Billionaire Surprisingly Leads The Way In Steamboat’s Affordable Housing Push
Steamboat Springs, Colorado — For years, Steamboat Springs has been highlighted as an unaffordable ski town to live in. However, there are some positive developments for the city, and it’s being led by an unexpected income bracket.
Jason Blevins from the Colorado Sun reported last week that what was initially intended as a high-end apartment complex was converted into affordable housing. This year, 970 Steamboat LLC purchased the property for over $95 million. After the purchase, the new owner changed course and made the 104 units solely for worker housing. Eleven units had already been secured for city workers, but this acquisition means the rest are officially available to local workers. The units cost $925 a month for a studio, $1,600/m for a two-bedroom, and $2,125/m for a three-bedroom.
It turns out that the name behind the LLC was Mark Stevens, a billionaire who lives in Steamboat with his wife, Mary. Stevens runs S Cubed Capital, which is a Silicon Valley-based investment firm. He’s one of Nvidia’s key investors and a partial owner of a basketball team that has Steph Curry. He’s part of “The Giving Pledge,” a pact signed by a select group of billionaires who intend to give away their wealth following their deaths.
Other Affordable Housing Projects
This follows two other notable affordable housing developments in Steamboat Springs.
With the first phase opening early next year, The Cottonwoods will be the first for-sale affordable housing in the city in decades. The first phase will feature 86 deed-restricted condominiums, which will be managed by the Yampa Valley Housing Authority. Prices will range from the mid-$200,000s to mid-$400,000s.
Finding affordable housing for hospital workers has been another concern, but that is also improving. Last year, UCHealth Yampa Valley Medical Center purchased an under-construction 42-unit condominium complex for its employees. This has helped the hospital keep workers and recruit new ones to the remote mountain community.
Setbacks
It’s not all rosy for the Springs. Regarding the Yampa Valley Housing Authority, there’s criticism of living conditions at some of their properties. According to the Steamboat Pilot & Today, residents of Yampa Valley Housing Authority buildings are complaining about the quality of life, including a lack of parking and maintenance.
“I have nowhere to park,” said Laura Brooke Armstrong, an Alpenglow Village resident, to the Steamboat Springs City Council. “If you haven’t heard this, you’re not paying attention.”
The Brown Ranch proposal could help with that, but it has faced some setbacks. This plot of land was given to the County with the intention of converting it into affordable housing. However, Routt County voters struck down a proposal last year to develop the area into affordable housing. Work is now underway on a new plan, but potential issues like soil quality and water limitations have created new questions.
Then there’s the elephant in the room. The Discovery Land Company (developer of the Yellowstone Club) is planning to develop the former Stagecoach ski area into a private ski resort. While employee housing is planned, there are fears that this could make housing more expensive in the area.
The reality is that Steamboat Springs is still far away from serving as a model for other ski towns. But these new developments are promising signs that it’s heading in the right direction. Perhaps other billionaires and other rich people in mountain towns should take note.
Image/Video Credits: Colorado Sun, UCHealth Yampa Valley Medical Center, Nicholas Fuentes
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