BASALT REAL ESTATE – A highly visible aborted building site at 111 Emma Road near Basalt’s main exit off Hwy 82 is under contract by RealAmerica Development LLC The developer is an Indianapolis-based firm that focuses on developing, constructing and managing affordable-housing projects. They want to build an 100% affordable housing complex of 56 upscale apartments using the same building envelope and exterior design of the formerly approved Snow River Lodge project. Their vision is to create a type of ‘affordable housing bank” that could be used by valley developers to offset their employee housing requirements – as example, the complex might be used as a receiving site for units displaced from the Pan and Fork Mobile Home Park to make way for the redevelopment of prime downtown Basalt river front property.
Link to article by Scott Condon, May 30, 2013
Photo credit: The Estin Report
The building site is immediately upstream of Stubbies just off Hwy 82 at the Basalt exit. At the height of the real estate boom in 2006-2007, the proposed Snow River Lodge poured its foundation, then the recession hit in 2008 and the project went dormant. A buyer has the property under contract and proposed building 56 affordable rental units.