William McDonald, MD: Questions about Peak One Neighborhood | SummitDaily.com

William McDonald, MD: Questions about Peak One Neighborhood

On April 1, the Frisco town planning commission rubber-stamped the Peak One Project despite concerns and requests from local citizens living adjacent, and near the proposed development. The Peak One property has been deeded to the developer, not sold at a fair market price as usually required, and now the developer can build up to 70 units maximum, of affordable units. The cost of the units will range from $160,000 (800 sq.ft.) to $400,000 (2,000 sq.ft.) approximately, at a low end of $200 per sq.ft. to build. If the units do not sell, then the town has already considered letting the developer sell them on the open market, which will probably occur in this economy.

Since the State of Colorado is considering an “affordable rental” law (House Bill 1017), will it apply to any of the Peak One units? Was the Planning Commission aware of this when they voted for the project without due consideration for the local citizens’ requests? What will happen if there is only partial or subtotal buildout of the Peak One Project? Will the developer then sell the land to private citizens, other developers, or just build his own residence? Exactly what restrictions have been place on the developer if this scenario occurs? Will the town be forced to buy back the non-developed land since it no longer owns it? The town seems to be on the hook financially for this project, especially if there is not total buildout.

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