Jonathan Rose Companies > Projects

Benedict Commons
Aspen, Colorado Gateway resort communities such as Aspen, Colorado, where the average home price is over $3 million, increasingly face an affordability crisis in housing. Local employees suffer very long commutes as they cannot afford to live in town. Benedict Commons models as an alternative. Our Aspen affiliate, Curtis/AHDC developed 27 units of affordable housing on behalf of the City of Aspen only three blocks from the famed Ajax Ski Mountain to bring Aspen's employees home to Aspen. These downtown homes were sold to local employees earning approximately $17,000 to $38,000 per year and are deed restricted so as to remain permanently affordable. Although unit resale prices only rise with the CPI, purchasers do get the benefits of excellent returns on equity. For example, if an employee purchases a unit for $100,000 with $5,000 down, and the CPI is 2.5%, in one year the unit price will rise to $102,500 and the resident will have made a 50% return on their investment. Living downtown not only improves the lives of the residents, but also prevents the environmental impact of employee commutation into the city. Other green features include super insulation, Low-E glass, cross-ventilation, and recycled building materials. The units are gathered around a south-facing interior courtyard providing passive solar heat and community gathering space. The project won an award from the Aspen Historic Preservation Commission in 1996 for best new construction compatible with Aspen's history and an Ahwahnee Honor Award. - - - - Home \| Who We Are \| Projects \| News \| Resources © 2001 - 2006 Jonathan Rose Companies LLC Email us \| Contact Information		Firm Role Developer Project Description An affordable housing community constructed to help local employees live and work in Aspen. Construction Type New Construction, wood frame Architect Harry Teague Architects Development Profile 27 units Total Development Budget $5 million Status Completed in 1996.