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Hearing set on second Wesvalley housing development

LAKE PLACID — The Joint Review Board has set a public hearing next month on a new housing development off of Wesvalley Road, one of three housing developments now in the works in Lake Placid.

This new 22-unit development, called Fawn Valley, is being undertaken by the Homestead Development Corporation. The HDC is an organization led by local construction manager Steve Sama, North Elba town Councilwoman Emily Politi, Realtor Whit Bissell, former Lake Placid mayor and current mayoral candidate Jamie Rogers, and accountant John Huttlinger Jr. It’s one of three housing developments currently in the works in Lake Placid, and the second planned for Wesvalley Road.

The HDC’s goal, according to its application to the Joint Review Board, is to “help develop more affordable housing stock in Lake Placid” — specifically housing for “skilled trades, professional workers and their families who are challenged to find housing near their workplace.”

The Fawn Valley complex would include six single-family, Cape Cod-style houses, and 16 two-bedroom condominiums located within four condo buildings, located off of Wesvalley Road across from Nash and Acrorn streets. The cost of these new units is intended to be affordable to a family making up to 200% of the area’s median household income, or about $147,000, according to the project application.

A housing needs assessment study released last year showed that with a target of 50% of the local workforce living within the community, North Elba and Lake Placid have a need for roughly 1,534 “workforce and affordable level” housing units. Most of that assessed need, 1,013 units, is for people who make less than $35,150 per year. In the study, affordable rent for that income range is defined as less than $879 per month for an apartment and under $123,000 for a house.

Much like another housing development currently being undertaken by local developer Joseph Barile, the Peaks at Lake Placid, this Fawn Valley project wouldn’t address the needs of that demographic. The developer’s target price for the condos is $155,000, or $185,000 for the single-family homes, according to the project application.

Though the housing wouldn’t serve the demographic that the housing needs assessment study identified as needing the most housing, the price of the homes would be set at a generally lower price than many of the properties currently available on the market in Lake Placid. Home values in Lake Placid have soared over the last few years as the demand for single-family homes continues to far outweigh the supply. One reason for that is an explosion of short-term vacation rentals in recent years, which has shifted many apartments and houses out of the long-term residential market.

The town and village joint land use code will require at least three of the Fawn Valley condos to be set aside as low-income housing. “Low income” in this case is defined as a condo with a mortgage that is less than 30% the income of a family of four earning 80% of the area’s median household income.

The HDC is fundraising to build this complex, according to its application.

“Fundraising is ongoing, we have received and are receiving donations and they are, and will be, from the community,” said Sama.

The HDC wants the complex to be governed by a homeowners’ association.

Like Barile with the Peaks at Lake Placid complex, the HDC developers want to deed-restrict the Fawn Valley properties. These restrictions would ban use of the properties for short- or long-term rentals, and would cap the resale price on the homes to be “limited to the initial investment, plus 25% of the appreciated value,” and “the appreciated value of all approved capital improvements.”

The complex would have six parking spaces per condominium building, or 1.5 spaces per unit. Each house would have its own driveway. The complex would use Lake Placid village electricity.

“We are hoping to break ground this spring and complete this project by the end of next year,” Sama said. “Infrastructure is planned to be 100% complete this year with approximately one-third of the residences in place.”

The public hearing on this project before the Joint Review Board is slated for Feb. 17 at 5:30 p.m.

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