PUBLIC POLICY CHANGES

The proposed House Bill 36, which could allow local governments in ski towns, including Summit County, to impose taxes on vacant homes to fund affordable housing initiatives. With over 40% of homes in these communities remaining unoccupied, the bill aims to address rising real estate prices and limited housing availability for locals. If passed, counties and municipalities could ask voters to approve an excise or property tax on vacant properties, while short-term rentals would be exempt. Proponents argue that this revenue is essential for developing affordable housing solutions. However, the bill must still gain local voter approval.

MARKET UPDATES

Recentric Real Estate has successfully closed the sale of the Summit Medical Office Building, a 41,260-square-foot Class A medical office property located in Frisco, CO, adjacent to CommonSpirit St. Anthony’s Summit Hospital. The property was sold for $15 million on September 22, 2025, with Recentric acting as the co-exclusive representative for the seller, Summit Medical Building, LLC. The three-story building, constructed in 2004, is 94% occupied and hosts a diverse mix of healthcare and public service tenants, including Colorado Cardiovascular Surgical Associates and Vail-Summit Orthopedics & Neurosurgery.

The $90.5 million Foote’s Rest mixed-use redevelopment project in downtown Frisco broke ground in December 2025. Spanning 108,000 square feet with key features that include an 80-room Marriott Tribute hotel and five food and beverage concepts. Additionally, there will be a 13,000-square-foot entertainment venue featuring six bowling lanes, six golf swing suites, and a sports bar, along with a 4,000-square-foot area designated for events. The project will also address community needs by providing dedicated employee housing units and will maintain historical integrity by preserving six existing structures on the property. Completion is expected in late 2027.

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