New Rental Development
BSCHT launches a collaboration with Lone Mountain Land Company to develop a new housing complex that will offer rental units built permanently and exclusively for local workers.
Lone Mountain Land Company Collaboration
Together, Big Sky can make going home possible.
In January of 2021, Big Sky Community Housing Trust announced its collaboration with Lone Mountain Land Company to develop a new housing complex that will offer rental units built permanently and exclusively for local workers. Pending an agreement for SFE allocation with the Resort Tax Board and the Water and Sewer District, this effort will continue a comprehensive, multi-year community effort to address Big Sky’s housing shortage.
With workforce housing in mind, LMLC recently closed on the former American Bank property and will soon close on the adjacent parcel off Lone Mountain Trail. The purchase of these two parcels marks another step in LMLC’s work to create more affordable housing for those who work in Big Sky. LMLC also recently acquired Buck’s T4, River Rock Lodge, and the Powder Light parcel next to Ace Hardware, among others, to create additional workforce housing.
“In order for the Big Sky community to thrive, it is imperative that local workers have access to quality, affordable housing,” Matt Kidd, Managing Director of CrossHarbor Capital, which oversees LMLC, said. “We are thrilled to be working in conjunction with the Big Sky Housing Trust on this large-scale initiative that will benefit the Big Sky community for years to come.”
LMLC and the Housing Trust are in the initial phases of structuring and designing the housing that will eventually be built along Lone Mountain Trail. Currently, the parties are contemplating a mix of unit types and rental rates, all of which would be deed restricted to prohibit short-term rentals and be available to members of Big Sky’s workforce. Additionally, a portion of units are likely to be rent-restricted.
A consulting team is currently conducting a market survey to better understand the number of people in Big Sky at each income level to strategically determine the best use of the parcels in terms of number of beds and units possible.
The development of the American Bank parcels will truly be a community collaboration. Big Sky’s Water and Sewer board is being asked to annex the property into the district, which is now possible because of the one percent Resort Tax increase earmarked for needed treatment system upgrades as well as the allocation of sewer treatment capacity for workforce housing. The Housing Trust is also working closely with the Resort Tax board to obtain additional funding and ensure that all public funds would clearly support the community at large.
“Lone Mountain Land Company Vice President of Planning and Development, Bayard Dominick said, ‘This is a fantastic site for employee housing; it’s walking distance to the Meadow Village for all the amenities there. It is on a bike path that goes right by, and it’s on the community bus route.’
The lack of affordable housing has been an issue in Big Sky for several years and it has only gotten worse since the start of the COVID-19 pandemic.
‘It’s a significant shortage right now, especially when COVID hit. A lot of people were here on vacation in March, and they ended up staying. And a lot of units that were available to employees to rent are now owned or occupied by people who moved here from out of state,’ Dominick said.”
Long-Term Vision | Workforce Housing Complex
“Big Sky Community Housing Trust is pleased to be collaborating with Lone Mountain Land Company on this project that will add desperately needed housing for the workforce in our area. As a nonprofit, partnerships like this allow us to move forward with our mission of creating secure housing for the people who support this community through their employment.”
What is a deed restriction?
A deed restriction sets legal limitations on how you can use a property. These restrictions run with the property, regardless of ownership. In the case of BSCHT’s collaboration with Lone Mountain Land Company, the deed restrictions will be the permanent prohibition of short-term rentals and the requirement that all renters must be members of Big Sky’s workforce.