattered among predominately deed-restricted units.

If negotiations on the proposed public/private partnership move ahead as scheduled, Crane said he expects to start construction as early as next year.