Eagle County's $14M Housing Project Adds Units But Misses Affordability

Aspen —A $14 million project. Twelve units.

That’s the headline you’ll see on the press release for the new housing development off I-70. It sounds like a win for affordability, until you look at the price per square foot and realize we’re paying premium rates for a standard box.

Let’s do the math on what this actually means for folks living in Eagle County. The project promises 12 new homes, but the cost to build them has climbed 15% over the last two years due to material shortages and labor constraints. That’s not a typo. The local contractors aren’t getting cheaper; they’re getting busier.

On paper, the city claims this will add to our housing stock. In practice, it adds to the property tax burden for existing neighbors who fund the infrastructure upgrades — roads, water lines, and sewer capacity — that make these new lots viable. The developers aren’t footing the bill for the streetlights or the widened turns at the intersection. We are.

The project breaks ground next month. Construction will last 18 months, meaning more heavy trucks on the highway during peak commute hours. If you drive to Vail every morning, expect a delay of five to ten minutes until the project wraps.

Here is what the numbers don’t tell you: the units are being marketed as "entry-level," but the starting price is $450,000. That’s not entry-level for a teacher or a nurse in our valley. It’s entry-level for someone who already owns a home and has equity to burn.

The city council approved the variance last Tuesday, allowing for higher density by reducing the required parking spaces. This is a win for efficiency, but it’s a loss for convenience. Fewer spots mean more street parking in the evenings. If you work downtown, you’ll be circling for a spot until 6 p.m.

The developers have promised to complete the common areas by the end of the year. That’s a tight deadline, and they’ve missed similar ones before. We’ll see if the timeline holds up when the first winter snow hits.

This isn’t just about bricks and mortar. It’s about who gets to stay here when the prices keep rising. The new units are smaller, averaging 900 square feet - but they’re priced at $500 per square foot. That’s steep for a starter home in a town where the median income is hovering around $75,000.

The project adds 12 units to the market, yes. But it also adds 12 new mortgages and 12 new property tax bills to the county ledger. The local government gets more revenue, which is good for schools and roads. But the buyers? They’re buying into a higher cost of living, not escaping it.

The bottom line is simple: We’re building more houses, but we’re not making housing more accessible. The project will stand there, full of people who can afford the $450,000 tag, while those who work in it; teachers, firefighters, retail staff, are priced out of the very homes being built next door.

It’s a nice project. It’s well-located. But don’t let the ribbon-cutting photos fool you into thinking it solves our housing crisis. It’s just another layer of cost on top of the rest.