The Eagle County Board of Commissioners, in their role as the Eagle County Housing and Development Authority Board, has formally approved the donation of three acres of land to Augustana Care to accommodate development of the first phase of the Castle Peak Senior Care Community.
The property is located in Eagle Ranch and is valued at approximately $988,000.
The donated land is part of a larger five-acre parcel purchased by the county for $1.645 million in April. The original intent was to lease the property for $1 per year to Augustana Care for the senior care facility. However, a condition of approval for a $12 million U.S. Department of Agriculture (USDA) Rural Development loan was conveyance of the land to the project. Rather than charging the facility for the cost of the property, the commissioners decided to donate the land.
“This decision illustrates the county’s commitment to the development of the Castle Peak Senior Care Community,” said Commissioner Sara Fisher. “We’ve said this project is a priority and now we’re doing all we can to make it a reality.”
In addition to the land, Eagle County and Augustana Care will contribute a combined $5.4 million to the project in the form of subordinate debt, meaning these loans will only begin to receive repayments when the project has surplus cash. Those contributions, combined with the USDA loan, leave a $4.4 million funding gap in the total development cost of $21.8 million. Augustana Care has launched a one-time capital campaign supported by local community volunteers and donors to secure those funds.
The Castle Peak Senior Care Community will be the first of its kind in Eagle County and will include 20 assisted living apartments, 22 skilled nursing suites, 12 memory care suites and 10 transitional care or rehabilitation suites. Castle Peak will serve an estimated 110 people annually at all income levels. While the focus of the facility will be on senior care, the skilled nursing, rehabilitation care and memory care units may serve people of all ages. For more information, visit www.castlepeak.org.