Boulder-based investment firm, Crossbeam Capital, had reason to celebrate last month. Steamboat Springs City Council unanimously voted in favor of their proposed housing development Bear Creek Village, which will further alleviate the current housing shortage.

The Proposal

Crossbeam Capital’s proposal includes 55 units within a 13 row-style building development on the west side of downtown Steamboat, between the Routt County Combined Law Enforcement Facility and Whitehaven Mobile Home Park. Seventeen units will be deed-restricted workforce housing and comprise of studios, handicap accessible studios, one-and two-bedroom units.

The project was presented to the planning commission on April 23, 2023 by Walter Magill of Steamboat-based Four Points Surveying and Engineering. Aside from several concerns regarding parking and snow removal, the commission voted in favor 5-1. “We look at it as options for families, students, employees and others who want to live close to the Yampa River Core Trail, public transit, and downtown,” Magill said.

The property is zoned for commercial development, which allows multi-family housing with a conditional use permit. Crossbeam Capital has a proven record with similar developments, including a recent one in Edwards, Colorado. Using modular building techniques, they started building 120 units in 2019, which were sold in 2020. The company specializes in sourcing locations where demand is high, but supply is what they deem “artificially constrained.”

Housing Need High In Steamboat

In a statement to the Steamboat Pilot, City Council member Michael Buccino said the housing project would benefit the “middle part” of Steamboat and those who live in town and are tired of living with roommates. A recent study shared by the Yampa Valley Housing Authority identified a current need for 1400 homes.

Crossbeam Capital’s proposal would enable a faster turnaround than other current developments, due to their financing and construction model. “I’m fully supportive of this project,” Buccino continued. “I think this is fantastic. We’ve needed this small scale.”

The two-bedroom units are listed at 950 sq ft, while on the smaller side, some of the studio apartments will be 332 sq ft.