Mercill Condos

Mercill_230608_01


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 are Workforce Ownership (owners qualify for the Workforce Program and live in the homes). The median price for a one-bedroom Workforce Ownership home was $386,250 and $545,000 for a two-bedroom Workforce Ownership home. These homes will appreciate at CPI not to exceed 3% annually - becoming more affordable to the local workers over time. 

12 homes are are Workforce Rental (tenants qualify for the Workforce Program, owners may not live in the homes). The median price for a one-bedroom Workforce Rental home was $430,000 and $675,000 for a two-bedroom Workforce Rental home. 

Project Funding

  • $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 - 4 households
  • two people - 6 households
  • three people - 1 household
  • four people - 1 household

Household Incomes - 12 rental homes

  • <50% MFI - 1 households
  • 50-80% MFI - 6 households
  • 80-120% MFI - 2 households
  • 120-200% MFI - 2 households
  • >200% MFI - 1 households

Employers with Employees Living at Mercill Condos

Bapp, Bank of Jackson Hole, Jorgensen Associates, JH Indoor, Graham Faupel Mendenhall, Axis Gymnastics, The Liquor Store, Starbucks, US Bank, OFG Construction, Teton County Library, Community Entry Services, Silver Dollar Bar, CLB Architects, Snake River Brewing Co., Jackson Hole Mountain Resort, Fine Dining Group, Teton County School District, Ski Butlers, St. John's Health, Four Seasons Resort, Teton Gravity Research, Gather Restaurant, Teton County Public Health, Dembergh Construction, Stillworks, Caldera Management LLC, Jackson Cardinal Flies, Blue Collar Group.