{"id":2441538,"date":"2019-03-11T00:00:00","date_gmt":"2019-03-11T06:00:00","guid":{"rendered":"https:\/\/www.aspentimes.com\/?p=301387"},"modified":"2019-03-11T00:00:00","modified_gmt":"2019-03-11T06:00:00","slug":"business-monday-aspen-commercial-sales-flat-commercial-construction-up","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kspn\/local-news\/business-monday-aspen-commercial-sales-flat-commercial-construction-up\/","title":{"rendered":"Business Monday: Aspen commercial sales flat, commercial construction up"},"content":{"rendered":"
A crane that is part of the redevelopment project of the Boogie\u2019s Building on Friday sits in the background of the \u201cLego building\u201d on 535 E. Hyman Avenue, which sold for $28 million in 2018. Expect to see an uptick in commercial construction activity this year, according to Aspen real estate appraiser Randy Gold.<\/strong>
Rick Carroll\/The Aspen Times<\/figcaption><\/figure>\n

Sales of commercial properties in Aspen leveled off in 2017 and 2018 and will probably remain that way in 2019, a year that will see plenty of construction projects underway in the downtown core.<\/p>\n

That\u2019s according to the Aspen Appraisal Group\u2019s Randy Gold, who spoke at the Aspen Board of Realtors Market Update Luncheon on Thursday at the St. Regis Aspen Resort.<\/p>\n

Commercial sales in 2017 and 2018 accounted for $76 million and $72 million, respectively, while sales totaled $39 million in 2016, $89 million in 2015, $55 million in 2014 and $49 million in 2013, according to Gold.<\/p>\n

\u201cThe way I describe the market is stable with muted enthusiasm,\u201d said Gold, who has been a regularly featured speaker at the annual event. Last week\u2019s drew a record crowd, organizers said.<\/p>\n

Citing the City Council\u2019s overhaul of Aspen\u2019s land-use code in 2017, Gold said commercial-property buyers have grown more hesitant to invest in older downtown property because of tighter development regulations, which include 100 percent employee-housing mitigation, maximum building heights of 28 in the commercial core and the creation of second-tier commercial spaces (such as basements and above-ground floor spaces, for example), among other restrictions.<\/p>\n

\u201cAspen is essentially a no-growth town for a commercial developer,\u201d Gold said.<\/p>\n

Last year\u2019s commercial sales were highlighted by the $28 million sale of the so-called \u201cLego<\/a> building,\u201d completed in 2015, in February to a Dallas group of investors led by Stephen Summers. At the time of the sale, the 20,000-square-foot mixed-use building, located at 535 E. Hyman Ave., had been nearly devoid of retail tenants.<\/p>\n

\u201cSince that time,\u201d Gold said, \u201c(Summers) has managed to rent out the street-level space, some long-term and some pop-ups. \u2026 He\u2019s taken a building that was vacant for a long time and rented it out.\u201d<\/p>\n

The $23 million sale of the Meyer Business Building was the most expensive commercial transaction of 2017.<\/p>\n

Aspen\u2019s biggest commercial-property sale this year came Jan. 4 when a group Florida investors, as well as Aspen resident Jimmy Marcus, closed on the $14.8 million purchase of Katie Reed Plaza<\/a> at the corner of Hopkins Avenue and Monarch Street. The complex is home to Rustique Bistro, Meat and Cheese and other businesses. The businesses of Rustique, as well as the Cooking School of Aspen and The Cottage Aspen \u2014 all owned by Rob Ittner \u2014 are part of the plaza and are under contract for purchase. They all will close in mid-April.<\/p>\n

That\u2019s also around the time when construction activity will start heating up downtown, something not lost on Gold.<\/p>\n

\u201cThere\u2019s a huge amount of construction happening,\u201d he said, noting such current projects as the demolition of the Boogie\u2019s Building and the W Hotel at the base of Aspen Mountain, as well as pending projects including the redevelopment at 201 E. Main St., the city\u2019s new 37,500-square-foot office building<\/a> on Rio Grande Plaza, and potential projects at the Conoco service station on Main Street, the redevelopment of the old Crystal Palace space into a boutique hotel, and other projects.<\/p>\n

\u201cAll of that stuff will start in 2019,\u201d he said, \u201cprobably.\u201d<\/p>\n

rcarroll@aspentimes.com<\/p>\n

via:: The Aspen Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A crane that is part of the redevelopment project of the Boogie\u2019s Building on Friday sits in the background of the \u201cLego building\u201d on 535 E. Hyman Avenue, which sold for $28 million in 2018. Expect to see an uptick in commercial construction activity this year, according to Aspen real estate appraiser Randy Gold.Rick Carroll\/The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-2441538","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-15 04:31:35","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":"KSPN The Valley's Quality Rock","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kspn","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2441538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/comments?post=2441538"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2441538\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/media?parent=2441538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/categories?post=2441538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/tags?post=2441538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}