Town Council approves unit pricing for Meadowlark at Mountain Village
In a special meeting on Monday, August 7, the Mountain Village Town Council set the initial sales price for each unit in Meadowlark at Mountain Village, the forthcoming deed-restricted community housing development.
Located on Lot 644 in the Meadows neighborhood, Meadowlark will be comprised of 29 for-sale units with prices ranging from a one-bedroom, one-bath unit for $395,287 to a three-bedroom three-bath unit with a garage for $1,025,763.
This pricing reflects a $4.3 million investment from the Town of Mountain Village to buy down the cost of each unit. This results in a per-square-foot price of $524-$544, which is less than the average $617 per-square-foot price that other deed-restricted units in Mountain Village are currently selling for.
Town Council met several times over the last six weeks to discuss pricing options to make the units as attainable as possible for the community given the current cost of construction. Council considered two different ways to support the project with its $4.3 million contribution: a buy-down that would reduce the initial sale price or an equity investment program that would function as downpayment assistance.
Town staff reached out to a number of interested buyers and the overwhelming majority supported the buy-down program which helped inform Council’s decision on August 7.
Council also directed staff to set aside 10 units for essential organizations to purchase for employees including the Telluride Fire Protection District and Telluride R1 School District.
Pricing and more unit details are available on the Town’s website.
Town staff is currently working to finalize the pre-qualification application timeline and will share details with the community as soon as possible. A dedicated Meadowlark at Mountain Village website with detailed unit renderings and more project information will be launched within the next week as well.
Units will be allocated through a tiered priority point system instead of a traditional lottery system. The points system will be based on the following priority: Town of Mountain Village employees, essential workers, those who work within the boundaries of the Town of Mountain Village, then those who work within the Telluride R-1 School District and then Mountain Village businesses.
An essential worker is defined as any person who conducts essential services within the Telluride R-1 School District, which includes healthcare, schools, fire and police protection, basic sanitation and maintenance of utilities and any other worker deemed essential to the Mountain Village community by the Mountain Village Housing Authority.
Those interested in purchasing a unit are invited to visit bit.ly/TMVMeadowlark to fill out the Town’s interested buyer form and learn about required first-time homebuyer classes and other steps interested buyers can start taking now before the application process is announced.
