Premiere and extraordinary development opportunity in the Heart of Downtown Durango, Colorado. Designated as general office/retail storefront/mixed-use/residential providing the flexibility and ability to customize and/or utilize the already developed plans.
See renderings of planned Phase 2 in the Photos section below that illustrate the potential for the future site development as the second phase of the successful Crossroads Phase 1 building.
Also included are the following:
For more information, contact listing broker Christina Rinderle at Durango Land and Homes at firstname.lastname@example.org
Prime downtown real estate opportunity in one of Colorado's great mountain towns!
With a flexible local seller and a supportive downtown BID and local planning department, this is a one of a kind opportunity for either an investor or a developer.
Investors: This downtown parcel consists of several commercial rentals with tenants in place and a total of 75 current parking spaces, which together cash flow approximately $10,000/month. Have a 1031 ticking clock? This cash-flowing property is ideal for a 1031 investor to buy and realize the future upside. Want to 1031 but don't quite have the entire asking price? The seller is willing to entertain a partial owner carry.
Developers: Mixed-use development for the parcel is already designed and entitled (final approval requires only a staff-level administrative review). The new owner could develop the parcel themselves or partner with (or sell to) another developer as downtown land inventory tightens and the value of the few remaining easily developable downtown parcels increases.
Creative "stairstep acquisition" option: Owner is willing to separate the overall $2.7M development opportunity into two components - the development site with entitlements for $1.7M and the adjacent parking for $1M. The new owner could then buy the $1.7M developable parcel and lease parking from the seller. Ownership of parking for the project is not a city criteria for administrative approval, only the availability and proximity of parking spaces to occupants; the entitled project would meet the City parking requirement just by leasing the existing adjacent parking spaces.
For more information about the project click here
For more information, contact listing broker Christina Rinderle at Durango Land and Homes at email@example.com or see the listing here
In fulfillment of its mission, the Durango BID can serve as resource to any real estate developers, investors, or owner users interested in this site (or any other development opportunity sites in downtown Durango).
Created on July 26th, 2015 (last updated 9 months ago)