Another extension granted for major development

Wednesday, February 08, 2012

By Jake Nichols

Jackson Hole, Wyo.-“These are tough economic times and this is not the only project that we’ve seen hit,” Mayor Mark Barron said, empathizing with the latest developer to ask for an extension on his project.

While it wasn’t a hole in the ground, Councilors have had to look no farther than out their chamber’s windows where, across the street at the corner of Pearl and Willow, stood another halted project. At Monday’s meeting, owner Dave Larson explained to the Council why a project a decade old was still unfinished. “I’m sure you’ve heard it over and over, but we finished the first phase and then the bottom fell out of the market,” Larson said. “There was no demand; no lending for construction or real estate buyers.”

Rewind to 2002. The Willow Street project was approved in September and construction began immediately on the aspects of the development most likely to make money – six free-market condos and some retail space. Work was completed by 2004 and every condo was sold by 2005. Then developers sat on it for three of the most lucrative real estate boom years Jackson has ever seen.

Larson missed the five year window to have Phase II and III completed. He asked for a three year extension, got it, and now wanted another one. Larson also said he would combine the last two phases once the economy shaped up.

“Your guess is as good or better than ours whether the economy will turn around in three years,” Larson told the Council. “There would be no benefit in allowing this approval to expire. Actually, the contrary would be true. We believe it is a good project and would like to see it through.”

Noted in the staff report was the fact that Larson’s was the only Planned Mixed-Use Development, a tool now packed in dry ice, that was stalled in mid-construction after the completion of a portion of the plan.

“If I was living in 199 [East Pearl] right now I would be petrified that I could have a brick wall standing beside me,” Mark Obringer said, adding that he thought it was best to let the developers continue what they started. “They may come back with some design changes and I can appreciate that, but we would still be holding their feet to the fire to have some of the original things we approved like the plaza area.”

Bob Lenz was the only Councilor in opposition to granting the extension and amendment. “They are already talking about redoing the project, and they’ve had 10 years to do it,” Lenz said. “One-ninety-nine Pearl is not what I would call ‘Jacksony,’ and it is against what I ran for.”

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Another extension granted for major development | Planet JH News Article: Council Chronicles

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