Prime Development Opportunity in the Heart of Downtown Durango

Posted by Durango Business Improvement District

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Development Site

Size

0.49 acres

Ownership

Privately Owned

Availability

For Sale
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Site Description

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.

  • 1/2 acre parcel with existing rental income
  • 15 parking spaces on site
  • 60 parking spaces along the west side of Narrow Gauge Ave.

Also included are the following:

  • Full set of Architectural “Design Development” drawings previously approved by the City of Durango
  • Phase 2 equipment/amenities installed in Phase 1
  • 4 pipe heating/cooling central plant sized for 2nd Phase, in place
  • 2 of 3 designed elevators for P-1 and P-2, in place
  • Fire sprinkler service entry and associated equipment for both phases, in place
  • Security system equipment and infrastructure both phases, in place
  • Water tap for both phases in place
  • Public bathrooms at 1st, 2nd, and 3rd floors, sized for both phases, in place

For more information, contact listing broker Christina Rinderle at Durango Land and Homes at christina@durango.net

Local Description

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 christina@durango.net 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).

Fee Schedule

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Planning & Policy Documents / Request for Proposals (RFP)

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General/Comprehensive Plan Designation

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Master Plan/Specific Plan

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Zoning Designation

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Height Limits

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Floor to Area Ratio (FAR)

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Dwelling Units per Acre

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Parking Requirement

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Other Requirement

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Other Completed Agency Approvals

Special Use Permit

Zoned for Preferred Outcomes

Political Support

Community Support

Incentives

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Costs

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Infrastructure

Transportation

Private Investment

The City of Durango and BID members have spent several decades investing in infrastructure and programs to promote Downtown revitalization.

Local Development Trends & Market Indicators

Commercial vacancy rates are currently near 0%. Downtown residential supply is limited despite historically high prices points for both for-sale and for-rent units.
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1027 Main Ave, Durango, CO 81301

0.49 acres (21232.18 sqft)
Owner
DOWNTOWN DURANGO INVESTMENTS LLC
DURANGO CO 81301
Details
APN: 566529210135
For Sale

Contact Christina Rinderle

Christina, from Durango Land and Homes, has more details.

Created on July 26th, 2015 (last updated 9 months ago)