Ambitious Eagle project begins approval process for 500 units for local workforce | VailDaily.com

Ambitious Eagle project begins approval process for 500 units for local workforce

Tuesday’s hearing is set for 6:30 p.m. in Eagle Town Hall

EAGLE — One the valley's most ambitious real estate projects starts through the approval process this week.

The Reserve at Hockett Gulch will have its first hearing Tuesday before Eagle's planning and zoning commission, the first step in the town's approval process. Last fall the town board annexed the 30-acre site, setting the stage for Tuesday's initial hearing.

Tuesday's hearing is set for 6:30 p.m. in Eagle Town Hall.

After Eagle's planning and zoning hearings, the planning and zoning board will send it on to the town board with a recommendation that it either approve or deny the project. The town board will make the final decision.

"We think this is the perfect location for this amount of density within the town of Eagle. It's isolated by the surrounding hillsides, yet closely connected to the town's commercial areas by foot, bicycle or vehicle and close to major transportation routes," said Dan Metzger, principal with Brue Baukol Capital Partners.

The developers say the apartments are designed to appeal to the local workforce, with bike repair stations, ski tuning stations, dog and bike washes, secure garages, a community outdoor pool and common area, parks and open space and soft surface trails and trailhead. The project will link to paved paths and is walking and biking distance to the Eagle Ranch Village commercial area and downtown Eagle, as well as ECO Transit stops.

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"With some exceptions, we anticipate the majority of our residents to be in the 25-40 age range," said Lauren Brockman, owner of Convergence Multifamily Real Estate Group, who will develop the first phase of the project.

Brockman said they expect the project to appeal to school teachers, medical staff, first responders, government employees, and service industry workers.

As proposed, Hockett Gulch is projected to bring over $8.3 million in one-time fees to Eagle, and more than $1.2 million in annual taxes and fees.

"That's revenue that goes directly into the town's coffers," said Stan Kensinger, chairman of the Eagle Business Advisory Council. "If this project doesn't get approved, that revenue goes away."

Hockett Gulch's Phase II has yet to be fully designed but could include a variety of housing types ranging from single-family homes to multiple-family units and limited commercial space with access from Eagle's Grand Avenue.

BBCP acquired Adam's Rib Ranch and the Adam's Mountain Country Club from Fred Kummer in March 2015. In late 2015 BBCP acquired the roughly 30 acres on the western edge of Eagle, formerly called the JHY Property.

Staff Writer Randy Wyrick can be reached at 970-748-2935 and rwyrick@vaildaily.com.

The Reserve at Hockett Gulch Proposal

30 acres on what was formerly called the JHY Property
500 units

16 units per acre

Up to 30,000 square feet of commercial space

To be built in two phases

Phase 1: 396 one- and two-bedroom apartments in a variety of 3-story walkup buildings.

$1,370 anticipated rent for onebedroom

$2095, anticipated rent for two-bedroom

30 percent of the rental apartments would be deed-restricted to local workforce, with no income restrictions.

15 percent of future for-sale units in Phase II would be deed-restricted, including income restrictions.

Priority on rental waiting lists will be given to employees of the Town of Eagle, Eagle County School District, and the Greater Eagle Fire Protection District.

Initial hearing is 6:30 p.m. Tuesday before Eagle’s planning and zoning commission, in Eagle Town Hall.