The Jackson Town Council and Teton County Board of Commissioners will meet Monday to choose a development partner for the 90 Virginian Lane multifamily housing project. The pack of developers that have come forward with interest in building the housing was whittled down to four finalist teams. The amount of public money need to subsidize the projects range from 38 million to nearly 90 million dollars.
Staff Recommends Approval of Pennrose, LLC
Corum Real Estate Group
Team Composition:
- Architect: Cushing Terrell Architects
- Civil Engineer: Jorgensen
- Energy Modeling: Group 14 Engineering
- Construction Services: Shaw Construction
- Transportation, Traffic, Mobility: Fehr Peers
Proposal Overview: Corum proposes to construct fewer, larger units targeting middle-income households. This plan requires substantial public investment, including nearly $60 million in Essential Function Bonds and an additional $30 million from other sources. The proposal includes 150 total units with 271 bedrooms, of which 102 are rental and 48 are for ownership. The affordable units are segmented into different middle-income brackets (80-120% MFI and 120-160% MFI), with no units allocated for lower income ranges.
Public Investment and Costs:
- Public Investment per Unit: $381,265
- Total Cost to Construct: $163,590,338
- Total Residential Square Footage: 161,878
Elmington Affordables, LLC
Team Composition:
- Architect: Dynia Architects
- Civil Engineer: Jorgensen
- Landscape Architect: Cairn Landscape Architects
- General Contractor: Shaw Construction
- Transportation, Traffic, Mobility: Kimley Horn
Proposal Overview: Elmington’s proposal focuses on creating a higher number of smaller units for very low- and middle-income earners, including senior housing. This design revolves around a large common green space and includes an above-grade garage for most parking needs. The proposal calls for the use of 4% Low-Income Housing Tax Credits (LIHTC) and HOME funds, necessitating an additional $22.5 million in public funding. The project plans for 241 total units and 373 bedrooms, with a significant portion designated as affordable for those earning 0-80% MFI.
Public Investment and Costs:
- Public Investment per Unit: $209,544
- Total Cost to Construct: $201,691,901
- Total Residential Square Footage: 204,937
Ulysses Development Group
Team Composition:
- Architect: Hoyt Architects
- Civil Engineer: Jorgensen
- Landscape Architect: Cairn
- Energy Consultant: Group 14
- General Contractor: Shaw Construction
Proposal Overview: Ulysses’ plan includes the construction of more, smaller units for a range from very low to upper-middle income earners. The proposal features central and neighborhood courtyards to enhance community interaction. Financially, it relies on a combination of 4% and 9% LIHTC and requires an additional $58,450,200 in public investment. The project includes 240 units and 427 bedrooms, with a mixture of affordable, workforce, and market-rate housing.
Public Investment and Costs:
- Public Investment per Unit: $360,209
- Total Cost to Construct: $205,217,327
- Total Residential Square Footage: 218,273
Pennrose, LLC
Team Composition:
- Architect: SAR+ Architects
- Civil Engineer: Jorgensen
- Landscape Architect: Herschberger
- Sustainability Consultant: Group 14
- General Contractor: Shaw Construction
- Construction Admin: Innova Services Company
Proposal Overview: Pennrose proposes a mixed-use development that serves very low to middle-income earners, featuring a large central green space and potential community spaces for childcare or a library extension. This plan relies on conventional debt, equity, and an additional $10 million in public funding. The design includes 226 total units with 340 bedrooms, providing a broad range of affordable and workforce housing options.
Public Investment and Costs:
- Public Investment per Unit: $168,142
- Total Cost to Construct: $158,412,000
- Total Residential Square Footage: 158,010
Staff Recommendation
After reviewing the detailed proposals and considering the broader impact on the community, staff has recommended the proposal from Pennrose, LLC. The Pennrose proposal is favored due to its balanced approach to unit distribution, affordability, and community integration. Planners say that It effectively meets the diverse needs of the community.
The project, if approved is expected to take about 5 1/2 years to complete.
Monday’s meeting begins at 9:15 at the County Commissioner’s Chambers on Willow Street.
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