Investing Capital for the Future:
A Town Core for Silverthorne
Broadmark (NYSE: BRMK) invests $4.39M to allow the borrower to acquire and develop 1.3 acres for the future construction of a mixed-use residential condo community in Silverthorne, Colorado.
This project is part of the second phase of the new “town core” of Silverthorne. Historically lacking a downtown, Silverthorne awarded the district to the borrower via an RFP process to transition the block directly south of Fourth Street North into a walkable main street environment, with the residential component being the key driver of the project. Centrally located in the Town of Silverthorne, the Fourth Street Crossing District sits a quarter-mile north of Interstate-70. The Town desires this area to become the epicenter of downtown Silverthorne and the catalyst for the redevelopment of the entire town core. To achieve this, the Town is plowing public investment into the neighborhood, including a new $12 million performing arts facility one block from Fourth Street Crossing. Further, the Town has laid the groundwork for the successful development of the district by placing it in an urban renewal area allowing for Tax Increment Financing.
The original Fourth Street Crossing development (https://4thstreetcrossing.com/) includes the Bluebird Market, Hotel Indigo, 33 townhomes, and two 12-unit condo buildings with ground-floor retail, a public-private partnership with the Town of Silverthorne. Construction began in July 2019, and the hotel and market hall was completed in December 2021. Phased completion of the for-sale residential is ongoing and will conclude in May 2023.
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