CMC in talks to purchase downtown Glenwood building
Aspen, CO Colorado
GLENWOOD SPRINGS – Colorado Mountain College is in talks to purchase the three-story red brick building at the corner of Eighth Street and Grand Avenue in downtown Glenwood Springs.
Purchase of the building, which is actually two adjoining buildings, would allow the college to consolidate its district offices under one roof, said CMC spokeswoman Debra Crawford.
The college board of trustees approved a resolution authorizing negotiations to purchase the building during a meeting on Monday. The board would still have to give final approval before the deal could be closed, Crawford said. Because negotiations are still under way, she declined to name a possible purchase price.
Currently, administrative services that support the college’s 11 learning sites are provided by employees whose offices are split between the main building at Ninth and Grand and rented office space one block away.
“With this consolidated workspace, we can more efficiently serve all our campuses and students,” said CMC president Stan Jensen. “For years we’ve been talking about how we can consolidate our employees to improve business practices, and we were pleased to find the opportunity to purchase this building.”
The building is owned by partners Walter Jenkins, Raydean Acevedo and Dennis Krueger, who purchased it in 2003 from the Aspen Research Group for $3.7 million. The building is presently assessed at a total value of $5.1 million, according to the Garfield County Assessor’s property database.
Through that transition in ownership, the building has remained home to U.S. Bank, an eventual successor of what was the First National Bank, which built the original building in that location a century ago. The building also has two floors of offices upstairs.
U.S. Bank holds a long-term lease for the north half of the building’s ground level, said Ian Exelbert, president of the U.S. Bank Glenwood Springs and El Jebel branch banks.
“We have a vibrant branch in that location, and we are committed to that location. We have no intention of doing anything different, to end of our lease or beyond,” he said.
The ground floor space on the south side is currently vacant.
“There are renters in the building,” Crawford said. “If we do buy it, we will be talking with all of them, searching for a win-win situation for everyone.”
CMC’s purchase of the building would tie in to a plan for the city of Glenwood Springs to purchase the large parking lot that stretches behind the building in the 800 block of Cooper Avenue.
At present, the city has set aside $2 million to purchase the parking lot, with the intent of providing a location for a new Glenwood Springs Branch Library and an integrated parking structure.
“We’re working out the details of an ongoing partnership among the Glenwood Springs Downtown Development Authority, Garfield County Public Library District and city of Glenwood Springs,” said Jensen. “I am hopeful that over the coming months, our boards and council will direct us to keep moving forward with this partnership.”
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