City looks to buy East Hopkins condos | AspenTimes.com

City looks to buy East Hopkins condos

Staff report

The city of Aspen is looking to purchase three studio condominiums on East Hopkins Avenue for $309,000.

The three units, ranging from 417 to 428 square feet, are located in "the Edge of Ajax" complex and are for sale by the Ulrych Estate. Deed restrictions associated with the units require rents of $402 and $412 per month, which are below the city's Category 1 rent level of $460. The deed restrictions expire in 2032.

By purchasing the units, the city will remove the deed restrictions. Its plan is to turn the center unit, which includes a garage, into a Category 2 rental, while retaining the other two as Category 1 rentals. In addition to the purchase price of $309,000, the city also has budgeted $75,000 for renovation and repair of the units as they are vacated.

The Aspen City Council will formally vote on approval of the purchase at today's meeting.

Also on the agenda

The council also has been asked to approve a $625,000 contract to develop the final design for the Rubey Park remodel.

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The project is funded by the Elected Officials Transportation Committee and managed by city staff. Execution of the contract will hinge on approval of the 2014 committee budget this month.

Aspen firm Studio B has been tasked with completing architectural planning for the project. Others assisting with the design are BlueGreen design studio, Denver-based Rider Levett Bucknall and Sopris Engineering.

Construction for the project would begin in the spring of 2015 at the earliest.