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New Wildhorse housing project planned in Steamboat

Posted by Colorado Group Realty on Friday, July 30th, 2010 at 11:35am.

The developers of Wildhorse Meadows said this week that they intend to enter the city of Steamboat Springs planning process in the fall to seek a permit for a new housing project envisioned to meet resort homebuyers’ desires in a post-recessionary economy.“It doesn’t have a name yet, but our next project would be more along the lines of Wildhorse cottages,” Brent Pearson said Thursday. Pearson is chief financial officer and among the principals at Resort Ventures West, the owners representative of Wildhorse Land Co.The site is off Pine Grove Road, down a hillside from Steamboat Ski Area gondola. It is linked to the ski base by a privately owned, public gondola. The developers are approved for 700,000 square feet of building, they said. The next phase could comprise as much as 60,000 square feet of homes smaller than originally envisioned. The developers said that’s where they expect the demand to be in several years.One other major development has entered the city approval process ahead of Wildhorse this summer. Pearl Living and Yampa Valley Medical Center are hoping to move dirt this year on a new residential campus for senior citizens, while Casey’s Pond LLC is testing the waters for a companion development of condominiums for independent seniors.The new proposal would be built where Wildhorse Land initially envisioned 3,500-square-foot, lot-line-to-lot-line single-family homes, Pearson said. But the new project would offer downsized homes in keeping with what the developers predict the mindset of second-homebuyers to be when they consider purchasing property again in mountain resorts.Working through the city permit process is one thing, pulling the trigger on a construction project is another, and Pearson was quick to say no decision has been made to actually build the new cottage-scale homes.“We’ll be watching what the economy does, but we expect to see some stability returning to the market within the next two years. Delivery (of completed homes) would be between two and three years away,” he said.Resort Ventures West Director of Sales and Marketing Kerry Shea said the structure of Wildhorse Meadows is what allows it the flexibility to adapt to changing market conditions as it plans for the future.Trailhead Lodge reported after a July 2007 pre-sales event that it had 63 of 86 condominiums under hard contract for an aggregate $56 million. But fewer than half of those contracts have closed. Shea said that as of this week, Trailhead has closed 30 condominiums.“That market has not yet returned,” Pearson acknowledged Thursday.Tentatively, the developers plan to build a model home representing the new phase at Wildhorse and work toward additional homes on contract.

Wildhorse is within the Urban Renewal Authority boundary at the base of the ski area, and consequently new development there could be expected to contribute property taxes to the improvements of public facilities under way at the ski base.

www.SteamboatPilot.com