The Town Center project is picking up momentum after the Carbondale Board of Trustees approved a two-phase planning approach on Tuesday, Oct. 13, for the mixed commercial- and residential-use build.
“I would not call agreements exciting, but I would call this one exciting,” Town Manager Ryan Hyland said of the agreement to go forward with the two-phased approach, adding that it represents forward progress on the latest version of the Town Center project.
Years in the making, the Town Center would serve as a mixed commercial and residential hub on 1.4 acres of town-owned property surrounding the Thunder River Theatre Company, downtown. The town published a Request for Proposal on March 11, outlining a vision of 45 to 60 residential units split between “rental, ownership or mixed with a variety of unit types” and targeting 80% to 140% of the Area Median Income (AMI). The vision also included 10,000 to 20,000 square feet of commercial space in the project for creative industries.
Trustees awarded the bid on Aug. 11 to developer Bond/Brookside, which submitted a proposal of 42, two- and three-bedroom units ranging in price from $420,000 to $775,000, targeting those making between 80% and 120% AMI. The developer also proposed including 3,324 square feet of retail space, adding that some homes could be combined with first-floor commercial space and double as live/work studios.
Bond/Brookside suggested a project timeline of 24 to 32 months.
Phase one of this week’s agreed-upon two-phase approach, as originally proposed on Tuesday by town staff, would cover the site evaluation and predevelopment process over a 12-month period. This will “refine the development program, evaluate housing and commercial uses, engage stakeholders, assess site constraints and financial feasibility, and prepare preliminary designs and financing strategies,” according to a staff memo presented to the trustees. The first phase would start as soon as possible.
Trustee Kade Gianinetti questioned if the town needed a full year of community engagement in the first phase.
“I feel like six months would be a nice check-in point,” he said.
Phase two covers the project design, entitlements and financial plan, and leaves the town discretion on whether or not to authorize this second phase after phase one is finished. The goal of phase two would be to “advance the project toward entitlement applications, refine financing and ownership structures, and negotiate principal business terms for a subsequent Development Agreement,” the memo states.
Colorado’s Space to Create Program will finance the two phases with $200,000 in funding; $50,000 for phase one and $150,000 for phase two.
The trustees approved the two-phased approach, amending the timeline of phase one to include a six-month check in to gauge the phase’s progress.
Preliminary budget
Also in the Tuesday meeting, the trustees reviewed a first draft of the 2027 budget, which saw a 23.4% year-over-year increase in expenditures, the bulk of which were directed toward personnel costs and capital projects.
The 2027 estimated town expenditures tallied $31.1 million, compared to an estimated $25.2 million in expenditures through 2026. Personnel costs accounted for $11.35 million of the 2027 total, while capital projects accounted for $9.5 million.
The $31.1 million in planned spending next year is $8.1 million more than the town’s expected 2027 revenues, which tallies $23 million and nearly equals the 2026 estimated revenue. Most of the difference between next year’s spending and revenue is due to planned capital projects, Hyland said after the Tuesday meeting.
Those includes $1 million put toward the Chacos Park Master Plan entry, $1 million toward the replacement of a wastewater main, $675,000 toward Carbondale Recreation Center heating, ventilation and air conditioning, $500,000 toward the Highway 133 Industry Place easement and design, $487,000 toward street resurfacing, $450,000 toward office renovation and more.
The 2027 budget must be finalized by Dec. 15.
For more on the first draft of the 2027 budget, look at the Oct. 13 meeting documents on carbondalegov.org