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BRECKENRIDGE — Three years of dreaming and scheming came to fruition Wednesday, when Breckenridge Town Council members cut the red ribbon on the first phase of Valley Brook, the town's newest affordable workforce housing development.
“All I can say is ‘wow,'” Councilwoman Jennifer McAtamney said at the ceremony. “We're finally here.”
The first round of closings on the first phase of units will take place Friday, with more to follow later this month and early next month.
The 42-unit development, which is to be built in three phases, will offer Breckenridge residents affordable in-town housing with easy access to recpaths, ski lifts, Upper Blue Elementary and jobs in downtown Breck.
“We're on the cusp of putting keys in the hands of people who are the backbone of our community,” McAtamney said Wednesday.
All but one of the 13 phase-1 units have been reserved. Three units remain available in the second phase of homes in the neighborhood off Airport Road near the police department.
The development was completed on time and on budget.
At the ceremony Alison George from the Colorado Division of Housing commended those involved in the Valley Brook project for putting a focus on the local economy.
“You're not only keeping the workforce here,” George said. “You're keeping jobs here.”
The completion of the development has been a long road for the Town of Breckenridge, which took over the project from Mercy Housing, a private developer in February of 2010, citing financial concerns.
The Breckenridge Town Council began working with Mercy Housing on plans for the development in 2008. The council later decided to continue developing the neighborhood on its own through the Summit Housing Development Corporation. Breckenridge donated the land, staff and some funding for the project for a total investment of about $1.5 million. The town built the houses in phases to save money and ensure the homes were reserved before they were built.
Breckenridge's subsidy of the project compensates for the deed-restricted houses priced for buyers at less than 75 percent of the area median income. The area median income for a family of four in Summit County is $87,200.
The units are two- and three-bedroom townhomes equipped with energy-saving features including roof solar panels.
“All I can say is ‘wow,'” Councilwoman Jennifer McAtamney said at the ceremony. “We're finally here.”
The first round of closings on the first phase of units will take place Friday, with more to follow later this month and early next month.
The 42-unit development, which is to be built in three phases, will offer Breckenridge residents affordable in-town housing with easy access to recpaths, ski lifts, Upper Blue Elementary and jobs in downtown Breck.
“We're on the cusp of putting keys in the hands of people who are the backbone of our community,” McAtamney said Wednesday.
All but one of the 13 phase-1 units have been reserved. Three units remain available in the second phase of homes in the neighborhood off Airport Road near the police department.
The development was completed on time and on budget.
At the ceremony Alison George from the Colorado Division of Housing commended those involved in the Valley Brook project for putting a focus on the local economy.
“You're not only keeping the workforce here,” George said. “You're keeping jobs here.”
The completion of the development has been a long road for the Town of Breckenridge, which took over the project from Mercy Housing, a private developer in February of 2010, citing financial concerns.
The Breckenridge Town Council began working with Mercy Housing on plans for the development in 2008. The council later decided to continue developing the neighborhood on its own through the Summit Housing Development Corporation. Breckenridge donated the land, staff and some funding for the project for a total investment of about $1.5 million. The town built the houses in phases to save money and ensure the homes were reserved before they were built.
Breckenridge's subsidy of the project compensates for the deed-restricted houses priced for buyers at less than 75 percent of the area median income. The area median income for a family of four in Summit County is $87,200.
The units are two- and three-bedroom townhomes equipped with energy-saving features including roof solar panels.
