For $31.9M, Steamboat’s downtown RiverView development could be yours
STEAMBOAT SPRINGS – RiverView, the yet-to-be-built downtown development overlooking the Yampa River between Third and Fifth streets, is for sale.
After receiving planning and zoning approvals that will allow for a hotel, commercial spaces and homes overlooking the Yampa River, developers Green Courte Partners have listed the property through Colorado Group Realty.
“We’re essentially creating the pallet and the zoning to present to a developer to build on one of those six sites,” Green Courte Partners managing director Mark Scully said. “After 12 years, it’s time for us to move this to the next phase of life, and that’s what we’re doing.”
The entire development is listed at $31.9 million, but individual parcels are also priced separately. The parcels zoned for a mixed-use building with a restaurant, apartments and low- and medium-density residences are listed between $4 and $4.4 million. Two parcels designated to become a hotel and a larger low-density residential development are listed at $7.5 and $7.6 million, respectively.
Scully said the group has received a lot of interest both on individual sites and the entire property. These include developers who would build apartments, town houses and a restaurant. Three builders have expressed interest in constructing a boutique hotel on the site, Scully said, and two companies have considered purchasing the entire development.
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“We want to get the best hotel developer investor, the best apartment developer investor,” Scully said. “We want to find a really cool developer for this A-site, mixed use. It’s going to be a fantastic restaurant overlooking the river.”
However, Scully said there is still the possibility that his firm will develop some parcels of RiverView. The group has received approval on its plans to build duplexes along the Yampa River.
Scully said this sort of preparation — essentially teeing up the property for another developer to purchase the property — is common in and near urban areas.
RiverView project timeline:
• July 24, 2018: RiverView development listed for sale for $31.9M
• July 16, 2018: City to consider vacating Yampa River easements
• Oct. 22, 2017: Development gets OK to form metro district
• Sept. 23, 2017: Stakeholders expect to start building in spring
• June 10, 2017: 3 hotel operators interested in development
• May 18, 2017: Development gets initial OK from council
• April 28, 2017: Planning Commission OKs parcel rezoning
Editor’s note: No progress was made on the development during the Great Recession
• March 28, 2006: City OKs mobile home park demolition permit
“It’s much more unusual to have five acres on the river downtown in a mountain town,” he said. “The concept is very common — what’s unique is to have it in the mountains like this. “
The property was listed on a multiple listing system on Monday, Realtor Chris Paoli said. Last week, Steamboat Springs City Council approved vacating a fishing easement on the river and several utility easements.
Green Courte has started the process of relocating utilities and building the loop road through the development. An established metro district will be responsible for maintaining the public spaces in the development, Scully said.
The RiverView project will be the last of Green Courte Partner’s investments in the Steamboat area, Scully said. The company is nationally focused, he added, calling the firm’s investments in Steamboat an “unusual, focused effort.” Green Courte Partners also built the Howelsen Place and Alpen Glow buildings downtown.
The company will still maintain a presence here, either in its current location on Yampa Street or in the new development.
“We might lease an office at RiverView, if somebody builds an office, or we might build an office,” he said.
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