Eagle approves 500-unit workforce housing project, The Reserve at Hockett Gulch
Approval covers annexing the 30 acres on which the 500 units will be built
- Annual Revenues to Eagle: $1,336,349 million.
- Annual Revenues to others: $123,915 to Eagle County; $363,217 to School District; $58,276 to Colorado Mountain College
- One time fees to Eagle: $16,543,902, including water and sewer plant improvement fees at $7,844,127, $207,328 in school land dedication fees.
- Additional 2% Real Estate Transfer Fee in perpetuity, which will generate $600,000 from initial sales and then $80,000 annually.
EAGLE — One of the valley’s largest real estate development projects in the last decade has gotten the green light.
The town board on Tuesday approved The Reserve at Hockett Gulch on 4-1 vote with two board members absent. The approval covers annexing the 30 acres on which the 500 units will be built, and the planned unit development — the first draft of the overall project’s design plan.
The project has been in Eagle’s approval pipeline for a year and a half. It took that long to figure out things like water, traffic and other issues that go with a project that size, said project planner Dominic Mauriello.
“We like what we came out with,” Mauriello said.
The developers of the project hope to get their development permit by the end of the year and start building next spring. It’ll take two years to complete.
During the year and a half of public meetings, both proponents and opponents have been prolific in writing town board members.
During Tuesday’s hearing, two people spoke in opposition to the development, citing increased traffic, density and Eagle’s small-town character.
Five spoke in favor, particularly business owners and business advocates. Mick Daly, the president of the Eagle Chamber of Commerce, said businesses want to locate or expand in Eagle, but the town lacks housing and a sufficient workforce. That workforce is restricted by housing.
“Growth is coming. We advocate for healthy growth,” Daly said.
Town board members dismissed rent controls or other restrictions, agreeing that the free market will adjust and the 500 Hockett Gulch units will be absorbed.
“If we don’t do something, it will only get worse in finding employees,” said Andy Jessen of the town board.
Rents calculate median income
Rents are expected to be $1,425 for a one-bedroom apartment, 80% of average median income, and $2,175 for a two-bedroom unit, Mauriello said.
Of the 500 units, 400 will be one- and two-bedroom rental units. Of those, 45% of rental units and 15% of for-sale units will be deed-restricted, Mauriello said.
To live in one of those deed-restricted units, you have to work in Eagle County for an average of 30 hours a week. The planned unit development also allows for a limited amount of commercial space, and 31% of the PUD’s 29.65 acres is open space.