Workers: Buy now, move to Edwards in 2009-10
Vail, CO Colorado
EDWARDS, Colorado ” Affordable homes in Edward’s newest development will go on sale Jan. 31, and developers said they expect quick sales.
The West End, a mix of homes and businesses in the core of Edwards, will have 72 affordable, deed-restricted homes. Another 113 homes will be sold at market rates.
An open house will be held Thursday from 4 p.m. to 8 p.m. at Gateway Land and Development in Edwards. Developers, brokers, bank representatives and county officials will be on hand to answer questions about the workforce housing.
“This is just to communicate and help the community to better understand the process,” said Brian Bair of Midtown Group, the company developing the West End.
Applications for the homes were released last Thursday. Over 125 applications have already been given out, Bair said.
“The response has been real positive,” he said. “A lot of people are interested and we expect them to go pretty quickly.”
Completed applications and pre-approval letters will be accepted starting at 9:30 a.m. Jan. 31 at Gateway Land and Development.
The homes will be sold on a first-come, first-served basis. Applications will be time stamped when they are received, and once the homes are sold, other applications will go on a waiting list.
“There will be a line out the door, I’m sure,” said Gateway broker John Nichols. “This is a great opportunity for locals and we’re seeing a lot of really excited residents show interest.”
To qualify for a home, applicants need to live and work in Eagle County. There are no income cap restrictions, but the developer reserves the right to restrict income levels for the lower-priced homes.
Construction is slated to start this April. Some of the homes will be done in late 2009, but most will be completed in early 2010, Bair said.
The homes range from 625 square foot studios for about $180,000 to 3-bedroom, 1,351 square foot for about $460,000. The homes are being sold for 30 percent lower than the market rate, Nichols said.
The West End will also have 80,000 square feet of stores, restaurants and offices. Developers are still in discussion about what businesses will be there, but most will be locally owned, Bair said.
Staff Writer Melanie Wong can be reached at 748-2928 or firstname.lastname@example.org.