SILVERTHORNE — Silverthorne has finalized its purchase of the Smith Ranch parcel, enabling the town to save the land for a future affordable-housing development.

Council members hope to annex and zone the land quickly, despite remaining hesitant to commit to a building project.

The final purchase cost was $3.56 million for the 51-acre property that is slated to be developed into a local’s neighborhood some time in the next decade.

“I think it’s the best thing we’ve done in recent Silverthorne history,” councilwoman Peggy Long said at Tuesday’s work session.

In mid-November, the town council approved spending up to $3.7 million to buy the property. The measure was approved as an emergency ordinance to save the town from $18,000 in monthly holding rights and interest fees after negotiations fell through with Compass Homes to annex and develop the property.

Essentially, the developer and the town couldn’t reach terms on conditions for annexing the property into Silverthorne, and the town was compelled to buy the property under a good-faith agreement signed in March.

By purchasing the property — which is comprised primarily of the “middle shelf” of the scenic ranch in the middle of Silverthorne — the town now will be able to control its development and ensure that it fulfills plans for worker housing.

Mark Leidal, the planning director for Silverthorne, doesn’t anticipate vertical construction will occur until at least 2010. Inquiries by developers, however, already have started.

“Annex it fast and zone it for what makes it least cumbersome to develop,” said Councilman Bruce Butler at Tuesday’s work session. “We can annex it and then sit on it. I want to see how the housing and rental market plays out over the next few years before we make a decision.”

By zoning it now, people won’t be able to dispute a future affordable-housing development, Long added.

The town council agreed that a vision and purpose needs to be made for the Smith Ranch parcel because affordable housing is extremely important to the town and the county.

Annexation and zoning matters haven’t been decided, but the council is leaning toward initial action and then patience before serious discussion of construction begins.

“I’m not in a rush,” said Mayor Dave Koop, “but I don’t want to squander an opportunity.”