Cold Smoke
Thanks to voter approval, the Housing Trust will move forward with the Cold Smoke neighborhood, adding homes for 1,000 residents.
The Housing Trust, born from our community’s vision to tackle its needs, exemplifies how our collective efforts can lead to change.
Together, we have welcomed home 526 community members and created 78 new homes at MeadowView Condos and RiverView Apartments. Thanks to voters approval, we will continue this work in the new Cold Smoke neighborhood, adding 125 homes for purchase and 264 apartments for rent. The Housing Trust hopes to deliver the first 50-100 homes in 2028.
Cold Smoke Housing Bond Passes in May 6 Vote
$39.75M LAND PURCHASE + $15M INFRASTRUCTURE MAX
Thank you for your overwhelming and historic support, Big Sky!
In a decisive 735 to 455 vote, voters approved the Cold Smoke Housing Bond—an incredible milestone for our community. This show of support reflects our shared vision for a more livable Big Sky, where our local workers and families have a place to call home.
We’d also like to extend a special thank you to Resort Tax for championing this innovative and collaborative funding strategy. Your leadership and commitment played a crucial role in turning this ambitious vision into a reality.
Interest Lists for Cold Smoke
Cold Smoke Ownership
Cold Smoke purchase opportunities require the owner, a local worker, to occupy the home. BSCHT will also use this list for future ownership opportunities, including MeadowView and Yellowtail. The date you join either interest list does not guarantee you a specific spot in line.
Cold Smoke Rentals
All apartments for rent require local workforce occupancy. Cold Smoke apartments are not dorms and will not be designed as employee housing. Cold Smoke apartments will rent directly to locals working in Big Sky, regardless of where they work.
Cold Smoke Target Incomes
100% AMI (Area Median Income)
In Big Sky, the median household size is 2.5 persons. In 2025, the median income for this household is $102,595.
Because most Big Sky incomes fall above the area’s median income, the Cold Smoke neighborhood will target incomes ranging between 100% and 250% AMI.
Next Steps: Water & Sewer Annexation
Because the Cold Smoke parcel is still raw land, part of the preconstruction stage involves annexing it into the Big Sky Water & Sewer District. The Housing Trust is midway through the annexation process. BSCHT will activate system access rights reserved for affordable workforce housing by Big Sky residents who voted to increase Resort Tax by 1% in 2020.
In exchange for access, Cold Smoke must guarantee permanent affordability, require local workforce occupancy, and prohibit short-term rentals. Part of the annexation agreement also requires the Housing Trust to take ownership of the land on behalf of the community.
Community Land Trust Model
Purchase Land
The Community Land Trust uses public funding to purchase the land and infrastructure.
Construct Homes
CLT partners with construction experts to install the infrastructure and build the homes.
Sell Homes
CLT retains the land and sells discounted homes to locals with a 2% appreciation cap per year.
Pay it Forward
Owners agree to pay it forward and must resell at a discount to another local family.
Frequently Asked Questions
What type of homes will be available at Cold Smoke?
Because the Housing Trust still needs to purchase the land and complete the annexation process, it cannot finalize construction plans yet. However, it is working with architects on preliminary plans.
The 264 apartments will neighbor RiverView Apartments along Highway 64. These eight buildings will contain studio, one-bedroom, and two-bedroom apartments. Most will rent directly to local employees, but some may also be available for purchase.
The Housing Trust will nestle the 125 homes into the hillside across the river and away from the highway. The homes will have either two or three bedrooms and a garage. There will be a mix of attached and detached homes for sale.
Will there be an appreciation cap at Cold Smoke?
Cold Smoke purchase opportunities will share the same appreciation cap as MeadowView Condos, which is 2% per year. An appreciation cap prevents market pressures from driving prices beyond the reach of average wage earners, ensuring that the community's initial investment to purchase the land and sell below-market-rate homes passes to all Cold Smoke owners, keeping the community livable for future generations.
Who can buy at Cold Smoke?
Cold Smoke purchase opportunities will be available to any Montana resident who is also a full-time member of Big Sky's workforce, regardless of their employer. Additionally, buyers must reside in the home year-round, qualify for a conventional mortgage, and meet local income requirements. Cold Smoke buyers cannot own other residential property. For example, if buyers own a MeadowView Condo, they must sell their existing home to upgrade to Cold Smoke.
The target income for ownership opportunities at Cold Smoke is between 120-250% of the Area's Median Income (AMI).
Who can rent at Cold Smoke?
Cold Smoke rental opportunities will be available to any full-time member of Big Sky's workforce, regardless of their employer who make an income between 100-140% of the Area's Median Income (AMI).
Will there be dorms at Cold Smoke?
No. Although Cold Smoke will offer many rental opportunities, it will not have dorms. Instead, the apartment buildings will contain studio, one-bedroom, and two-bedroom units with all standard amenities, like laundry.
How much will homes cost to buy or rent at Cold Smoke?
Building costs are high, and the project is still in the preconstruction stage. The Housing Trust cannot finalize rental or sales prices until it has fully secured the land, funding, and contractors for the build. The Housing Trust hopes to sell Cold Smoke homes to residents with an AMI (area median income) of 120% to 250%. BSCHT will rent the apartments to locals with an AMI of 100% to 140%.
Rent or monthly mortgage payments cannot exceed 33% of these income ranges because of the water and sewer connection rights the project hopes to gain by annexing into the Big Sky County Water and Sewer District.
The chart below shows the 2025 Area Median Incomes (AMI) for Gallatin County, set annually by the United States Department of Housing and Urban Development (HUD). The 100% column represents the median income for various household sizes.
What if Cold Smoke is not annexed into the Water & Sewer District?
Without annexation into the Big Sky Water and Sewer District, the Housing Trust cannot build Cold Smoke. The property needs access to the water and sewer services reserved by the District for new workforce housing.
Who currently owns the 100-acre parcel known as Cold Smoke?
Big Sky Community Housing Trust will purchase the 99-acre Cold Smoke parcel, plus infrastructure, from Lone Mountain Land Company (LMLC) using a voter-approved bond against Resort Tax. This bond will not raise taxes.
On April 16, 2025, the Housing Trust and LMLC agreed to a land purchase price of $39.75 million and an infrastructure cost not to exceed $15 million.
When will Cold Smoke be ready for occupancy?
Cold Smoke is a multi-phase project in its initial planning stages. Because of this, an accurate timeline is not yet available. If BSCHT can secure Resort Tax bond funding to purchase the land in 2025, it hopes to deliver the first 50-100 homes in 2028 and complete the entire project by 2032.
How did you determine the purchase price of the Cold Smoke land?
Three different independent appraisers with experience in Big Sky assessed the value of the land. Resort Tax received its appraisal of $44.7 million in March 2025. The Housing Trust received its appraisal in November 2024 for $45 million. LMLC received its appraisal in June 2024 for $49.5 million. LMLC has agreed to sell the property for $39.75 million – a 14.3% discount below the average appraised value of $46.40 million.
What is the total project cost, and how will you pay for these costs in addition to the bond?
The Housing Trust project expects Cold Smoke to cost approximately $220,000,000 in total. In addition to Resort Tax funding, the project will leverage commercial financing, philanthropy, and other grants to begin construction. Initial home sales will help provide capital for future construction.