Presales of condominiums begin for the Fourth Street North mixed-use project in Silverthorne
The plan includes workforce housing, a 65-foot climbing wall, restaurants, a commercial plaza and 111-key hotel
A mixed-use project that will add commercial spaces and housing in downtown Silverthorne has a new name now that development is beginning to ramp up.
Presales of condominiums being built in Phase 1 have begun, and the project, which was approved in April under the title Forth Street North, now sports a new official name: In.habitance.
The 4-acre development will bring 72 new residences to the west side of Colorado Highway 9, between Fourth and Sixth streets.
Summit County-based Slifer Smith & Frampton Real Estate and Milender White Development, the construction company that built Bluebird Market, have formed a partnership to move development forward.
Milender White development director Jim Miller said infrastructure work for the project has started and added that crews are excited to get construction fully underway.
In total, there will be eight buildings. The plans include a development for workforce housing along with one parking garage, a 65-foot climbing wall, new restaurants, a small commercial plaza and a 111-key hotel.
As for housing, there will be one multifamily housing development and four mixed-use buildings.
Condominiums in the mixed-use buildings currently range from $600,000 for a one-bedroom apartment to beyond $1 million for three- or four- bedroom apartments.
Silverthorne Town Manager Ryan Highland said while these condominiums are a good addition to the area, some Summit County residents will likely have to look toward Milender White’s workforce-housing building or Smith Ranch’s promised workforce housing to find more attainable options.
“The market is really challenging,” Hyland said, adding that the town of Silverthorne will remain focused on Smith Ranch to provide affordable homes for locals to purchase.
As for move-in dates, Miller said construction is estimated to last about 16 months, likely starting in spring 2023. That brings move-in dates to 2024, depending on the amount of condominium presales and other factors.
He said closing the gap of presales and construction costs can, at times, be challenging.
Milender White has not been spared from the recent increased cost of construction due to the COVID-19 pandemic, inflation and economic turmoil.
“The inflationary environment that we all read about in the news is actually likely exacerbated within the commodities and labor markets for construction,” Miller explained. “So it’s been a real challenge to work with these plans and develop plans and specifications and do it with within a budget as well.“
Luckily, Miller said there has been notable interest in the condominiums, so developers are remaining optimistic.
Despite increased construction costs, Miller assured that the workforce-housing development will remain priced at 60% area median income.
“We will hold true to that,” Miller said.
Silverthorne planning manager Lina Lesmes said the town approved the In.habitance project since it promises to increase housing for locals.
“We’re fully in support of workforce housing in as many locations as possible,” Lesmes added.
Hyland said he is excited to see a project aimed at the downtown area of Silverthorne.
“When you have people living in your downtown, that brings vibrancy,” Hyland said.
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