New neighborhoods, condos go up in Silverthorne and Dillon despite economic slowdown
Editor’s note: This article has been updated to correct information about the number of units and buildings at the River West Condos project.
SILVERTHORNE — Despite a pandemic and general economic uncertainty, housing construction projects in Dillon and Silverthorne are well on their way toward completion.
Throughout Summit County, the construction industry has seen an influx in activity. Overall, the county has seen a 15% increase in inspections from 2019, Chief Building Official Scott Hoffman said.
Although the county has issued fewer permits than this time last year, the valuation of the work that’s been done is up 30% from 2019, indicating that larger, more expensive projects are being built in the county, Hoffman said.
Housing construction is busiest in Silverthorne and Dillon, where condominiums, affordable housing projects and new subdivisions have popped up around town.
One of the most popular places for real estate in Silverthorne is the Blue River. Two major condominium projects along the river are under construction: Blue River Flats and River West Condos.
Blue River Flats, on Blue River Parkway in Silverthorne, is a five-building complex with 46 units, including townhomes and condominiums. Kouri Wolf, the lead real estate agent on the project, said interest for the units has been high; only eight are left.
“Not only is the market being flooded with interested buyers right now, but to that specific development, there’s tons of interest, and we have no concerns that those eight units won’t go under contract in the next 30 days,” Wolf said.
The units range from $435,000 to $895,000, featuring one-bedroom and two-bedroom townhomes.
Four of the complex’s buildings are completed, with construction on the last building set to be complete by Jan. 1. However, delayed shipping for materials because of the pandemic could push the opening date back 30 days, Wolf said.
River West Condos is another complex under construction on Blue River Parkway, with nine buildings that will house 92 units. Only one of the buildings is currently open. The other eight buildings will be completed by April 2021, said Kelly Hepburn, the lead real estate agent on the project.
The units range from $450,000 to $815,000. Hepburn said she’s seen an influx of interest in the units for buyers who plan to work remotely from Summit County.
“We’ve actually had some owners request modifications for closets to turn them into home work spaces,” she said.
Silverthorne also will be home to new subdivisions that range from luxury homes to affordable housing.
The Smith Ranch Workforce Housing project, in northern Silverthorne, has moved into Phase 3 of construction. The project includes 220 deed-restricted units, 80 of which have been built and are currently occupied, Silverthorne Planning Manager Lina Lesmes said.
Phase 3 of construction is underway, bringing 20 townhomes and eight single-family homes to the neighborhood. The two- and three-bedroom units range from $287,927 to $579,147.
Construction also continues for Summit Sky Ranch, which is north of Silverthorne off Colorado Highway 9. Currently, 150 of the 204 units in the neighborhood are built. The homes range in cost between $1 million and $2 million, according to the neighborhood’s website.
More luxury homes are also being added to the Angler Mountain Ranch neighborhood. Construction is underway on four luxury homes on Aerie Drive. One of the four homes has sold and another is available for $4.9 million. The other two homes remain under construction, Wolf said.
“(The architects) focused everything on the lifestyle of the family, where families can actually thrive within their home rather than just exist,” Wolf said about the project.
Each of the four homes have a unique feature, such as waterfalls, sky lights and large windows, Wolf said.
As with Silverthorne, a number of condo and neighborhood projects are underway in Dillon.
One of the two Sail Lofts buildings on East La Bonte Street was completed last year. The second building will feature 24 units, ranging from the $400,000s to over $800,000. The two buildings also offer 10 deed-restricted units to potential owners who fall below 90% to 130% of the area median income and work at least 30 hours a week in Summit County.
The other major condominium construction project in Dillon is Uptown 240 on Lake Dillon Drive. The complex will have 80 units, from $629,000 to $1.24 million. The complex also includes 10 deed-restricted units, which range from $299,000 to $409,000. Of the 80 units, 35 are under contract or have sold, according to Uptown240.com.
Dillon Valley soon will be home to a new 12-unit workforce neighborhood called Dillon Valley Vistas. The neighborhood, which is on the corner of Straight Creek Drive and Little Beaver Trail, features six duplexes and one Habitat for Humanity home.
Crews have laid the foundation for three of the duplexes. While the entire neighborhood is expected to be complete in summer 2021, initial homes will be available by winter 2020. The units will range from $415,372 to $471,320 and are available to people who make less than 120% of the area median income.
The new housing construction in Dillon and Silverthorne and the influx of interest in the homes indicate the county’s economy is growing despite the pandemic, Lesmes said.
“From a construction perspective, we’ve been able to just keep on going the way we were prior to COVID,” she said. “So that aspect of the economy is still strong.”
In addition to new housing, construction is underway on a number of new businesses in Dillon and Silverthorne.
- Fourth Street Crossing, including Hotel Indigo, between Third and Fourth streets off Blue River Parkway
- Alpine Lumber, 240 S. Adams Ave.
- Hilton Homewood Suites, corner of Lake Dillon Drive and U.S. Highway 6
- Dillon Urgent Care and Residences, 956 W. Anemone Trail
- Vail Health Dillon Medical Building, N. Dillon Ridge Road
- Panera Bread, 257 Dillon Ridge Road
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