On Wednesday, April 19, the Town of Mountain Village, Triumph Development West and Shaw Construction officially celebrated the start of construction for 35 new rental units at Village Court Apartments with a groundbreaking ceremony.
The project will add two new buildings to Mountain Village’s 222 units of affordable rental housing and is commonly referred to as VCA Phase IV.
Move-in is targeted for spring 2024 and the Town is committed to maintaining affordable rental rates for the units comparable to VCA’s current rental rates and regional area median income (AMI) standards to maintain affordability for future tenants.
“A lot of people have worked on this project for many years. We are so pleased to see it one more step closer to becoming a reality,” said Assistant Town Manager Michelle Haynes. “Housing security is critical and the Town is really proud to provide more rental opportunities for our local community members. We appreciate the patience of the VCA community and we thank Town Council for all its hard work in realizing this housing opportunity for the community.”
Phase IV will consist of Building E and Building W. Building E will have eight 1-bedroom units and thirteen 2-bedroom units for a total of 34 bedrooms and Building W will consist of 13 units consisting of 4-bedroom suites and one three-bedroom unit with a storage room on the lower level. The Town is currently exploring the option of licensing units in Building W to Mountain Village businesses to use for their employees so that when a business loses an employee, they do not lose housing for the next employee as well.
The Town is working with Triumph Development West as the developers of the project and Shaw Construction will be the general contractor. Much of the work on the new buildings will be done through modular construction by Northstar Homes. Work to prepare the site for the delivery of the modular buildings will take place through this summer and delivery of the buildings is anticipated for August or September 2023 with move-in targeted for the beginning of 2024. The Town has not yet finalized rental fees or the lottery/rental process for future tenants but will share those details with the community once they’re available.
The estimated total cost is roughly $20.29 million. The Town is actively seeking grants and other funding opportunities to finance the project as it does not collect real estate transfer tax like other municipalities.
“VCA is one part of Mountain Village’s overall strategy to address the region’s housing crisis,” said Town Manager Paul Wisor. “That strategy is focused on providing a range of product types, from studios to three bedrooms, that are both for sale and for rent that are accessible to a wide range of the community’s workforce.”
This is the second private/public partnership the Town is currently engaged in with Triumph to provide a variety of affordable housing to the community. Triumph is developing the Meadowlark neighborhood, which will be 29 for-sale units in the Meadows Neighborhood. A groundbreaking for that project is scheduled for May and the Town will soon be releasing details for applying for those units.
For more information about the Town’s multi-pronged Community Housing Initiative, please visit townofmountainvillage.com/housing.