Complete March 2023: Mercill Condos, Partnership with Mercill Partners LLC
This partnership with Mercill Partners created 30 Workforce condominiums – 20 one-bedroom homes and 10 two-bedroom homes – for households working in our County. Teton County provided the land for this development, valued at $2,100,000. The County also paid to move the existing historic structures for the Jackson Hole Historical Society & Museum (JHHSM) and to prepare the site for development, an additional cost of $130,000.
In February 2021, the Teton County Commissioners voted to exercise their option to purchase the 6,800 square feet of commercial space in the building for $800/SF. The County is leasing this space to two childcare providers: the Jackson Hole Children’s Museum and Happy Kidz Daycare, thus investing in this development to address two key community needs – affordable housing and childcare.
In addition to creating 30 permanently restricted homes for the community, Teton County secured five employee first rights of purchase in this development.
Of the thirty homes created, 18 Workforce Ownership (owners qualify for the Workforce Program and live in the homes) and 12 are Workforce Rental (tenants qualify for the Workforce Program, owners may not live in the homes). Sales prices ranged from $375,000 to $825,000. The 18 Workforce Ownership homes will appreciate based on the Denver-Boulder-Greeley Consumer Price Index not to exceed 3% annually.
- $2,235,000 - Public Funding (land + site prep)
- $1,200,000 - Developer Equity
- $20,800,000 - Residential + Commercial Sales
- $19,874,078 - Total Project Cost
Demographics at Initial Sale (2023)
The Mercill Condos developers sold 18 homes to local workers and their families. 12 of the homes were purchased by employers who are renting the unit to local workers and their families.
Household Sizes - 18 ownership homes
- one person - 12 households
- two people - 6 households
Household Incomes - 18 ownership homes
- <50% MFI - 1 household
- 50-80% MFI - 1 household
- 80-120% MFI - 7 households
- 120-200% MFI - 5 households
- >200% MFI - 4 households
Household Sizes - 12 rental homes
- one person - 2 households
- two people - 5 households
- three people - 1 household
Household Incomes - 12 rental homes
- <50% MFI - 0 households
- 50-80% MFI - 6 households
- 80-120% MFI - 2 households
- 120-200% MFI - 2 households
- >200% MFI - 0 households
Employers with Employees Living at Mercill Condos
Teton County Public Health, Community Entry Services, Silver Dollar Bar & Grill, Jackson Hole Mountain Resort, Teton County School District, Ski Butlers, St. John's Health, Four Seasons Resort, Gather Restaurant, Caldera Management LLC, Jackson Cardinal Flies, Blue Collar Restaurant Group, Snake River Brewing Company, Teton County Library, Bank of Jackson Hole, Bapp, Jorgensen Associates, JH Indoor, Graham Faupel Mendenhall Real Estate Group, Axis Gymnastics, The Liquor Store, Starbuck's, US Bank, OFG Construction, Teton Gravity Research.