Cold Smoke
Courtesy of Lone Mountain Land Co.
Cold Smoke, adjacent to RiverView Apartments and across the South Fork of the West Fork of the Gallatin River, will add 389 community homes for rent and purchase.
The development, planned by Lone Mountain Land Company in partnership with the Housing Trust, will chip away at the 1,354 homes needed to meet the community’s demand by 2028.
Although the partnership is in its early stages, it hopes to make the first phase, consisting of 50-100 homes, available as early as 2027.
All homes will serve the local workforce and their families.
125 Homes
Sale & Rent Product
Open Space & Trails
Cold Smoke Ownership
All homes for purchase require local workforce occupancy. BSCHT will also use the Ownership Interest List for the MeadowView and Yellowtail developments. The date you join the Interest List does not guarantee a specific spot in line.
Cold Smoke Rentals
All apartments for rent require local workforce occupancy. Cold Smoke apartments are not dorms and will not be designed as employee housing. Cold Smoke apartments will rent directly to locals working in Big Sky, regardless of where they work.
The Ownership and Rental Interest Lists are not yet prioritized. All individuals and households may join both lists. The date households join either list does not guarantee a specific spot in line for Cold Smoke or any other Housing Trust development. Depending on demand, the Housing Trust anticipates picking Cold Smoke occupants via a weighted drawing. The Housing Trust will provide more information as the project progresses.
TARGET INCOMES
100% AMI (Area Median Income)
In Big Sky, the median household size is 2.5 persons; the median income for this household is $92,650.
2024
Annex into BSWSD
2025
Infrastructure Construction
2026
Start Vertical Construction
2027
Phase 1 Occupancy
WHAT’S NEXT?
Annex into Big Sky County Water & Sewer District (BSWSD)
Because the Cold Smoke parcel is still raw land, part of the preconstruction stage involves annexing it into the BSCWSD. Annexation will provide needed infrastructure and preserve Cold Smoke for the local workforce only by leveraging system access rights secured by the community’s Resort Tax vote in 2020. In exchange for access to BSCWSD, all apartments and homes must be deed-restricted to guarantee permanent affordability, require local workforce occupancy, and prohibit short-term rentals.
Frequently Asked Questions
What is Cold Smoke?
Cold Smoke is a collaboration between Big Sky Community Housing Trust and Lone Mountain Land Company to build new rental and purchase housing product exclusively for the local workforce and their families.
Why does the community need a development like Cold Smoke?
According to the 2023 Housing Needs Assessment Update, Big Sky will need 1,354 homes by 2028 to meet current demand and keep up with job growth. Cold Smoke will add 389 homes.
When will Cold Smoke be ready for occupancy?
Cold Smoke is a multi-phase project in its initial planning stages. Located outside the Big Sky County Water and Sewer District, the first step is to annex the property utilizing workforce housing SFEs. On July 16, 2024, BSCHT Executive Director David O’Connor and LMLC Director Cryder Bancroft began discussing annexation with the BSCWSD board.
Phase 1, consisting of 50-100 homes, may be ready as early as 2027.
How much will rent be in Cold Smoke Apartments?
The partnership anticipates offering most apartments for rent but may also reserve some for purchase. Based on current building costs, rents will not surpass what is affordable for households earning 150% of the area's median income (AMI). The project hopes to secure subsidies to lower the rental rates.
How much will homes cost at Cold Smoke?
Unlike apartments, where the building cost is affordable to households earning 150% of the Area Median Income (AMI), building costs for single-family homes are only affordable to households earning over 300% AMI. Because of these high building costs, setting sale prices without knowing all subsidies and funding sources is challenging. The partnership hopes to sell Cold Smoke homes at 150% to 250% AMI.
