199 East Pearl

Development Summary199 East Pearl Property


Overview:

This development is a mixed use development of commercial and residential that originally had a requirement to build two one-bedroom Affordable units. The Housing Mitigation Plan was later amended and the units are now Employment-Based. Parking is in a heated underground parking garage, and storage cages are also located in the garage.

There is also an Employee Housing unit that was required as a result of the impact of the commercial spaces.

199 East Pearl Condominium Addition to the Town of Jackson was platted on February 17, 2004 as Plat No. 1107. This development has two Employment-Based Units and one Employee rental unit.

  • Unit 205  1-bedroom 1 bathroom Condominium
  • Unit 206 1-bedroom 1 bathroom Condominium
  • Unit 100 1-bedroom 1 bathroom apartment

Year Built:

This development was completed in 2004.  

Type:

Mixed Use with commercial units on the bottom floor and market condos on the second and third floors and Employment-based condos on the second floor.

Program:

Employment Based and Employee Housing

Tool:

The residential portion of the development generated a requirement based on the Inclusionary tool. The commercial portion of the development generated a requirement based on Linkage, which is related to the impact of new development.

Developer:

Pearl Willow Investors, LLC

Restriction:

The restriction on the Employment-based units is a covenant that requires the owner to occupy the unit at least 10 months each year. There is no limit to the income the household may have or to the amount of assets the household has. However, at least one adult in the household must be employed full time in Teton County and the household  must continue to earn 75% of their income from a local business.

The Employee Unit has Employee Housing restrictions. This unit is intended to be a rental unit. The owner may not occupy the unit. It must be rented to someone working in Teton County making 120% or less of median income, and rent cannot be more than 30% of the household’s income.

HOA:

199 East Pearl has an HOA that is ruled by the Declaration of Condominiums for 199 East Pearl Condominium addition to the Town of Jackson.