Prior to the regular meeting, the Basalt Town Council held a public work session with private financial consultant Economic & Planning Systems, Inc. (EPS), which performed a rigorous housing assessment for the Town of Basalt and presented its findings and recommendations to the council.
In 2023, EPS found that the median sale price of a home in Basalt was $1.3M, with only 11% of sales since 2021 sold at below 150% area median income (AMI). For Basalt residents, EPS found that housing ownership is a top priority. Of the citizens EPS interviewed, 19% intend to retire within the next 10 years and 20% plan on remaining in Basalt.
Because of the demand for single family homes — particularly among people 60 years and older — EPS recommended that the Town broaden its income categories in its inclusionary housing ordinance to go above the current Category 3 at 120% AMI to a new Category 4 (121-150% AMI) and Category 5 (151-200% AMI). These categories would provide an avenue for Basalt’s primary home-buying demographic to have greater access to the market and fill the gap between the lower-income affordable housing market and free-market homes generally costing millions. According to Mayor David Knight, the Town is currently drafting programs with a similar goal in mind as EPS’s recommendation.
Mayor Knight and council member Ryan Slack asked EPS representatives what a reasonable goal for affordable housing would be based on their findings. Concerns were raised as to the geographical limitations of creating new developments in Basalt. While EPS did not offer a number for how much housing is possible, its reps pointed out that the ideal strategy for maximizing affordable housing would be to convert existing units instead of relying on new development.
Basalt’s 2020 Master Plan outlined a goal of 400 deed-restricted units. Currently, there are 273 units — 127 units below the mark. “It’s pretty aspirational with what we have left,” Mayor Knight noted. “But it would be good to sharpen the pencil and see what it actually looks like.”
Apartments to condos
The council returned for its regular meeting shortly thereafter, during which a public hearing and second reading was held to condominiumize units at the new development on 133 Emma Road.
Developed by Fork Front Basalt, LLC, the twelve-unit residential apartment building was approved by council on Jan. 25, 2022, with three of the units proposed as deed-restricted.
More recently, the developer applied to amend the previous plan. While the units themselves will not change physically, the developer intends to change the units to condominiums and permit them to be sold.
At the first reading of this proposal on July 23, council approved the condominiumization plan on the condition that the number of deed-restricted units be increased from three to six, designating half of the complex as affordable housing.
Councilor Slack at the opening of this second reading voiced similar concerns to the ones he had for a similar plan to condominiumize the units coming to Basalt Center Circle (the complex coming to the location of the now-empty Clark’s Market), namely criticizing developers for changing their plans after initially approved.
Aaron Ward of Fork Front Basalt, LLC stated that the new proposal will simply offer his organization additional flexibility in how the units will be managed. While the units can be made available for purchase, Ward stated that the units can still be offered on a rental basis.
“This gives me the flexibility to sell the deed restricted units and hold onto the free-market units for rental,” Ward said, adding that he could make the units available to purchase for teachers, hospital staff and other workers necessary for the community.
The new plan was approved 5-1, with Slack dissenting. Councilor Angela Anderson abstained from the vote due to a conflict of interest.