Aspen details 277‑unit Lumberyard affordable housing plan, city to invest $250M and seek up to $70M in voter‑authorized debt

City officials presented an overview Nov. 15 of the Lumberyard Affordable Housing Project, a planned 11.3‑acre development near the Aspen Airport Business Center that would deliver 277 deed‑restricted rental units and associated transit and public amenities.

Chris Everson, the city project manager for affordable housing, told the joint meeting the development includes three four‑story buildings (104, 91 and 82 units) and a bedroom mix weighted toward one‑ and two‑bedroom units, roughly 1.5 bedrooms per unit on average. The project is intended to serve a broad income range through the Aspen Pitkin County Housing Authority (APCHA) categories: about half the units target lower incomes (~50% AMI and below), roughly a third target middle incomes (around 85%–130% AMI) and smaller shares are targeted at higher local AMI bands.

Everson said the city and developer (Gorman & Company) estimate total implementation costs near $360 million, including the developer’s contribution of about $110 million; the city plans roughly $250 million of the total, which includes sunk land, outreach and design costs already incurred. Aspen City Council has approved a ballot question asking voters to authorize up to $70 million in debt as part of the city’s $250 million investment (Everson emphasized this $70 million would be part of, not additional to, the city’s stated $250M commitment).

The project includes community infrastructure and sustainability features: an on‑site transit station with two electric buses on a dedicated 30‑minute route, bike‑share, a half‑acre childcare parcel, pedestrian and trail connections including a planned underpass beneath the Lumberyard driveway, and indoor air‑quality and water‑efficiency measures. Parking is planned at about 435 spaces (approximately 1.6 spaces per unit), split between above‑ and below‑grade stalls.

Everson said the site has already undergone demolition, asbestos abatement and contaminated‑soil remediation; demolition waste diversion was nearly 94%, and contaminated soils above threshold were taken to a designated facility out of the valley. Gorman & Company plans to begin construction mid‑2026, with building 1 leasing in 2028 and subsequent leasing phases into 2029; infrastructure permit applications are in process and the developer is advancing detailed designs.

Elected members pressed staff on transportation assumptions. Everson cited the transportation impact analysis that estimated an unmitigated addition of 49 left‑turn vehicles per hour from the Lumberyard driveway during morning peak (about 0.8 cars per minute) and noted the dedicated 30‑minute bus service was estimated to produce roughly 55 boardings per hour in the AM peak — a level based on ridership at nearby Burlingame Ranch. Several council and county members voiced concern about level‑of‑service impacts during peak hours, induced demand, underpass cost and timing, and long‑term oversight of rents and deed‑restriction compliance. Everson said the city retains ownership of the land and will lease it to the developer, which will form separate operating entities for each building; deed restrictions will be held and enforced under APCHA rules and the city will adopt the financial agreements by ordinance at closing.

Next steps: staff said a work session is scheduled Nov. 3 to continue discussions on tenant‑lottery priorities and deed‑restriction language, and the developer is advancing permit applications for infrastructure and building permits later in the year.