Applications open for next phase of Smith Ranch neighborhood in Silverthorne
Silverthorne’s Smith Ranch neighborhood is cruising along with another group of homes ready to be released to prospective buyers.
Silverthorne Town Council on Wednesday, Jan. 13, agreed to proceed with the next release of homes, which will include two single-family residences priced at 120% of area median income, 10 duplexes priced at 110%, and 10 townhomes, four of which will be priced at 85%, two at 90% and four at 95%.
Area median income for a family of four in Summit County is $95,900. According to the Summit County Housing Authority, the maximum monthly principal and interest payment for a two-bedroom unit at 120% of area median income is $2,242. At 85%, that figure would be $1,486.
Prices for two-bedroom townhomes range from $287,927 to $308,853, while a three-bedroom, single-family home is priced at $512,009.
Applications will be open until Feb. 18 and can be found at SummitHousing.us/portfolio-item/smith-ranch-phase-4. The lottery for selecting applicants will be held virtually March 4.
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Silverthorne Town Manager Ryan Hyland noted in an email that demand for the neighborhood units continues to be strong.
Council also approved the Final Plat and Subdivision Improvements Agreement for Smith Ranch, which includes a private open space area and continues Haymaker Street and Filly Lane. The project involves wetland disturbance, for which the town was approved in July.
The neighborhood’s build-out is 214 units, which are expected to be done by 2023. Currently, the neighborhood is about 55% complete with 97 homes occupied and an additional 28 under construction.
As residential building continues, the council also passed a resolution approving a predevelopment agreement with the town, the landowner, the Silverthorne Urban Renewal Authority and Denver-based developer Continuum Partners for development of the Smith Ranch commercial property.
“The predevelopment agreement we see as being the next logical step in being able to move forward on this development project,” Assistant Town Manager Mark Leidal said. “We’ve had a lot of good discussion with Continuum Partners, and we’re looking to move this forward very quickly over the next several months.”
The predevelopment agreement maps out what the town wants for the property, including 50,000 square feet of commercial space with a 10,000- to 30,000-square-foot grocery store, 141 workforce housing units targeting workers making 60% to 120% of area median income, and community open spaces and amenities.
Continuum Partners Development Director Frank Cannon said the company has had conversations with several potential grocery partners but that there are no definitive agreements.
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