Saturday, September 17, 2005
An investment group has purchased the empty retail spaces at the Steamboat Grand Resort Hotel.
The Denver-based group The Shops At The Grand LLC recently purchased the 11 spaces fronting Mount Werner Circle from Grand Summit Resort Properties Inc., a subsidiary of American Ski Co.
Real estate broker Giles How--ard, a sales and leasing agent for the units, declined to name the principals in the company, but he said it involved a family with 30 years' experience in shopping centers and commercial real estate projects.
The group paid about $1.62 million for the Grand spaces, which total about 11,000 square feet.
"They have faith in Steamboat and what's happening on the mountain," Howard said.
Five of the spaces were under contract when the Denver group closed on the property Aug. 29, Howard said.
GSRP gave the buyers permission to begin marketing the units earlier this year while the two companies negotiated a contract, said Andy Wirth, vice president of sales and marketing for Steamboat Ski and Resort Corp.
The spaces have been empty since the Grand opened in 2000.
The Grand "modestly" marketed the units in the hotel's first years, but Coldwell Banker's efforts this season are, by far, the most aggressive, Wirth said.
The spaces remained empty largely because GSRP was busy working out strategies to find tenants while discussing the base-area redevelopment plan, which is in the works, Wirth said.
"As we contemplated options, it became apparent that taking the path we just chose was the best solution for the company. ... We think this organization that closed on the spaces will be good at bringing energy to the place," Wirth said.
The prospect of having businesses liven up the corridor is exciting, Howard said.
"Here's this prime piece of real estate that everybody drives by. ... It's going to be a working environment, finally," he said.
The new ownership group plans to sell some spaces and lease others. The five spaces under contract are for sale. The businesses are a mix of new and existing restaurants and retailers, all local, Howard said.
The units range between 650 and 2,700 square feet and may be reconfigured into larger units.
He has seen a lot of interest from clothing stores, jewelers and other retailers. A big pull is the units' location -- facing the bus loading and unloading area -- as well as expectations for new growth spurred by the redevelopment plan.
An architect has been hired to help the businesses customize the spaces so they can be up and running by the beginning of the ski season, Howard said.
Although it's been somewhat of a disappointment to have no energy coming from the Grand retail spaces, that area is just one piece of the overall base area experience, Wirth said.
"This is one more step in a positive direction," he said.
For information, call Howard at 879-8814.
-- To reach Tamera Manzanares call 871-4204 or e-mail email@example.com