Formal plan submitted for Cattle Creek Crossing
Glenwood Springs, CO Colorado
GLENWOOD SPRINGS, Colorado ” Related WestPac earlier this month submitted its formal plan for a large-scale development between Carbondale and Glenwood Springs ” a plan that calls for 1,006 residential homes.
What was once called Cattle Creek Crossing is now called Cattle Creek Colorado, a development that is slated to have 300 affordable housing units for sale and rent, according to the plan Related WestPac submitted to county planners on October 21. That would mean affordable housing would account for about 30 percent of the development.
Cattle Creek Colorado would also have 30,000 square feet of retail space on the 288-acre property west of U.S. Highway 82. It would also have a community center with a swimming pool and recreation room, and a 12-acre elementary school site.
The county would see a net fiscal benefit of about $1.6 million from the development in 2022, according to a fiscal analysis included in the plan.
“The addition of 1,006 housing units and 30,000 square feet of commercial space is estimated to have a fiscally positive effect on the county at build-out,” a summary report of the project said.
That report said the average sale price for the market-rate housing units is estimated to be between $517,000 and $850,000. The affordable housing units are expected to range between $291,500 to $382,200.
Related WestPac’s submittal of its formal plan for Cattle Creek Colorado earlier this month marks another chapter in the development’s route through the county’s development review process this year.
In February, commissioners decided to revoke a Planned Unit Development for the 288-acre property and to rezone it with a suburban designation, rather than the urban designation the developers sought. During that meeting, the developers also presented a sketch plan of the project.
Related WestPac, which acquired the property in January of 2007, then went before the Garfield County Planning Commission in May to present its sketch plan of the development, which called for 979 housing units. Ten percent of those residences would have been affordable housing.
Since Related WestPac is not seeking an increase in density from the zoning guidelines the commissioners set in February, the company is not required to include affordable housing under current county regulations, the developers said in their application to the county.
However, Related WestPac is making about 30 percent of its development affordable housing because of comments it heard at the May meeting.
The submittal comes at a time when developers have asked the county commissioners for a one-year extension of starting work for at least two developments because of the national credit and housing woes. Related WestPac has also been hit by the problems.
Last month, the company announced it laid off 25 percent of its staff and delayed three buildings scheduled for construction this fall.
The developer will continue work on the Viceroy Condominium Hotel and the Residences at the Little Nell in Aspen. Company officials also stressed Related WestPac’s commitment to the roughly 10 restaurants and retail outlets still scheduled to open in Snowmass’ Base Village this fall.
The developer is currently building the $1 billion Base Village project, and it has plans to spend billions more redeveloping the Snowmass Center and West Village, site of the Snowmass Mall.
Attempts to reach a Related WestPac official late Friday was not successful.
Contact Phillip Yates: 384-9117
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