Even with ‘value engineering,’ new Eagle County office building will cost more than planned

Eagle County officials started design work in 2022 on a new office complex at Freedom Park in Edwards. Work hasn’t yet started, but the estimated price has already risen significantly.

The Eagle County Board of Commissioners this week agreed to a plan to “value engineer” about $1 million from the project. Even with that, the new price is estimated at just less than $33.9 million.

Eagle County Chief Financial Officer Jill Klosterman said that the county can afford the extra costs, and will use about $3 million from the general fund.

The cuts will come from using less expensive materials, changes in where materials are stored, some mechanical changes, changes in exterior lighting and other changes that don’t affect the size or function of the building.

There won’t be any changes to the 20 apartments that will be part of the project. Work on those units began this week at the Fading West facility in Buena Vista. Construction began this week on the manufactured units —16 one-bedroom units and four two-bedroom units. Those units will be finished in five to six weeks and will be stored in Gypsum until they’re ready to be assembled into four buildings at the Edwards site.

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Klosterman said the apartments will be rented to tenants earning roughly 80% of the area median income. For one person, that’s $72,880 per year. A two-person household can earn no more than $83,280 per year.

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The buildings at the site — roughly between the Mountain Recreation field house and Colorado Mountain College, will be all-electric. There will be a handful of extra-cost garages for some of the apartments, as well as some parking spaces equipped with electric vehicle charging capability.

Groundbreaking will be held in late August or early September, and work will take about 18 months.