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133 build-out soon to welcome residents

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For many months, Carbondale has witnessed the construction of several large buildings along Highway 133. Soon, the largest of the new residential buildings will be complete, and 94 new rental units will house Carbondale residents.

The Sopris Sun took the opportunity to tour MSP Development’s nearly-complete Building C on the corner of Hendrick Drive and the City Market parking lot. Developer and general contractor Briston Peterson stated that this project has made a point of hiring local talent throughout its process, including Sopris Engineering, Bob Schultz, Richard Camp and Poss Architecture.

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“Seventeen years ago, City Market wanted a new store and a new facility.” explained Peterson. Fast forward to 2022, Builder FirstSource and City Market, “two of the largest sales tax providers within the Roaring Fork Valley,” will soon reside side-by-side. “It’s a game changer for the town of Carbondale,” Peterson continued. “We’re the engine behind town.”

With Building C poised for completion this month, all 18 residential units are already spoken for and there’s a growing waitlist for MSP’s units at Carbondale Marketplace and Stott’s Mill in Basalt. At this time, a one bathroom, one bedroom unit is renting for $2,400-$2,800 per month at market rate. The two bedroom, one bathroom units rent for $3,000-$3,300 and the two bedroom, two bathroom units for $3,200-$3,400.

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Every residential unit has 10-foot-tall ceilings, comes with a 50-inch LCD TV and, “We really put on what I call premium finishes into our fit and finish,” said Peterson, including LED lights and efficient appliances. Each unit also has its own heat pump and water heater and utility costs are not included with the monthly rental price.

Peterson emphasized that there’s no difference in quality between their market-rate housing and the affordable stock. In accordance with Carbondale’s community housing guidelines, 20% of the project must be rented to people in the first three categories of average median income (AMI) as defined by the Garfield County Housing Authority.

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The community housing guidelines document (www.bit.ly/AffordC-Town) explains that “Carbondale begins its income categories with the Garfield County four-person household and adds dependents from that benchmark.” Beginning at the four-person county average for a single person, $7,500 is added for each additional person.

In 2022, here’s what that calculation yielded for maximum household incomes that qualify for affordable rates (www.bit.ly/CarbondaleAMI):

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And here’s the breakdown for the affordable stock at Carbondale Marketplace:

For Category 1, a studio rents at $1,320, one bedroom at $1,414 and two bedroom at $1,696. For Category 2, a studio rents at $1,650, one bedroom at $1,767 and two bedroom at $2,450. For Category 3, a studio rents at $1,980, one bedroom at $2,121 and two bedroom at $2,544. The Sopris Sun was informed that these rates will increase in April.

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For context, a minimum wage earner in Colorado in 2022 (at $12.56 per hour), would sit around $26,125 working full-time, though locally the minimum wage hovers closer to $16-$18 per hour ($33,280-$37,440 annually). City Market, The Sopris Sun was told, is in conversation to lease Carbondale Marketplace units for its employees.

Find details about renting with MSP Development at: marketplacelofts.us

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Ed Rubin shows how units were designed with ADA-accessibility in mind. Photo by Raleigh Burleigh

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Condominiumization

“Our sole purpose,” Peterson stated at that meeting, “is to create a condo plat here where we can take out the various blocks after we get them up, get them stabilized, and bring in some large institutions with long-term financing that eliminates risk both for the developer and for the community.”

After Building C is filled, with 61 of 115 residential units left to construct at Carbondale Marketplace, Peterson estimated that it could be another three to five years before all the units are complete. These will feature condos as well as townhomes with two to four bedrooms. Each building will also include 20% affordable stock, as determined by the Garfield County metric.

Additionally, Building C will contribute 5,718 feet of commercial space to the town’s inventory. Most of that space will be occupied by a physical therapy center with the remainder going to a dry cleaner. As with the residential units, these will remain rentals.

According to Peterson, although approached by national tenants for these buildings, they again chose to go local, opening the spaces next to City Market to Independence Run & Hike, Sure Thing Burger, M’S Beauty Salon, New York Pizza and Ming’s Cafe.

Also with the condominiumization, as accepted by trustees within unified development code requirements, a public park that includes a futsal court, gazebo and four-season restrooms must be complete by the end of July 2023.

View a virtual tour of the completed project at: www.bit.ly/C-TownMarket

Across the highway

East of Highway 133, an additional 76 units are slated for completion in early 2023. The first of two buildings will add 48 units to the town’s housing stock. It is anticipated to be complete in January. Directly to the south, 28 more residential units and 10,000 square feet of commercial space could be available as early as March.

The new buildings are deemed “Hayden Place” and, similar to Carbondale Marketplace, all units are rentals with 20% adhering to Carbondale’s affordability requirements. The remaining one bedroom and two bedroom units will follow the market and range between $2,000-$3,000 per month.

“It’s all coming up and moving fast,” said Riley Soderquist with Loge Properties. The same company is responsible for 1201 Main Street, home to Plosky’s Deli and Kula Yoga as well as 27 residential rental units across Colorado Avenue.

“One thing you keep hearing is that people are coming from California, New York … that Carbondale is a Zoom town,” said Soderquist. “We don’t really see that at all … all of our tenants have lived in the Valley for a while.”

Hayden Place, designed to the town’s energy efficiency standards, will include a fitness center for residents, as well as an outdoor community area. Learn more about available rentals at: www.haydenplaceapts.com

Tags: #Briston Peterson #Carbondale #Carbondale Marketplace #housing #Loge Properties #MSP Development #Riley Soderquist
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