A mixed-use project adding commercial space and housing in downtown Silverthorne has received a new name as development begins to ramp up.
The project, which opened for pre-sale of condominiums under construction in Phase 1 and was approved in April under the title ‘4th Street North’, now has a new official name, In.habitance.
The 4-acre development will include 72 new homes on the west side of Colorado Route 9 between 4th and 6th Avenues.
Summit County-based Slifer Smith & Frampton Real Estate and Milender White Development, the construction company that built the Bluebird Market, have partnered to move the development forward.
Jim Miller, director of development for Milender White, said infrastructure work for the project has begun, adding that the crew is thrilled to see construction fully underway.
There will be 8 buildings in all. Plans include the development of one parking garage, a 65-foot climbing wall, a new restaurant, a small commercial plaza, a 111-key hotel, plus employee housing.
As for housing, we plan to construct 1 collective housing and 4 multi-purpose buildings.
Condos in mixed-use buildings today range from $600,000 for one-bedroom apartments to over $1 million for three- or four-bedroom apartments.
Silverthorne town manager Ryan Hyland said the condos are a good addition to the area, but some Summit County residents are looking to Milender White to find more affordable options. It would be necessary to look to the Labor Housing Buildings in , or the Smith Ranch’s Promised Labor Housing.
“The market is very difficult,” Hyland said, adding that the town of Silverthorne will continue to focus on Smith Ranch to provide affordable housing for locals.
As for move-in dates, Miller said construction could likely begin in the spring of 2023 and is estimated to last about 16 months. This puts his move-in date in 2024, depending on condo pre-sale volumes and other factors.
He said closing the gap between presales and construction costs can be challenging at times.
Milender White hasn’t been immune from recent increases in construction costs due to the COVID-19 pandemic, inflation and economic turmoil.
“The inflationary environment we all read about in the news could actually worsen in commodity and labor markets for construction,” explained Miller. “So it was really difficult to work on these plans, come up with plans and specs, and do it on budget.”
Luckily, according to Miller, there’s notable interest in the condos, so developers remain optimistic.
Despite rising construction costs, Miller has ensured that prices for employee housing developments remain at 60% of the region’s median income.
“We stick to it,” said Miller.
Silverthorne planning manager Lina Lesmes said the town approved the In.habitance project because of the promise of more housing for local residents.
“We fully support worker housing wherever possible,” added Lesmes.
Hyland said he’s excited to see a project aimed at downtown Silver Sloan.
“When people live downtown, it’s lively,” says Hyland.