Two10 at Castle Peak workforce housing at Eagle Ranch eyes 2019 construction
EAGLE — The names have changed but the project remains the same — 22 units of rental workforce housing located in Eagle Ranch that will eventually transition to independent senior living.
The first name change involves a project partner. The roughly $7 million project is a joint effort between Eagle County and the Eagle County Housing and Development Authority. While the units are initially proposed as workforce housing, the project will eventually be converted into independent living units that will operate in conjunction with Castle Peak Senior Life and Rehabilitation. Augustana Care, a Minnesota-based company, has partnered with the county in the development, construction and now operation of the Eagle senior care facility. Recently, Augustana joined forces with another company called Elim and the two organizations have a new name — Cassia.
The second name change involves the project itself. Originally called Eagle Ranch Apartments, the project has changed its name to Two10 at Castle Peak, reflecting its physical address at 210 Freestone Road.
“We found out there were actually two projects in the process with the name Eagle Ranch Apartments,” explained Eagle County Housing Director Kim Bell Williams. “There will still be an Eagle Ranch Apartments project, but it won’t be our project.”
Two10 at Castle Peak
The county owns the property where Two10 apartments will be built and will use certificates of participation to finance the deal. A certificate of participation is a tax-exempt lease-financing agreement that is sold to investors as securities resembling bonds. The Eagle County commissioners have noted that the project is a strategic move — providing needed workforce housing now with a long-term plan to sell the units to Cassia when the company is ready to expand into independent senior living. The commissioners have also noted the project’s costs and intricacies underscore why it is so difficult for the county to build housing on its own.
Williams noted that part of what makes the Two10 project viable is the workforce housing need right next door.
In a presentation to the Eagle County commissioners last week, Castle Peak Senior Care and Rehabilitations representatives Molly Bischoff and Kathy Kopp reported that the facility is seeing strong numbers. At the skilled nursing wing, 42 of the available 44 spaces are occupied. The assisted living area is at 55 percent occupancy, with nine open apartments. Castle Peak Senior Care and Rehabilitation provided in-patient services to more than 100 people in 2017 and to more than 150 people so far in 2018.
Those numbers tie back to staff numbers at the site. Castle Peak Senior Life and Rehabilitation employs 90 people and has experienced firsthand the challenges of finding employees in an environment where it is so difficult to find housing.
“Castle Peak understands the importance of local workforce housing,” Williams said.
On Tuesday, Nov. 20, the minor subdivision permit to allow construction of Two10 at Castle Peak will go before the Eagle Planning and Zoning Commission. Williams noted the project was proposed as part of the overall Castle Peak Senior Life and Rehabilitation plan, so the proposal can be approved through the planning commission process.
Once the permit is approved, the design will be fine-tuned. Because the project will eventually transition to senior living, there are several requirements. For example, there will be an elevator at Two10.
Williams said the county anticipates launching construction in the spring of 2019.
“We are expecting occupancy in the summer of 2020,” Williams said.