VICTOR, Idaho — On Thursday, March 7, the Snavely Group and Triple Peak Capital announced the completion of a Design Development Plan for the Sherman Park Workforce Housing Project, which will provide 55 income restricted housing units for families with incomes between 80% to 120% of the Area Median Income (AMI).
Following property rezone approval, the Developer submitted the plan to the City in January 2023.
The development comprises of four three-story buildings, totaling 90 residential units. The total number of income-restricted units has increased from 49 to 55. The refined design complies with all code standards, according to the announcement.
In 2022, the Teton County Joint Housing Authority, in collaboration with the City of Victor, initiated a Request for Qualifications to identify qualified developers for the approximately three acre Sherman Park site, focusing on multi-family units. The Idaho Housing and Finance Association granted a $4,000,000 conditional financing award to Snavely Property Company, contingent on the delivery of 23 units at the 80% AMI income target by December 31, 2024.
The presentation to the Council on Wednesday, March 13, will share the design features to create a mixed neighborhood plan at Sherman Park.
