There usually seems to be a lot of discussion here in Jackson surrounded by the affordable housing crisis and this week is no different. With traditionally low inventory levels and high prices buyers here in Jackson are limited to what and where they can invest in their future. Enter Teton Meadows Ranch located on the South Park Loop Road. Chicago based developer, James Reinert has proposed to up-zone this large parcel, about 336 acres to allow for roughly 500 housing units to be built on 288 acres of the lot. Some will be traditional affordable with a siginificant portion enrolling into a hybrid deed restricted offering known as 'gap' housing where the individuals qualify under a certain income and asset class, yet cannot afford the 'free-market' properties available for sale througout Teton County. Rough price estimates for gap housing will be between $400-750,000. What troubles me is the release of #100 single family FREE MARKET lots situated within this development that will significantly increase our inventory levels and balloon our absorbtion rate, two factors which help to keep our real estate market vibrant and active.
South Park neighbors in Melody Ranch, Single Tree, Rafter J, Fishing Club are opposing this up-zone for warranted fear of traffic increase, permanent damage to wildlife and scenic corridors and loss of nearby property values. Supporters are voicing their concerns over work force housing, smart growth and the ability to offer a steady flow of affordable units to our teachers, fire fighters, police officers and various service industry employees.
Here is the TMR link: http://www.tmr-jh.com/ And Teton County Comprehensive Plan: http://www.jacksontetonplan.com/
TMR will have their first Planning Commission public meeting on February 11 and I will check in next week with some reactions.
Rumors: Hostel X at the Village is in escrow- pricing is all over the board. First I heard high $20M's, then I heard more like $15M- who knows, but that is a lot of money for a bulldoze. Sounds like the Buyers are from Aspen.
Snow Report: Waist deep all last weekend if you knew where to ski, 397" of snow this season to date with reports of 16" new last night with some more on the way for Saturday.
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