The Steamboat Pilot
By Matt Stensland
Sunday, February 19, 2006
Demolition of the Nite’s Rest motel is expected to begin in the next month to make way for a 33,500-square-foot multi-use building and six townhomes.
The foundation plans are being finalized for the downtown Alpenglow building, and the space has not been placed on the market. But that has not kept eager retailers and homeowners from signing agreements and making reservations for the space at Lincoln Avenue and Sixth Street.
“You have people that are as interested in dine-dine out as they are ski-in, ski-out,” developer Jim Cook said. “We’re very pleased with the interest in the building,”
All 14 of the townhomes and condos have been pre-sold, and letters of intent have been signed for the 4,700 square feet of leased retail space along Lincoln Avenue. The 1,800 square feet of retail space along Sixth Street is still available, Cook said.
“The two retailers we have are very high-profile retailers,” Cook said. He would not say who the prospective tenants were. He said they are established, locally owned businesses that have outgrown their current space.
Cook said the development will have underground parking and is more contemporary than most of the new developments in Steamboat Springs.
“We think it has its character, certainly, but the materials are ingenious to the other materials in the area,
The main red brick and sandstone building will feature retail on the first floor and eight condos with one or two bedrooms ranging in size from 1,100 to 1,700 square feet.
“The finishes are going to be very, very high-end finishes,” Cook said, referring to the appliances, trim, countertops, and flooring.
An alley will divide the building from the six townhomes to be built on the south side. They will be about 1,900 square feet with garages, which Cook said could double as studios or retail spaces for artisans or professionals.
The condos and townhomes will sell for about $500 a square foot, Cook said.
“Most are buying for primary, secondary or buying to rent for investment,” Cook said.
Cook said in the next 60 days, developers will begin taking applications for two, and one-bedroom apartments restricted to people working in the downtown area. Cook said the cost to rent the apartments has not been decided.
Planning commissioners signed off on the development in May, but the final demolition permit was just issued three weeks ago.
“The asbestos removal was one issue that we had to take care of,” Cook said. “Just because you have your development plan in hand doesn’t mean you can turn around and put a shovel in the dirt.”
— To reach Matt Stensland, call 871-4204 or e-mail email@example.com