Town of Silverthorne Considers Growth

The Town of Silverthorne knows it is growing.  Truly, it’s the location in the County where most of the future growth will happen.  But, how to make sure it happens “properly.”  It’s really a mixed community.  You can still purchase real estate here for less (in most cases), and get more for your money, than other areas of the County. 

But, this is not a ski resort like Breckenridge, Copper Mountain or Keystone.  And, it’s not the center of the County like Frisco.  And it doesn’t sit on a lake like Dillon does.  So, what it it?  The Town of Silverthorne basically got its start in the early 60s as a blue collar burg housing much of the work force for the Eisenhower Tunnel and the Lake Dillon Dam.  In the 70s, major subdivisions were planned and sold both in and close to the Town.  Willowbrook Meadows and Wildernest come to mind.  The factory outlet stores came to town in the 80s.

It was the 90s, however, when Silverthorne joined the rest of the County in major new construction projects and sales of lots in high-end subdivisions.  The Raven Golf Course community of Three Peaks was launched, and developers began plans to develop the Heitt and Smith Ranches into a private, gated community.  Target came to Town, Wildernest was nearly built-out and the Town lost City Market (1/3^rd of its tax base) to the Town of Dillon.  Half of the former space became an Office Max, and the Summit Place Shopping Center got a facelift.  The Town acquired land along the Blue River between I-70 and 6^th where it planned to establish a real “Town Center”, and the first building on that land, The Silverthorne Pavilion, was built.  It continues to host a variety of entertainment venues and Town activities. 

So, where do you go from here?  A survey was conducted in 2003 by the Northwest Colorado Council of Governments (NWCCOG) which established a baseline of demographics on the Town, from living styles to incomes to reasons for living here.  However, a Town-sponsored public meeting this week was attended by nearly twice the number of people the Town fathers expected.  A full agenda spoke to some new development (not necessarily new direction) designed to entice more visitors to this quiet burg and bring in more tax revenue in the process.  Since this Town long ago gave up its share of real property taxes, it has had to rely ever more heavily on sales tax. 

The presentation began with a presentation on the results of the Economic Development Task Force, which took a look at a variety of things, such as stabililzation of the tax base.  It then progressed to a survey conducted by the market consulting firm of ccintellect, which refined some of the recommendations.  Two of the primary recomendations were an ugrade of the factory stores, and continued development of a "real" town center. 

The next presentation was from TGS North America Real Estate Investment Co., the company that owns the Outlets at Silverthorne.  The company is putting about $8.5 million into a complete facelift of the Outlets, and is attracting some high-end tenants, including Ralph Lauren, Coldwater Creek and others. 

Finally, Alberta Partners, the company awarded the contract to develop the balance of the Town Center, presented a slide show of the two new buildings.  From a wide spot in the road off Highway 70, Silverthorne is striving to become more of a destination, and a more attractive community to visit.  Real estate values should improve overall, and lifestyle will be enhanced - at least if the Town Fathers have their way.