Press Release
City of Aspen selects Gorman & Company as developer for Lumberyard housing project
Aspen, CO – Aspen City Council has approved a contract with Gorman & Company as the development partner for the Lumberyard affordable housing project, following a special meeting on July 14, 2025. This decision comes after a competitive request for qualifications and proposals (RFQ/P) process and through due diligence.
Gorman & Company was chosen due to their financial strength, strong affordable housing track record in Colorado, and experience with public-private partnerships.
"The agreement with Gorman marks a transformational milestone for Aspen’s affordable housing program," said Chris Everson, city of Aspen affordable housing project manager. "By partnering with a proven developer, the city is not just creating affordable housing — it’s investing in long-term community resilience and ensuring that the people who make Aspen thrive have the opportunity to live here too."
Under the agreement, the city of Aspen will retain ownership of the land and enter into a long-term ground lease with Gorman, who will build, own and manage the housing in compliance with deed restrictions and APCHA regulations. While Gorman has already begun limited pre-development efforts, they are now able to move forward with full project execution following the finalized agreement.
"We’re proud to be part of this important project and grateful for the opportunity to help bring high-quality, affordable housing to the Aspen community,” said Kimball Crangle, Gorman & Company Colorado market president. “This milestone reflects Gorman’s continued commitment to creating homes that support long-term stability and opportunity for working households in Colorado."
Gorman’s proposed schedule anticipates starting construction in 2026, with leasing expected to begin in mid-2028 and continue through 2029. To deliver the full buildout of approximately 300 rental units, the city plans to invest $250 million from its housing fund. To support the investment, City Council is considering a November ballot measure that would ask Aspen voters to authorize up to $70 million in bond financing without raising taxes. This will be reviewed by council at a future date.
For updates on the Lumberyard affordable housing project, visit aspencommunityvoice.com/lumberyard.
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For more information, please contact:
Chris Everson, affordable housing development senior project manager
Phone: 970-319-7529
Email: chris.everson@aspen.gov
Madie Bailey, communications coordinator
Phone: 970-309-1569
Email: madie.bailey@aspen.gov