CB Hostel under contract to be used for affordable housing

Details still being worked out

[ by Mark Reaman ]

A group of Crested Butte area second homeowners have stepped up to address the affordable housing situation in Crested Butte. The investment group has put the former Crested Butte Hostel under contract with the intent to house local workers.

While details have not yet been ironed out, the group has partnered with local businessperson Kyleena Falzone and the purpose is to quickly house local employees at reasonable rental rates by next ski season. It was emphasized that the deal is not yet finalized and a lot of pieces still have to fall into place.

Located at 615 Teocalli Avenue, the building is currently owned by Eleven Experience and holds 14 dormitory style rooms and two two-bedroom apartments.

The building includes a large common living area and a big kitchen that would be shared. The CB Laundromat is also located in the building and there are no plans to stop running it.

While excited that the building is under contract, details of how it would accommodate workforce housing are not yet worked out. The deal is not complete until the transaction is closed later this fall. The investor group members want to remain anonymous at this time.

Board members of the Gunnison Valley Regional Housing Authority said this week that they plan to meet with the investor group to determine how the organization can possibly help facilitate the plan to house workers. Falzone said meetings between the investors and with local housing officials will be taking place in the next couple of weeks. In the meantime, Falzone is seeking input from other local businesses on how best to utilize the space.
Stay tuned….

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