Edgemont goes to city of Steamboat Springs for approval of four-unit second phase
Living large on one level
February 15, 2016
Steamboat Springs — The developers of the second phase of the Edgemont condominium project are scheduled to go before Steamboat Springs Planning Commission Feb. 25 seeking a development permit to build four single-story units on a parcel immediately south of the original 40-unit Edgemont building completed in 2009 with ski-in, ski-out access off of Ski Trail Lane.
The new Edgemont project represents a change from the original permit, which allowed for a pair of duplexes on the steep building site where the new project would be built.
The project manager is Garrett Simon, a partner with Meriwether Companies, who served in a similar capacity for the original Edgemont project on behalf of a different entity — Atira Group. More recently, Simon carried out the Chadwick Flats project on Eagle Glen Drive. The architect for the new phase at Edgemont is Eric Smith Associates (ESA) of Boulder with offices in Steamboat.
Simon said the new units will occupy a niche in the resort real estate market somewhere between a townhome and a condo, providing the single-floor living of a large condominium, with the private garage of a townhome.
The Chadwick introduced to Steamboat the concept of large single-level floor plans for aging baby boomers who lack enthusiasm for multi-story staircases and the square-footage they consume, not to mention the climbing required.
Simon confirmed Monday that Meriwether is exporting the concept of Chadwick Flats to the new phase at Edgemont, not only to help them stand out from what already exists on the market but also to acknowledge that time has passed and consumer preferences have evolved since there has been new luxury product built at the Steamboat base area.
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"We've heard from the brokerage community and the market in general," and asked ourselves, "How do you tap into whatever pent-up demand is there?" Simon said. "We also feel we have to appeal to people who already own real estate in Steamboat," as well as to people who don't.
The thinking is that the new units will create a product that differentiates itself from what is already on the market, Simon added. A home at Chadwick Flats sold for $1.8 million earlier this year.
A letter from the architect to city planning staff points out that while the new project seeks a variance from the required setback at its front boundary, it actually creates more space between the building and the existing swimming pool than the two duplex buildings would have.
The second time around
The developers of Edgemont launched a sales effort for the original second phase — a pair of duplex buildings in December 2011 — in hopes of achieving three pre-sales in order to move forward with financing. However, that did not materialize.
Simon said Monday that no decision has yet been made about whether pre-sales will be required for the next-generation of Edgemont’s second phase to go forward.
Edgemont closed on the first sale of a $2.1 million, three-bedroom unit at its original building, known as Edgemont Ridge, with the recession well underway in late December 2009, and five more followed within a week, for a total of $12.98 million.
The developers had taken hard deposits on 22 of the 42 condominiums in June 2008, representing $45 million in future sales. They were able to retire the $45 million construction debt on the project in April 2011.
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