Snowmass Town Council Approves Land Purchase for Workforce Housing
The Snowmass Village Town Council approved a $12.5 million purchase of property the town will use to develop workforce housing next to the Snowmass Center.
Council members approved the contract for three acres of land designated for residential development in the Snowmass Center. Approval of the contract does not finalize the purchase but allows Snowmass Center owner Eastwood Snowmass Investors (ESI) to put together a conceptual plan for the redevelopment of the commercial property surrounding the residential property.
The conceptual plan will include information about proposed parking, proposed plat amendments, building footprints, a general development plan, and the proposed cost sharing for identified infrastructure items that will be shared by the seller and the town.
“At the end of the day, the project that we’re recommending approval on is a contract in form … so that we can move forward and get more information on this project,” said town attorney Jeff Conklin.
ESI now has 30 days to provide a conceptual plan to the town, which town staff will present to the Town Council for a vote. The town will pay $25,000 in earnest money, and if staff ultimately does not approve of the concept, it has the option to terminate the contract and get the earnest money back.
The town can’t officially purchase the land until a minor planned unit development (PUD) amendment to the Snowmass Center PUD is approved. The amendment would allow for residential development of the Snowmass Center to occur separately from commercial development.
“We think this is an opportunity … for a good partnership,” said Town Manager Clint Kinney. “We think the way this contract is formulated provides us both on-ramps and off-ramps and to continue to explore (options).”
He reached out to Jordan Sarick, president of ESI, in January about purchasing the residential parcel of the center after the center went on the market, Kinney said during Monday’s Town Council meeting.
Since then, Snowmass council members held several executive sessions regarding a potential property purchase.
The town anticipates using certificates of participation (COPs) to purchase the property. The COPs will be paid for using voter-approved revenue in the town’s tourism fund because the purchased land will be used for workforce housing.
There is no clear development timeline yet, but ESI and the town have an October deadline for finalizing the land use application and PUD amendment.
The Town Council approved final development plans for the Snowmass Center in November 2020 after almost a year of discussion. The proposal at the time included plans for a new shuttle transit center and an expansive commercial center that revitalized the home of Clark’s Market and the post office.
By: Lucy Peterson| Aspen Daily News I April 3, 2024