What this property is all about

This prime commercial property is ripe for a new, high-end redevelopment project. Property currently has an outdated motel and and duplex on it. Nine+ contiguous city lots include access to four streets including main downtown street and alley. Small, year-round stream on land makes a fabulous water feature ideal for a multi-use building that could include commercial, office and residential units. Property is partially on a hill, making a step-type building ideal. Demand for property in downtown Steamboat Springs has been very high and the prices are rising swiftly (See comparables chart). This is one of the last available and the one with the most potential because it is larger than most others with nine contiguous lots instead of two or three.

Commercial property is on the main street (Lincoln Ave) of downtown Steamboat Springs, CO with six+ lots facing Lincoln Ave and three adjacent lots behind. Front six+ lots are on flat ground, water feature runs behind it and the back three lots are on a hill facing Oak Street. The town is a popular destination resort with its major ski area and year-round recreation. Location is convenient to all activities and is ideal for a redevelopment project. City lots in downtown Steamboat are 7000 sq. ft. and have sold at well above $1M per lot since July 2006.

Asking Price

If you are interested, please contact us. Serious contenders only. Please consider the excellent location, the fact that its size gives more possibilities for a very nice project than others currently under construction, as well as the unique water feature. We have been asked if we would consider splitting the property between the area on the south side of the creek and the three lots on the north side. Our preference is to keep the entire piece together if possible.

We are looking for a clean, straight up contract that will cash us out of the property--no joint ventures or money left in.

A note about the motel business: if a buyer chooses to continue running the business until building plans are in place, that would help defray some of the purchase and carrying costs in the meantime. The buyer would have to find their own management for the business--we are not interested in this.

Contact Information

If you are a seriously interested developer or real estate professional with the right connections, please contact us to set up a time to come view the property:

email: info@western-lodge.com

telephone: 970-879-1050 Ask for Peter or Kathleen

Who we are selling to

We are looking for a developer who is interested in building a high-end multi-use building on this property. Several other projects are well on their way within a few blocks and demonstrate what the City of Steamboat Springs is looking for in redevelopments. Most entail a three-story building with a combination of retail space on the ground level, offices on the second level and residential condos on the third level. Because parking is an issue in downtown, these projects mostly have underground parking garages. Units are sold as commerical or residential condos and all projects appear to sell quickly and for excellent prices.

We are also hoping to find a developer who can "think outside the box" when it comes to a creative solution to the water feature on this property. It is not something to be afraid of because of city regulations. Variances are not that difficult to obtain because the city would very much like to see the old motel business go away and a new, multi-use building replace it. Zoning on the front six lots is commercial, the three lots in back are commercial-transitional and can be converted to full commercial. By doing so, a building can be set right to the property lines to make full use of the land. Three floors above ground are allowed. We have approximately 68,000 square feet of land.

The City of Steamboat Springs, like most resort towns, has a lot of regulations to deal with, however, in encouraging news, a new, pro-business city council has been elected and has expressed the possibility of revisiting some of the more stringent ordinances with the sense that those ordinances are too severe. Even if they end up not changing anything, it's been the observance that no matter what they initially balk on, they will approve just about anything when it brings in more money in through sales tax revenue created by new businesses in town.

Why we are selling

We are ready to retire! After running an intensely hands-on business for the last nearly 18 years, and before that many years of dealing with various properties and businesses, we are looking to retire. Our money is tied up in the land, so it's time to pull it out, let someone else take the reins, and move on.

Comparable Sales: July 2006 to Dec 2007

Comparable sales for commercial properties sold in downtown Steamboat Springs from July 2006 to December 2007 is available upon request in pdf format.

Similar Redevelopments in Downtown Steamboat Springs

The following links will take you to websites for similar redevelopment projects in downtown Steamboat Springs. These will give an idea about buildable square footage, the type of projects the city likes and sales figures for the various units.

Howelsen Place:
http://www.howelsenplace.com/
Alpenglow:
http://www.alpenglowsteamboat.com/home.php
River Walk:
http://www.riverwalksteamboat.com/
The Victoria
http://www.thevictoriasteamboat.com/
The Olympian:
http://theolympiansteamboat.com/

Topo Map of Property

Follow this link to a topographic drawing of the property. Please note that the Lot numbers 3, 4, 5, 6 and 7 should read Lots 4, 5, 6, 7 and 8 respectively. This was a mistake from the surveyor.

http://www.loopnet.com/Attachments/D/0/F/D0F60E29-818B-405E-8BA4-63851FBB2698.pdf