It has been a while since I did my last commercial property bulletin. A lot of this has been due to my personal involvement first with the Town of Telluride Town Council formed Commercial Zoning Task Force (CZTF) and subsequently initiative proposed by Planning and Zoning Commission members on residential restrictions in our commercial zone districts that ultimately led to these issues becoming election issues in this past months election.
Notable transactions in 2016 and to date 2017:
Whole Building Sales:
● The Strong House, 283 South Fir, sold for $2,600 MLS #33887
● The Belmont Building, 124 East Colorado, sold for $2,200,000 MLS #32628
Commercial Condominium sales:
● Fly me to the Moon/O’Bannon’s, 132 East Colorado, sold for $1,000,000 MLS #33670
● Miramonte Building/ Dave Ed unit 4, 333 West Colorado, sold for $652,614 MLS #33393
● Old Arroyo Space, 220 East Colorado Ave, sold for $988,000 MLS #34233
● Art House Corner of Fir and Pacific, sold for $835,000 MLS #33923
● Eye care store, 395 East Colorado, sold for $550,000 MLS #34373
● Pack it Ship it, Old Watch Space 125 West Pacific, sold for $479,000 MLS #32379
● There Restaurant space, 627 West Pacific, sold for $570,000 MLS #34610
● Cimarron Condominium C6 & C7, 300 Mahoney, sold for $718,000 MLS #34170
The following office spaces sold:
● Steel’s office, 126 West Colorado Ave, sold for $425,000 MLS #34855
● New San Juan Office suites 211 & 212, 220 East Colorado Ave. sold for $265,000 MLS #34260
● 219 West Pacific, sold for $880,000 MLS #35504
Notable withdrawn properties:
● Old Bank Building 109 West Colorado, latest asking $2,950,000 MLS #34603
Availability in the commercial sector is very slim and limited.
Current whole structure commercial properties listed include:
● 115 West Colorado, Asking price $4,995,000 MLS #35263
● Bell Building, 217 West Colorado, Asking price $3,250,000 MLS #32563
● Old Bank Building 109 West Colorado, Recently expired latest ask $2,950,000 MLS #34603
● 121 North Pine Storage/Residential, Asking price $3,000,000 MLS #34234
Commercial Spaces listed:
● Fir House Commercial 2, Asking price $1,425,000 MLS #33928
● Fir House Commercial 1, Asking price $1,010,000 MLS #33926
● 215 East Colorado, Hell Bent Leather, Asking price $995,000 MLS #34908
● 110 South Pine, Asking price $550,000 MLS #35490
A few notable changes in business moves and startups:
● Taco Del Gnar opened up at 123 South Oak
● SMART transit service is moving into the commercial space in the Spruce Street House on the corner of Spruce and Pacific.
● The Town of Telluride is planning to move forward with the construction of the building on south Fir and Pacific on what is locally known as the S.M.P.A. lot. This building will contain underground parking, The Ah- Haa School for the Arts and Affordable Housing.
● The Merriweather four corners project is moving along, one building on the corner of Fir and Pacific is complete. The Transfer warehouse is getting a facelift to be conveyed to Telluride Arts, and the main building to the south of the Transfer warehouse is coming out of the ground.
● Of the two buildings south of the Library on Pine, one is nearly complete and one is just starting construction. I am not aware of who will occupy the commercial spaces in these buildings.
● The Pederson building on Colorado Ave. on the corner of south Aspen is undergoing an extensive remodel and expansion.
● Down to Earth was sold to Lauren Reed and the business was moved to South Oak underneath the Visitors center.
● Angel Baskets is occupying the Old Belmont (Down to Earth old space) this holiday season.
● The Senate Building on South Spruce is nearing completion.
● The old Wagner Gallery on 120 North Fir is totally being remodeled into residential units.
● No news regarding the state of the Hotel Ajax, unfortunately.
Enjoy this overview, feel free to contact me with questions about commercial property.