Cold Smoke
In the heart of Big Sky, the Cold Smoke neighborhood will bring 125 homes for ownership and 264 rental apartments for local workers and their families, with the first apartments opening in 2028 and homes to follow in 2029.
Cold Smoke at a Glance
Driven by local momentum, backed by voters, and protected by permanent deed restrictions, the Cold Smoke neighborhood represents the largest workforce housing investment in Big Sky’s history. Cold Smoke will provide secure, affordable homes for 1,000 community members, strengthening Big Sky’s ability to care for the people who care for it.
389 Homes
Affordable rental and for-sale homes for Big Sky’s workforce
Opening 2028-2029
First rentals open in 2028; ownership homes in 2029
Central Location
Close to Town Center; connected to trails and local transportation
99-Acre Site
Walkable neighborhood plan with rentals, homes, and community open space
Voter Approved
$54.75 million in Resort Tax bond funding for land and infrastructure
Permanently Affordable
Deed restrictions keep homes affordable and local for generations
Why Cold Smoke Matters
Big Sky’s housing shortage is not just a statistic. It affects the teachers, hospitality workers, emergency personnel, families, and business owners who keep this community running.
Statistic Source: 2023 Big Sky Housing Needs Assessment Update
80%
of Big Sky’s workforce cannot afford to live where they work
1,100
affordable homes are needed to meet the existing demand
0%
long-term rental vacancy rate due to vacation rental growth
The Year Ahead
What’s next for Cold Smoke
The coming year will focus on land acquisition, infrastructure installation, and preparation for vertical construction, laying the groundwork for phased construction and occupancy in the years that follow.
On November 18, 2025, the Gallatin County Commissioners approved the Preliminary Plats for the Cold Smoke neighborhood. BSCHT anticipates closing on the land purchase in January 2026.
BSCHT has contracted with local engineering firm WGM Group to provide independent oversight and validate the scope of Cold Smoke’s infrastructure. LMLC expects to begin infrastructure installation in April 2026. Barring minimal weather-related delays, LMLC hopes to start vertical construction of the apartments in the fourth quarter of 2026.
Due to the complexity of the single-family portion of the project, infrastructure installation for that phase will require additional time. In 2026, BSCHT will bid out construction of the for-purchase, single-family portion of the neighborhood.
Community Land Trust Model
The Housing Trust will sell the 125 for-sale homes at Cold Smoke utilizing the Community Land Trust model to ensure the homes remain affordable for all generation of owners. This is the same model employed at MeadowView Condos.
Purchase Land
The Community Land Trust uses public funding to purchase the land and infrastructure.
Construct Homes
CLT partners with construction experts to install the infrastructure and build the homes.
Sell Homes
CLT retains the land and sells discounted homes to locals with a 2% appreciation cap per year.
Pay it Forward
Owners agree to pay it forward and must resell at a discount to another local family.
Cold Smoke Target Incomes
100% AMI (Area Median Income)
In Big Sky, the median household size is 2.5 persons. In 2025, the median income for this household is $102,600.
Because most Big Sky incomes fall above the area’s median income, the Cold Smoke neighborhood will target incomes ranging between 100% and 250% AMI.
Frequently Asked Questions
What type of homes will be at Cold Smoke?
LMLC will develop the 264 apartments that will neighbor RiverView Apartments along Highway 64. These eight buildings will contain studio, one-bedroom, and two-bedroom apartments. Most will rent directly to local employees, but some may also be available for purchase.
The Housing Trust will nestle the 125 homes into the hillside across the river and away from the highway. The homes will have either two or three bedrooms and a garage. A mix of attached and detached homes will be available for sale. The Housing Trust will solicit bids for this portion of the project.
Will there be an appreciation cap at Cold Smoke?
Cold Smoke purchase opportunities will share the same appreciation cap as MeadowView Condos, which is 2% per year. An appreciation cap prevents market pressures from driving prices beyond the reach of average wage earners, ensuring that the community's initial investment to purchase the land and sell below-market-rate homes passes to all Cold Smoke owners, keeping the community livable for future generations.
Who can buy at Cold Smoke?
Cold Smoke purchase opportunities will be available to any Montana resident who is also a full-time member of Big Sky's workforce, regardless of their employer. Additionally, buyers must reside in the home year-round, qualify for a conventional mortgage, and meet local income requirements. Cold Smoke buyers cannot own other residential property. For example, if buyers own a MeadowView Condo, they must sell their existing home to upgrade to Cold Smoke.
The target income for ownership opportunities at Cold Smoke is between 120-250% of the Area's Median Income (AMI).
Who can rent at Cold Smoke?
Cold Smoke rental opportunities will be available to any full-time member of Big Sky's workforce, regardless of their employer who make an income between 100-140% of the Area's Median Income (AMI).
How much will homes cost to buy or rent at Cold Smoke?
Building costs are high, and the project is still in the preconstruction stage. The Housing Trust hopes to sell Cold Smoke homes to residents with an AMI (area median income) of 120% to 250%. BSCHT will rent the apartments to locals with an AMI of 100% to 140%.
Rent or monthly mortgage payments cannot exceed 33% of these income ranges because of the water and sewer connection rights the project hopes to gain by annexing into the Big Sky County Water and Sewer District.
The chart below shows the 2025 Area Median Incomes (AMI) for Gallatin County, set annually by the United States Department of Housing and Urban Development (HUD). The 100% column represents the median income for various household sizes.
Who currently owns Cold Smoke?
Big Sky Community Housing Trust purchased the 99-acre Cold Smoke parcel, plus infrastructure, from Lone Mountain Land Company (LMLC) using a voter-approved bond against Resort Tax on January 7, 2026.
What is the total project cost?
The Housing Trust project expects Cold Smoke to cost approximately $220,000,000 in total. In addition to Resort Tax funding, the project will leverage commercial financing, philanthropy, and other grants to begin construction.
Will there be dorms at Cold Smoke?
No. The apartment buildings will include studio, one-bedroom, and two-bedroom units with standard amenities, such as laundry.
When will Cold Smoke be ready for occupancy?
Cold Smoke is a multi-phase project in its initial planning stages. Because of this, an accurate timeline is not yet available. Cold Smoke hopes to deliver the first apartments in 2028 and the first single-family homes in 2029.
What was the basis for determining the Cold Smoke purchase price?
Three independent appraisers with experience in Big Sky assessed the land's value. Resort Tax received its $44.7 million appraisal in March 2025. The Housing Trust received its appraisal in November 2024, valued at $45 million. LMLC received its appraisal in June 2024 for $49.5 million. LMLC agreed to sell the land for $39.75 million – a 14.3% discount below the average appraised value of $46.40 million.
LMLC will also install the necessary infrastructure on the land, such as roads. WGM Group will provide project oversight and oversee the scope and cost of the infrastructure installation.