Construction begins on Keystone workforce housing complex this week
August 13, 2018
Gorman & Company, Vail Resorts and Summit County will break ground this week on a new 196-unit housing community near Keystone. The community, named The Village at Wintergreen, will offer a variety of housing types to accommodate a range of incomes.
"The Village at Wintergreen is a culmination of efforts by various partners and is a testament to how a community can collaborate to achieve success," said Kimball Crangle, Colorado market president for Gorman & Company. "The new apartments will help address the housing need in Summit County while also creating housing opportunities for those who work in the community."
The complex is made up of one- and two-bedroom apartments, and will be available only to those who average at least a 30-hour work week within the county. There are no income limits for workforce residents and 120 of the units will be tied to a rental rate set at 100 percent of area median income.
"As a development partner, Vail Resorts sees Wintergreen as a critical step forward in addressing Summit County's ongoing housing crisis," said Geoff Buchheister, vice president and general manager of Keystone Resort. "Vail Resorts is committed to partnering locally on creative solutions to our community's most pressing problems, and doing so in a way that supports our local workforce."
The project comes as part of a partnership between developer Gorman & Company, Vail Resorts and Summit County. The county provided a $300,000 loan in support of the complex, and the Summit Combined Housing Authority helped to enable a property tax exemption for a portion of the project. These partnerships were vital in the project's application for 9 percent low-income housing tax credits from the Colorado Housing and Finance Authority, allowing 40 units of the complex to be designed for local workers earning 30 to 60 percent AMI.
In addition, a 36-unit component of the project will help to address the need for seasonal workforce housing. Vail Resorts will master-lease those units to meet seasonal employee housing at Keystone Resort.
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An invitation-only groundbreaking ceremony will be held on Aug. 15 at 10:30 a.m. at the construction site.
"Getting a rental housing development to pencil out financially in Summit County is no easy task, especially at these AMI levels," said Dan Gibbs, county commissioner. "We are really grateful that Gorman wanted to take this on, and we are proud to partner with the company to help bring the project to fruition.
— Sawyer D'Argonne