{"id":24894,"date":"2019-06-05T18:40:00","date_gmt":"2019-06-06T00:40:00","guid":{"rendered":"https:\/\/www.summitdaily.com\/news\/prepared-to-seize-the-property-breckenridge-buys-downtown-building-for-6-3m\/"},"modified":"2019-06-05T18:40:00","modified_gmt":"2019-06-06T00:40:00","slug":"prepared-to-seize-the-property-breckenridge-buys-downtown-building-for-more-than-6m","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kift\/local-news\/prepared-to-seize-the-property-breckenridge-buys-downtown-building-for-more-than-6m\/","title":{"rendered":"Prepared to seize the property, Breckenridge buys downtown building for more than $6M"},"content":{"rendered":"
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The Breckenridge Professional building is sandwiched on the east and west by town-owned property and the back of the building butts up against the resort-owned South Gondola Lot. The town recently bought the property for $6.3 million.<\/strong>
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Breckenridge has forced the sale of a downtown building after coming to terms with an owner who would have preferred to keep the property.<\/p>\n

Ed Bello said he really didn\u2019t want to sell the Professional Building in downtown Breckenridge, but he understands the town\u2019s reasons for pursing the sale, remains complimentary of the way local officials handled it and believes that he got a fair price.<\/p>\n

Breckenridge recently bought the building, which is next door to Breckenridge Town Hall, for $6.3 million after town council expressed its intent<\/a> in February to buy the property or seize it through eminent domain.<\/p>\n

\u201cIf this thing had to happen, I have no complaints with how they handled it,\u201d Bello said about town staff and the real estate agent who represented the town\u2019s interests in the transaction. \u201cI wish I didn\u2019t have to sell it, but I understand what\u2019s going on \u2014 they needed it \u2014 and they handled (the negotiations) very professionally and very well.\u201d<\/p>\n

The purchase strings together a handful of town-owned properties that line the Blue River and form an \u201cL\u201d shape around the South Gondola Lot. That\u2019s where Breckenridge plans to build a large parking garage after nailing down a long-term lease<\/a> with Vail Resorts, the owner of Breckenridge Ski Resort and the South Gondola Lot.<\/p>\n

On Wednesday, town manager Rick Holman detailed the town\u2019s reasons for buying the Professional Building, the least of which, he said, was anyone\u2019s desire to get Breckenridge into the commercial real estate business.<\/p>\n

\u201cTypically, as a town, we wouldn\u2019t look to be in the commercial real estate business, but it was a very strategic purchase for us,\u201d Holman said, explaining that town staff really wanted control of the land on which the building sits, along with some of the easements tied to the property.<\/p>\n

Holman said Breckenridge is looking to create \u201ca nice space\u201d around the new parking garage on the South Gondola Lot with a heated walkway between Town Hall and the Professional Building leading to a plaza on the southeast corner of the new parking area.<\/p>\n

Most basically, he said, the land on which the Professional Building sits \u201cfits into the designs.\u201d The town manager added that preliminary designs for the new parking structure lot could come before Breckenridge Town Council as early as Tuesday.<\/p>\n

Property records<\/a> show Bello purchased the downtown building for more than $3.17 million in 2016. Afterward, he renovated the property, and it was fully leased out when the town began pursuing the purchase.<\/p>\n

Holman promised the town will honor all existing leases and has no plans to kick anyone out. He added that many of the businesses occupying the building, which includes US Bank, offer valuable services to residents and guests.<\/p>\n

With an extensive background in commercial real estate, Jack Wolfe<\/a> of LIV Sotheby\u2019s International Realty represented the town on the sale. He said the agreed-upon price was based on the market value of the property, including potential rental income, and this was \u201ca market-rate purchase for the town.\u201d<\/p>\n

Another key component of the sale, Wolfe and Bello both said, was a 1033 exchange, which allows an owner who\u2019s required to relinquish his or her property, either through a forced conversion or the threat of condemnation, to defer capital gains taxes by purchasing another property, not unlike the more commonly used 1031 exchanges.<\/p>\n

\u201cOne of my concerns, frankly, was what am I going to do?\u201d Bello asked about being forced into a sale. \u201cI could sell this now and then I have to pay a bunch of taxes, or I get 45 days to go find another property to replace it?\u201d<\/p>\n

Bello wasn\u2019t comfortable with either option, he said, and when Wolfe came up with doing a 1033 exchange, \u201cit definitely made a difference.\u201d<\/p>\n

While a 1033 exchange isn\u2019t much different from a 1031 exchange, a 1033 typically involves a government entity and allows the seller considerably more time to buy another piece of real estate by jumping the deadline to close on the replacement property from 180 days to as long as three years.<\/p>\n

Bello said the extended timeframe will give him time to identify a replacement property and perhaps even weather soaring real estate prices.<\/p>\n

\u201cI\u2019d say this has been one of the best transactions I\u2019ve been involved with in Breckenridge,\u201d Wolfe said about the result, adding that Bello was a true real estate professional in the negotiations. \u201cI just felt like both parties were very straightforward and both parties got a fair deal out of it.\u201d<\/p>\n

As for Bello, he\u2019s already looking to buy another property in the area, he said.<\/p>\n

via:: Summit Daily<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Breckenridge Professional building is sandwiched on the east and west by town-owned property and the back of the building butts up against the resort-owned South Gondola Lot. The town recently bought the property for $6.3 million. Breckenridge has forced the sale of a downtown building after coming to terms with an owner who would […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[97],"tags":[],"class_list":{"0":"post-24894","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-13 23:21:30","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KIFT - The LIFT FM","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kift","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/posts\/24894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/comments?post=24894"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/posts\/24894\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/media?parent=24894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/categories?post=24894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/tags?post=24894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}