Vail Valley developers proposing hundreds of new apartments in Eagle
March 18, 2018
EAGLE — A multifamily housing developer took the first step toward building hundreds of rental apartments in Eagle.
Brue Baukol Capital Partners owns Frost Creek, south of Eagle, and began the process of folding some of that property into Eagle. They acquired the so-called JHY property from Fred Kummer following the purchase of Adam's Rib.
Working in partnership with Lauren Brockman, owner of Convergence Multifamily Real Estate Group, Brue Baukol Capital Partners has rebranded the 30-acre JHY parcel as the Reserve at Hockett Gulch, paying homage to its location at the base of Hockett Gulch. Brue Baukol Capital Partners and Convergence are proposing a project of up to 500 total units, about 16 units per acre, and limited commercial space. It would be built in three phases.
In its current iteration, Phase 1 would be 192 one- and two-bedroom apartments. Phase 2 would be 204 additional one- and two-bedroom apartments in a 50/50 split. Phase 3 will be 69 townhomes.
"We think this is the perfect location for this amount of density within the town of Eagle. It's isolated by the surrounding hillsides, yet closely connected to the town's mixed-use and commercial areas by foot, bicycle or vehicle and close to major transportation routes," said Dan Metzger, senior vice president with Brue Baukol Capital Partners. "We hope to add vibrancy to the town by adding housing opportunities for its growing population in a thoughtful, compact design and in-fill location, with limited impacts to our neighbors."
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Proposed amenities include secure garages, an outdoor swimming pool with clubhouse and fitness facility, pocket parks, green space and a soft-surface trail.
"The Reserve at Hockett Gulch is intended to provide a catalyst for the redevelopment of the Grand Avenue corridor and the West Eagle area, while supporting the Eagle business community with access to housing for its employees," Brockman said. "This apartment development in Eagle will certainly help address the need for workforce housing."
Brockman noted that Eagle County is projected to need 12,000 workforce-housing units by 2025.
"Bottom line is, we like the Eagle community and we'd like to be part of the solution to the area's lack of attainable housing," Brockman said.
Brockman said rental rates are anticipated in the range of $1,370 for a one-bedroom to $2,095 for a two-bedroom unit.
"The commercial space, if developed, is intended to be small, local retail or commercial spaces and would be designed to complement the town's existing commercial offerings," Metzger said.
Landscaping irrigation will use nonpotable, untreated water.
"The location is an easy walk or bike ride to Eagle Ranch Village, as well as to Broadway and downtown Eagle, and we're within a few hundred yards of the ECO Transit bus stop on Highway 6," Brockman said. "We develop only multifamily rental properties and we're really good at it."
Staff Writer Randy Wyrick can be reached at 970-748-2935 and email@example.com.