Another day, another offer for BTNF

By on June 5, 2015

Days after one developer drops out, another steps up

JACKSON HOLE, WYO – Just days after USFS reps broke off talks with developer S.R. Mills on the sale of Bridger-Teton’s 10-acre parcel on North Cache, Forest Service officials announced today a new potential buyer has stepped up. The federal land is now under contract with local developer Mike Halpin and his partner John Shelton at the same $12 million asking price that Mills said he simply couldn’t make pencil.

Halpin admitted much depends on how quickly the town is willing to work through a rezoning of the property. A density increase would be needed to make the deal economically viable, Halpin said. He was optimistic, however, that could come together, citing a recent comment from Mayor Sara Flitner that stated the town is “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.”

mike halpin

Mike Halpin (Facebook)

 

Halpin is representing Jackson Hole Preserve LLC where he is owner and manager. Shelton is a managing partner with Trident Partners LLC – a national investor, builder and developer. Mills is the owner of Bear Developers out of Wisconsin. He expressed disappointment in his deal falling through but said he just couldn’t make it work at the asking price.

Forest Supervisor Tricia O’Connor said a sale would finally allow the Forest Service to move forward with much-needed improvements on the retained parcel at North Cache.

The 10-acre parcel was originally offered exclusively to the Town of Jackson for $13,475,000. Voters were asked to fund the purchase through a SPET in 2012 initiative but shot it down. After an auction of the land failed to turn up any bidders, local hotelier Jerry Johnson – who owns the Rustic Inn across the street – entered into an agreement to buy the property just one month after Sotheby’s listed it at $11.55 million in July 2013. That deal also fell apart.

SPET 2012 ballot information

SPET 2012 ballot information

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About Jake Nichols

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One Comment

  1. Ill but it

    June 5, 2015 at 9:33 pm

    A 10-acre parcel on North Cache for 12M and they can’t make the numbers work? Is it all worthless wetlands?

    That’s about 1.2 million per acre. Damn cheap for JH.

    All those rich folks paying 2.5 million for a Granite Ridge Lot on .58 acres, or 1.85 million for .69 acres cornering Kelly and Vine Streets have packed up and left town?

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