174 N. King Street
Complete January 2022: 174 N. King Street, Partnership with the Jackson Hole Community Housing Trust
This partnership with the Jackson Hole Community Housing Trust created a mixed-use development that included 24 permanently deed-restricted Affordable ownership condominiums - 18 one-bedroom, 2 two-bedroom, and 4 three-bedroom homes - for households working in Teton County. Two commercial spaces are also part of the development. The Town of Jackson provided the land for the development, valued at $3,360,000; $1,250,000 in additional funding; plus, six off-site parking spaces valued at $60,000. The Community Housing Trust raised $2,151,250 from employers and community members.
In addition to the community benefits associated with permanently restricted Affordable housing, the Town of Jackson secured 5 employee rights of first purchase at 174 North King Street. The Community Housing Trust sold an additional four rights of first purchase for $275,000/each to local employers to help fund this project. Local employers taking advantage of these first rights include St. John's Health (3 units) and First Republic Bank (1 unit).
Sales prices ranged from $267,750 to $556,200. All homes will appreciate based on the WY Cost of Living Index not to exceed 4% annually.
- $4,670,000 - Public Funding (land + cash + parking spaces)
- $2,151,250 - Funds raised by the Community Housing Trust through philanthropy and sales of first rights of purchase
- $10,789,655 - Residential + Commercial Sales
- $16,773,136 - Total Project Cost
Demographics at Initial Sale (2022)
The Community Housing Trust sold 21 of 24 homes to local working households. Three of the 1-bedroom homes were purchased by St. John's Health and are rented to St. John's Health employees.
- one person - 9 households
- two people - 8 households
- three people - 3 households
- four people - 1 household
- <50% MFI - 2 households
- 50-80% MFI - 7 households
- 80-120% MFI - 9 households
- 120-200% MFI - 3 households
Employers with Employees Living at King Street Condos
Antelope Trails Ranch, Art Association of Jackson Hole, Berlin Architects, Club at 3 Creek Ranches, C-V Ranches, Excel Physical Therapy, First Republic Bank, JH Climate Action Collective, Jackson Hole Mountain Resort, Nelson Engineering, NY City Subs, PSAV, Ridgeline Operations LLC, St. John's Health, Snow King Mountain Resort, Sudachi, Teton County School District, Teton Adaptive Sports, Teton County, Teton Heritage Builders, Town of Jackson, Teton Youth and Family Services, United States Forest Service, Wyoming Inn