FRISCO — Frisco's town council unanimously approved a contract with Ten Mile Partners to develop the Peak One property into a residential neighborhood. The contract covers the town's working relationship with Ten Mile Partners, and it sets out perimeters for making the neighborhood affordable.

“Signing the contract is the starting point to implement the Peak One master plan, go through the development process and create the Peak One neighborhood,” said town planner Joceyln Mills.

Ten Mile Partners — consisting of Breckenridge Wellington Neighborhood developer David O'Neil and Wolff/Lyon architects of Boulder, Breckenridge architect Matt Stais and Frisco builder Dan McCrerey — won the bid for development design of the 12.68 acre parcel in 2009, and the plan will include 72 units in a mix of duplexes and single-family homes.

According to Mills, the next step in creating the attainable housing development is the planning approval process. A formal application presentation for the town planning commissioners is tentatively set for April 1.

“I think it's shaping up to be a spectacular project,” O'Neil said. “It's really going to be great.”

Building in a tough economy

The development agreement was approved through a two-part ordinance process because Frisco owns the Peak One land and it's conveying it to Ten Mile Partners. The granting of the land is aimed at lowering the costs associated with building to create attainable housing for locals. It also ensures the town would be able to take back control of the land if the developer defaults on its services and/or the project fails.

Ten Mile Partners is also asking that it gets an extended “vesting” time frame for construction, Mills said. This means Ten Mile Partners is asking for up to 10 years to complete the project without having to go through another approval process. The normal time frame is four years. O'Neil said he expects the project to be finished in five years, but extra time would be a safeguard for the developers in the still struggling economy.

“It's up to the council,” O'Neil said.

To help with affordability, Frisco officials have agreed to grant fee waivers, pay the Frisco Sanitation District fees and put aside funds for downpayments and home-financing assistance. This will be done with the town's “5A” funds — or money for affordable housing programs designated through the towns and the county.

“The town's participation is key to make the economics work,” O'Neil said.

Frisco's goal is to break ground on the project this spring, with the first phase of homes ready for occupany late in the year.

Caitlin Row can be reached at (970) 668-4633 or at crow@summitdaily.com.