Mountain Village announces name and anticipated application timeline for Lot 644 Housing Development
Lot 644 to be named Meadowlark at Mountain Village
MOUNTAIN VILLAGE, COLO. (March 24, 2023) – At its regular March meeting the Mountain Village Town Council officially selected a name for the Town’s Lot 644 community house development and gave direction on the application process for the 29 for-sale units.
The future neighborhood will be called Meadowlark at Mountain Village. The name was submitted by Nathan Frerichs during a community-wide naming contest that was held in February. Frerichs’ submission was selected out of 39 submissions from the community.
Frerichs will receive a free Farm to Community CSA share for submitting the winning name.
In addition to selecting the future neighborhood’s name, Council also discussed details of how the 29 for-sale units will be allocated at Meadowlark.
“Council gave us clear direction that they want to prioritize Town of Mountain Village employees and essential workers who serve the community,” said Assistant Town Manager Michelle Haynes. “Council also decided that units will be allocated through a prioritized points system instead of a traditional lottery system.”
An essential worker is currently defined as any person who conducts essential services within the Telluride R-1 School District, which includes healthcare, schools, fire and police protection, basic sanitation and maintenance of utilities and any other worker deemed essential to the Mountain Village community by the Mountain Village Housing Authority director.
Once Town employees and essential workers are ranked, the third priority group will be those that work within the boundaries of the Town of Mountain Village and then those that work within the R-1 School District boundaries and if units are still available after those first four groups are satisfied, then businesses within Mountain Village whose owners may choose to live in the unit or rent to qualified employees will be considered to purchase the unit.
Council also approved putting a 4 percent annual appreciation price cap on the future sales of Meadowlark units.
Other approved qualifications for Meadowlark ownership include:
- There are no income limitations
- The unit must be the owner’s principal place of residence, unless rented to qualifying tenants
- An owner cannot own another Meadowlark unit
- At least one resident/owner of each unit must work an average of 32 hours or more per week at a business with a physical presence within the Telluride R-1 School District boundary
- A qualified owner may lease to a qualified tenant so long as the lease is for 13 months or longer
- The MVHA will have the first offer to purchase the property upon resale
Town staff is currently working on finalizing the properties’ deed-restriction and the structure of the points and application process.
The Town of Mountain Village has partnered with Triumph Development West in a private/public partnership to build these 29 for-sale units located in the Meadows Neighborhood just above Parker Ridge.
Final unit pricing is scheduled to be determined in April and a neighborhood website that includes information on the available units and the requirements of the application process is scheduled to be announced the week of April 24, 2023.
The application process is scheduled to be open from May 1, 2023 through May 30, 2023 with an internal employee unit selection scheduled for June 8 and an external second unit selection on June 13.
Two open houses for those interested in formally applying for a unit are currently scheduled for May 1 and May 9, however, all finalized details will be shared with the community the week of April 24.
Once qualified applicants who received priority in the selection process choose their future unit, reservation agreements will be required with a $500 refundable deposit.
Purchase and sale agreements will be executed by the end of June and expected closing and move-in for future owners is currently targeted for late spring 2024.
While Town staff works with Triumph to iron out final details, the Town has launched a form to allow interested buyers to sign up to receive information about the project as it becomes available.
Please visit bit.ly/TMVMeadowlark to fill out the form and learn about required first-time homebuyer classes and other steps interested buyers can start taking now before the application process opens.
Mountain Village Public Information Officer
(970) 708.7285 (c)
ABOUT MOUNTAIN VILLAGE
Situated at 9,545 in the heart of the breathtaking San Juan Mountains, Mountain Village was incorporated in 1995 as a home rule municipality and is comparably a world apart from other towns: it is innately spectacular, beautifully orchestrated and planned and overflowing with style, charm, and sophistication. A state-of-the-art gondola transportation system connects the Town of Mountain Village with the Town of Telluride. For more information, please visit us online at townofmountainvillage.com.