Bridger-Teton National Forest Jackson land under contract
by Bridger Teton National Forest
June 23, 2015
The Bridger Teton National Forest announced Wednesday, June 3, 2015 that it is under contract with The Jackson Hole Preserve LLC for the sale of its 10-acre parcel in the Town of Jackson. The Jackson Hole Preserve is owned and managed by Jackson resident Mike Halpin and national investor, builder and developer Trident Partners, LLC along with its Managing Partner, John Shelton who also lives in Jackson. Trident has a long track record of success in multiple product types and has owned or developed over 8 million square feet of commercial space. Halpin also brings significant development experience to the table along with deep ties to the community. Trident and Halpin combine to bring a shared ethos that is aligned with the Jackson community’s own sensibility - to ensure quality development and a sense of stewardship of the largest undeveloped parcel in the Town of Jackson. The purchase price for the property is the same as the prior contract at $12 million dollars. "This sale will also allow the Bridger-Teton to continue with our plans for the retained parcel and provide the updated facilities for our administrative needs," said Forest Supervisor Tricia O’Connor.
Halpin expressed concerns about the zoning process and the time it could take to get the zoning necessary for an economically viable development. This concern was cited in part due to the previous buyer’s withdrawal from the transaction; however, given his relationship with Trident and their nationwide development expertise, combined with his prior development experience in Teton and Lincoln Counties and his relationship with the Forest Service, Halpin is hopeful the Town can act quickly and meaningfully. Trident and Halpin both stressed that the Town’s cooperation and expeditious approval of necessary zoning is key to this project’s success. Supporting this optimistic outlook, Halpin noted recent comments from Jackson’s Mayor Flitner, that "we are very interested in working with a potential buyer or any landowner at that site because we view it as a real possibility to put a dent in some of our housing needs."
Halpin noted that Shelton and he view this as an uncommon opportunity for a win-win. Shelton and Halpin both understand Teton County, have deep roots in the valley and national development expertise and sensitivity to the community’s housing needs. They will approach this project not just from the standpoint of financial upside but because it will work for the community and help to chip away at the vexing housing issue. Halpin added: "for us it’s a unique opportunity that checks two key boxes: with proper zoning it’s financially viable but also contributes to the greater good. We’d be able to do what we’re uniquely good at doing and give back to the community at the same time".
Shelton and Halpin look to move forward in collaboration with Teton County, the Town of Jackson and the Forest Service to zone and plan the property to allow for expeditious closure of this important and unique opportunity.
For more information contact Christopher Hawks at the Jackson Hole Preserve at chris@hawksassociates.net or 307-733-9437.
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