Gypsum condo project breaks ground
Gypsum, CO Colorado
GYPSUM, Colorado ” Developers plan a public ground-breaking ceremony this week for an affordable housing neighborhood in Gypsum.
One of the few Gypsum construction projects the recession hasn’t stalled, Sawatch View Condominiums is one of two town developments selling deed-restricted housing.
Developers hope the deed-restricted condos ” which are selling for about $173,000 to $265,000 ” will entice local workers to live in town.
“The biggest thing for us is to keep our workforce here and the money here,” said Gypsum resident Tim Fair, who is one of the project’s developers. “They can come here and work but if they’re going somewhere else in the state (to live) all the money they’re making here is going right back out.”
Plans for Sawatch View call for 72 condos on 3.5 acres west of the Eagle County Regional Airport. The land is a former alfalfa field west of Jules Drive, south of Red Table Drive and north of Sunny Avenue. Developers hope to finish construction on the first 18 condos in October. They envision finishing the entire project by spring 2011.
Half of Sawatch View’s condos will be subject to the town of Gypsum’s deed restrictions. To qualify for buying a condo, shoppers must derive most of their incomes in Eagle County, town manager Jeff Shroll said.
Also, the buyer must plan to live in the home, as opposed to using the condo as a second home, Shroll said.
Finally, an income cap applies. The buyer can’t make more than 140 percent of the annual median income in Eagle County. Presently, that figure is $84,980 for a single person, $97, 020 for two people, $124,720 for three people and $138,560 for four people, according to county figures.
Unlike many of the other deed-restricted developments in the county, no cap exists for the re-sale price on Sawatch View homes, Shroll said.
Five Eagle and Gypsum residents have teamed up to build Sawatch View. They are real estate brokers Tim Fair and Rick Beveridge, along with Wayne Conrad, Alan Alpin and Brian Massouras.
They plan three phases of construction. The first will include a 17,000-square-foot, two-story building with 13 two-bedroom and five one-bedroom condos. Phase two will be an identical building.
The third phase of construction will include a 28,000-square-foot three-story building with 18 two-bedroom condos, 17 one-bedroom condos and a studio. Fair said he hopes to wrap up construction on phase three in spring 2011. Along with the deed restricted housing, Sawatch View includes free market condos ranging in price from about $223,000 for a one-bedroom condo to $288,000 for a two-bedroom unit.
Other deed restricted housing in Gypsum stands in Stratton Flats, which is also just west of the airport.
Stratton Flats started selling its units in August. Presently, 13 homes are under contract, of which 10 are built. Price tags for those homes ranged from $289,000 to $380,000.
Most of the homes under contract are subject to county deed restrictions. Those deed restrictions require buyers to live full-time in the home and make most of their money in the county. A cap also applies to the re-sale price of the home. Residents cannot sell their homes for more than the amount they paid for the home, multiplied by the percentage increase in average wages in Eagle County during the period in which the owner occupied the house.
an opportunity to develop land at the edge of town, within eyesight of Interstate 70, has town officials excited about the potential for a long-lasting revenue infusion.