New housing and retail development to begin in Parachute

PARACHUTE, Colo. (KJCT) - Garfield County approved a new revitalization plan in Parachute, Colorado.

Some said the town is due for an upgrade.

“We are in dire need of housing,” said Diana Lawrence, long-time Parachute resident, and business owner. “Most people commute an hour and a half to two hours to go to work. That’s why we are called a sleeper community, but we have no amenities.”

The old Parachute Inn is the site of this new development. According to Adam Roy, a Principal Partner for Headwaters Development, converting the motel into an apartment complex is their plan.

“Parachute needs housing too, just like every other community in Western Colorado, they’re having their own challenges with housing, and we saw an opportunity to redevelop the Inn, maintaining a lot of the infrastructure and converting 107 motel rooms into 68 apartments,” said Roy.

The lot also has room for around 3,100 square feet of commercial retail opportunities.

“We’re looking at a small market, a small food and beverage component, and there’s an opportunity for a sizable laundromat, which is also sorely needed in the community,” said Roy.

Headwaters Development purchased the lot in 2022. Ever since, town leaders and various partners, including the Colorado Division of Housing, have worked to come up with a plan that could promote growth in Parachute.

“It’s been a long process, over two years in the making, and so to get this far and this close to the project actually commencing is really exciting for not only the town but the entire community,” said Travis Elliot, Parachute Town Manager. “This project has the potential to be transformative for the community and potentially a catalyst for future projects in the same kind of commercial core of Parachute.”

Elliot and those who reside in Parachute also believe this could mean growth for Western Colorado as a whole.

“You don’t realize how hard the housing crisis is,” said Elliot. “It’s in communities that you wouldn’t expect it to be like Parachute. So we just feel really fortunate.”

“Western Slope is the hidden gem of Colorado. We have the most potential for growth, but we also have the most potential financially for growth,” said Lawrence. “As far as businesses, investors, and housing, we are Colorado’s playground.”

According to Roy, developers and the town were awarded $5 million from the Concessionary Debt Program. First Western Trust, the Garfield Housing Authority, and other private investors also contributed. The town also applied for a grant from the Department of Local Affairs.

Demolition is set for late January 2025, with construction starting in the spring. Elliot said they anticipate this new development to be ready by 2026.