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
Thank you for your overwhelming and historic support, Big Sky! 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. In a decisive 735 to 455 vote, voters approved the Cold Smoke Housing Bond, thanks to the leadership of Resort Tax and broad community support.
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 public funding approved by Big Sky voters
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. Cold Smoke will provide secure, affordable homes for 1,000 community members, and strengthen Big Sky’s ability to care for the people who care for it.
Statistic Source: 2024 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 Next Year
Immediately, BSCHT will finalize the agreements necessary to complete the land purchase with the current landowner, Lone Mountain Land Company (LMLC), as well as development and operation agreements for the apartments.
BSCHT has contracted with local engineering firm WGM Group to advise BSCHT and provide independent oversight. WGM will lead a team of experts to review and validate the Cold Smoke infrastructure scope and cost, as well as provide project oversight.
LMLC will begin installing infrastructure in April 2026. Barring minimal weather delays, LMLC expects vertical construction of the apartments to start in the fourth quarter of 2026.
Due to the complexity of the single-family portion, infrastructure installation there will require additional time, with vertical construction expected to begin in 2027. In the coming months, BSCHT will bid out this portion of the project to one or more developers.
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 $102,595.
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 cannot finalize prices until it has fully secured the land, funding, and contractors for the build. 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 will purchase the 99-acre Cold Smoke parcel, plus infrastructure, from Lone Mountain Land Company (LMLC) using a voter-approved bond against Resort Tax. This bond will not raise taxes.
On April 16, 2025, the Housing Trust and LMLC agreed to a land purchase price of $39.75 million and an infrastructure cost not to exceed $15 million.
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. Initial home sales will help provide capital for future construction.
Will there be dorms at Cold Smoke?
No. Although Cold Smoke will offer many rental opportunities, it will not have dorms. Instead, the apartment buildings will contain studio, one-bedroom, and two-bedroom units with all standard amenities, like 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. If BSCHT can secure Resort Tax bond funding to purchase the land in 2025, it hopes to deliver the first 50-100 homes in 2028 and complete the entire project by 2032.
What was the basis for determining the Cold Smoke purchase price?
Three different independent appraisers with experience in Big Sky assessed the value of the land. Resort Tax received its appraisal of $44.7 million in March 2025. The Housing Trust received its appraisal in November 2024 for $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.
In a separate bond not to exceed $15 million, LMLC will 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.