Construction begins at Autumn Colors
Bailey Homes of Elko last week began pouring footings for the first phase of the Autumn Colors subdivision on Sagecrest Drive off Mountain City Highway.
Jon Bailey, owner/manager of Bailey Homes, says the initial phase of the planned 234-home development includes 82 residences split between single-family homes and attached residences.
Severe cold weather had shut the project down for close to a month, but with a warming trend last week workmen were able to begin pouring concrete. Bailey expects to begin framing the first group of two 12-unit attached homes and eight single-family residences in coming weeks.
“We are waiting on the attached homes,” Bailey says. “We are trying to get the permit out of the city, and as soon as it is issued we are going vertical. When those roll over we will start the next part.”
Attached homes range in price from $179,000 to just over $200,000, while single-family homes range in price from $227,000 to $295,000 for larger models.
Bailey Homes was selected through a request for proposal process by Barrick Gold Corp. to develop employee housing in Elko City limits. The state’s largest mining company had invited several regional builders to an RFP process to help spur development of homes.
“We turned around really quickly from when we acquired the property to getting the final map approved,” Bailey says. “We got started late in the year on our entitlements, and if we are lucky we will get some houses on the market for the first part of this year.”
“If you’re going to produce roughly 80,000 ounces (of gold) a year at $800 an ounce … and gold is at $1,900 or $2,000 per ounce, that’s going to create a tremendous amount of cash flow.”