The Teton County Board of Commissioners and the Jackson Town Council have approved a Ground Lease Option Agreement with Pennrose, LLC for the development of 90 Virginian Lane.
The agreement, which was deliberated and passed in a joint meeting on Monday, December 2, 2024, paves the way for a major affordable workforce housing project in one of Jackson’s largest Complete Neighborhoods. The planned development will include both rental and for-sale units, all of which will be permanently deed restricted to ensure they remain affordable.
Pennrose, LLC, the developer, will proceed with the project under strict conditions that must be met before taking control of the property. These conditions include the completion of a development agreement and securing adequate financing.
Planners say that he project aligns with the Jackson/Teton County Comprehensive Plan, which aims to manage growth sustainably while providing a variety of housing options to meet local needs. The development at 90 Virginian Lane is expected to enhance the local goal of housing at least 65% of the workforce within the community.
Further discussions and reviews are scheduled, including a draft Development Agreement set to be considered in February 2025.
