County celebrates ground-breaking for Two10 at Castle Peak in Eagle
EAGLE — Eagle County’s latest workforce housing project is underway.
Last week Eagle County officials joined with partners on the Two10 at Castle Peak project for an official ground-breaking ceremony.
“This is our first new housing project in 10 years. That’s pretty exciting for us,” said Tori Franks, Real Estate and Development Manager for Eagle County Housing.
Two10 at Castle Peak is a $9 million joint project of Eagle County and Cassia, formerly known as Augustana Care. Two10 is being built at the corner of Sylvan Lake Road and Eagle Ranch Road, just east of Castle Peak Senior Life and Rehabilitation. Initially, the 22-unit project will function as workforce housing with plans to eventually transition the apartments into independent senior housing. When that transition happens, Cassia will have first right of refusal to purchase the project.
“Two10 continues our approach of private/ public partnerships,” said Franks, noting that the county, the town of Eagle and Cassia collaborated on the project. “Hopefully, some of the Castle Peak people will live there and walk across the street to get to work.”
The county financed the Two10 project by issuing certificates of participation, tax-exempt lease-financing agreements that are sold to investors as securities resembling bonds.
Franks said both prospective tenants and local employers have already expressed interest in Two10 units. The project is slated for completion by summer 2020.