Silverthorne’s reimagined downtown clears another hurdle
A video rendering of Fourth Street Crossing scans the project from the air like a drone, giving Silverthorne residents the latest idea of what a redefined downtown could look like as a hub of activity.
It shows a vibrant, happening place complete with a hotel, condominiums, townhomes, a new market hall and so much more as the video works its way around an estimated $80 million project designed to radically remake the downtown area.
Almost a decade in the making, Fourth Street Crossing is one step closer to breaking ground after clearing two hurdles before Silverthorne Town Council last week. Assuming that everything goes according to schedule, developers said they could break ground as soon as early summer.
“We are obviously thrilled with the outcome,” said Tim Fredregill, development executive for Milender White, of town council’s decision. “(Last week’s) success represents more than 24 months of work with the community, town staff and officials. Thank you to everyone who participated in the process and provided valuable input and support.”
Working to move forward with the long-standing community vision to develop a pedestrian-friendly, mixed-use town core, Fourth Street Crossing takes up almost 4 acres across an entire city block between Third and Fourth streets on Highway 9. In actuality, it’s more like six projects rolled into one, said town manager Ryan Hyland.
The final site plan for Fourth Street Crossing in Silverthorne proposes a large-scale, mixed-use development for the entire city block between Third and Fourth streets between Highway 9 and Adams Avenue. As detailed in the plan, the proposal features:
• Two mixed-use buildings with retail and service space on the ground floor and 12 condominiums on the second and third stories
• A four-story, 115-room hotel
• A new 25,600-square-foot ‘Market Hall,’ with some elements from the Old Dillon Inn, with market, restaurant, event and vendor spaces
• ‘Live/work’ buildings along Third Street and Adams Avenue designed with optional commercial space on the ground floor and two stories of residential living space above
• A four-story parking structure with about 200 standard parking spaces, waiting space on the ground floor for transit riders, public bathrooms and bicycle storage
• A trio of three-story buildings with townhomes on the interior of the property
Source: Town of Silverthorne
In fact, he said that’s the reason it has taken so long to plan Fourth Street Crossing, which includes a new 115-room hotel, 25,600-square-foot market hall, parking garage and transit center, numerous housing assets, commercial space and some live-work units.
Fourth Street Crossing comes after the completion of the $9 million Silverthorne Performing Arts Center in summer 2017 and other recent improvements in the downtown area. With those, the newest project has been framed as the next major piece in Silverthorne and a catalyst for downtown activity.
Of what’s currently on the block — the former Mountain Lyon Café building, the First Interstate Inn, The Mint Steaks and Seafood restaurant, the former Old Dillon Inn restaurant, a town well site, the existing transit center and vacant land — only The Mint is scheduled to remain.
“We’ve seen good things happening in our downtown on the east side of the Blue River Parkway, with a great locally-owned restaurant and coffee shop, the pavilion and performing arts center, and now we can focus on matching those great amenities on the west side of the parkway,” Hyland said.
Satisfied with the designs, Silverthorne Town Council approved the planned unit development and final site plan under the consensus that it feels great to be at this point two years after the request for proposals went out.
“Looking forward, while the project has approval from the land use perspective, we continue to work on the final development agreement and the public finance and redevelopment agreement needed to bring the project to fruition,” Hyland said, adding that those items need to be wrapped up in the next couple of town council meetings. Considering the process began with an assessment in 2011 — and then moved into an urban renewal plan, comprehensive plan, rezoning work, new design standards and sign code updates in the following years — putting all of the pieces together has taken about eight years, Hyland said.
That’s probably why former Mayor Bruce Butler, who spent years working on the venture, previously identified it as one of the projects he hoped to sign off on before leaving office last April.
Clearly, Butler never got that opportunity. However, he returned to council chambers for last week’s hearings to applaud progress and express his great excitement for how Fourth Street Crossing has taken shape. A second hearing for the PUD is scheduled for March 27.
Chasing the lively downtown envisioned in the community so many years ago, the town is pursuing Fourth Street Crossing in a partnership with the Silverthorne Urban Renewal Authority, created by town council in 1996 with the ability to use tax-increment financing for these types of projects.
Tax increment financing is not a new tax. Rather, it comes from the new sales and property tax revenues generated by a development and redevelopment in a defined area of the community. The town can borrow against those future revenues to pay for new infrastructure like Fourth Street Crossing.
Additionally, the development team for Fourth Street Crossing is now seeking retailers for the market hall, which is set to open in the fall of 2020. Opportunities include bar and restaurant space, specialty food and beverage, and soft-goods retailers. There is also professional office space and wellness and fitness studios available.
For more project details or for info about the space available, go to FourthStreetCrossing.com.
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