A rare opportunity to live on the Yampa river in downtown Steamboat
Parcels for sale at the five-acre RiverView site provide one-of-a-kind residential and commercial development potential
RiverView is a 4.74-acre property currently for sale in downtown Steamboat Springs. Property highlights include:
- Planned Unit Development (PUD) zoning approvals in place
- $6 million in infrastructure completed
- 900 feet of prime Yampa River frontage
- 450,000 square feet of development potential
- Potential boutique hotel site
- Parcel A: Mixed-use zoning, 20,944 square feet.
- Listed at $3.2 million.
- Parcel B: High-density residential zoning, 38,585 square feet.
- Listed at $3.36 million.
- Parcels C1-C4: Low-density residential zoning, 38,560 square feet.
- Listed at $6.4 million.
- Parcels C5-C6: Low-density residential zoning, 19,292 square feet.
- Listed at $2.995 million.
- Parcel D: Mixed-use zoning, 37,723 square feet.
- Listed at $6 million.
- Parcel E: Medium-density residential zoning, 22,125 square feet.
- Listed at $3.36 million.
Across all the beautiful Colorado mountain towns, there are perhaps no better residential and commercial development opportunities than the RiverView site in downtown Steamboat Springs.
Located directly on the Yampa River, within walking distance to Steamboat’s downtown amenities and retail core, the parcels available for sale on this site are the result of more than 14 years of persistent work obtaining Planned Unit Development (PUD) zoning and completing over $6 million of infrastructure improvements.
“It’s a blessing that we didn’t develop the site in 2008 because the demand profile, and therefore vision, has completely changed,” said Mark Scully, managing director for Green Courte Partners, the private equity real estate investment firm behind the project. “The initial master plan envisioned traditional ground-level retail with condos above, but today the plan envisions a diverse set of residential products (condos, townhomes, homes) with retail limited to Lincoln Avenue and 5th Street street-fronts.”
That’s perhaps even more significant in 2020 and going forward as Steamboat sees a surge in buying interest from folks looking to escape urban areas.
“The has got to be the best opportunity to develop a hotel, condos, or homes in a downtown residential neighborhood, in a mountain town, on the river, in all of the Rocky Mountains,” said Chris Paoli, owner/broker at Colorado Group Realty.
Paoli is the co-listing agent along with Darlinda Baldinger, of Steamboat Sotheby’s International Realty.
Location, location, location
The RiverView site is truly extraordinary being within walking distance to downtown in such a serene setting, Baldinger commented. Its location near a bend in the Yampa River provides stunning views, which will also someday include views to the Steamboat Ski Resort from atop the site’s future buildings.
“This is urban living in a quiet place,” said Baldinger, who has been a realtor in Steamboat since the mid-1970s. “It’s not like some of the other locations downtown where it’s busy. This is its own little entity, its own paradise. I just think there’s nothing like it.”
One of the positives of the 14-year Planned Unit Development process has been the adjustments to permissible uses. There will be very little commercial space at RiverView.
“You can’t buy a townhome or a home on the water in the city limits with so little commercial surrounding it,” Baldinger said. “Because RiverView is low density along the river, it brings a whole different dynamic. You have this quiet sanctuary, but you’re a block away from the happenings downtown.”
Duplexes, condominiums and apartments
RiverView’s parcels are divided based on the zoning allowed for each section. One developer could certainly come in and buy the entire site to develop, but Baldinger and Paoli think the parcels are more likely to be sold individually given their approved PUD zoning status.
That presents a rare opportunity for homebuyers and investors looking for their perfect oasis in Steamboat.
“This is a prime spot, and Steamboat’s inventory is dwindling,” Baldinger said.
She notes the river location as particularly attractive for active people who enjoy kayaking or fishing, in addition to the proximity to Steamboat Ski Resort.
The parcels are lettered from A to E and include two mixed-use parcels (A and D), six low-density residential parcels zoned for duplexes (C1-C6), one medium-density residential parcel (E) and one high-density residential parcel (B). The mixed-use sites could be suitable for a hotel and restaurant, condominium development or something else.
The ultimate, authentic, western town
Steamboat Springs has always been an authentic town. Baldinger points out that so many ski towns are manufactured to look like European ski towns, but Steamboat is a community that just happens to have a ski resort.
“Vail is a resort, it has always been a resort. Aspen has priced out most of its locals,” Baldinger said. “Steamboat is a real town; the locals live in town.”
Thanks to its western, ranching roots, Steamboat hosts what Baldinger calls a “real rodeo.”
“Steamboat has done a great job of keeping its ranching heritage alive,” she said. “I do believe it’s the ultimate, authentic town. You feel that when you’re here.”
Scully said there are four recent developments that are driving the evolution of Steamboat as one of Colorado’s premier mountain towns: 1) the $10 million Yampa street improvement program, 2) the Yampa Valley Regional Airport in Hayden, including a new and expanded private jet hanger, 3) the investment into the base area of the ski resort by new mountain owner Alterra, and 4) the addition of Steamboat Ski area to the International Ikon Pass.
Scully also credits forward-thinking land-use planning for preserving the valley and town.
“Steamboat is a smart town led by long-term locals. You are never going to see density in the valley or high rises in downtown Steamboat,” Scully said.
Paoli said the resort’s unprecedented investments over the last 20 years combined with Steamboat’s authenticity makes it the best mountain town in which to live full-time.
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