By the end of the year, 1,000 people will call Three Springs home, and in the coming years, hundreds more homes could be built in the subdivision.
There are about 270 homes in Three Springs, and about 122 housing units, including 101 apartments, are under construction.
“We’ve got a really great start in the first 10 years,” said Pat Vaughn, president and CEO of the Growth Fund’s Real Estate Group.
Since Three Springs was annexed in 2004, $250 million has been invested in infrastructure near Three Springs, including Mercy Regional Medical Center and the interchange, known as the Bridge to Nowhere. The area is north of U.S. Highway 160, several miles south and east of downtown Durango.
The Growth Fund, owned by the Southern Ute Indian Tribe, has approval for about 2,000 units on the land it owns.
The company also has the option to buy another nearly 600 adjacent acres, and about half of that property could be developed, Vaughn said. However, the 600 acres is not within the city limits, and the sale to the Growth Fund could be years in the future, he said.
“At some point, we will be knocking on the door,” he told Durango City Council on Tuesday.
This year, the company intends to bring updated plans for the property before council that will likely include changes to Village II, the northern portion of the development, a new agreement with the Regional Housing Alliance and requested changes to the codes and standards that apply to the subdivisions.
The company also will propose changes for the plans for about 60 homes generally northeast of the existing residential development, said city planner Scott Shine.
The initial plan was to grade the area and put in retaining walls, but now lots may be larger to be able to work with the existing topography.
“We try to be very careful on the design to make sure that it works with the area,” Vaughn said.
These lots will likely be interlaced with some open space, and the homes will likely have a higher price than those on smaller lots.
If the update to the plan is approved, the company will start building infrastructure for the homes this summer, but it could take a few summers to complete.
The company also owns the commercial property adjacent to Wilson Gulch Road that will tie into the Bridge to Nowhere. This three-quarter-mile stretch of road should be completed this summer.
“That will give us a big leg up on marketing the site,” he said.
Businesses have been hesitant to commit to buying property or leasing a custom building until the road is finished.
In July, the 101-unit apartment complex is scheduled to be finished and the units will be the first market-rate apartments to be built in many years.
“It’s addressing a real need in the community,” Vaughn said.
Three Springs has also built 78 units designated as affordable or attainable housing so far to meet the city’s fair-share requirements. Certain developments in town are required to either build affordable housing or pay fees.