Condos to replace old River Restaurant in Glenwood Springs
Glenwood Springs Post Independent
Architect’s rendering/North Mountain Partners
River Grand Residences/Courtesy photo
Construction is expected to begin this summer on the River Grand Residences, overlooking the Roaring Fork River in Glenwood Springs where the old Rivers Restaurant used to be.
The townhome project is one of several new multi-residence developments in the city over the past 10 years.
The development plan includes three buildings, with two right on the river, and a third on South Grand Avenue near 27th Street, developers said last week. Each building has different amenities, including an elevator, riverside balconies, rooftop decks, views of Mount Sopris and private garage options.
The buildings will share an outdoor walkway next to the river, a green space south of the buildings and a fishing easement.
“The public will now have access within this easement to fish, drop anchor or get out and stand on the side of the shore, on our site, that is currently not allowed,” Brian Wilson, founder and chief executive officer of North Mountain Partners, said.
There are also some deed restrictions.
“Two additional deed restrictions, market-rate, but deed-restricted on title for local primary residence, and that’s really who we’re aiming for,” Wilson said.
Construction is scheduled to begin this late this summer, and pre-construction pricing ranges from $1.5 million to $2.5 million, but deposits are kept in a separate account and not used as investment money for the project, he said.
Architect’s rendering/North Mountain Partners
Wilson and his partner, Peter Wells, said they worked closely with the city and the Planning and Zoning Commission to make sure the residences would fit well into the Glenwood Springs community.
It is rare to have riverside housing for a more affordable price than Basalt or farther up the Roaring Fork Valley.
The building on Grand Avenue will have five townhomes, six riverside and three riverside connected to three viewing Sopris. The three facing Sopris are significantly less expensive, at $1.5 million, while the riverside townhomes range higher to $2.3 million and the Grand Avenue townhome at $1.75 million.
“Being able to create new construction on the banks of the Roaring Fork is a very rare opportunity,” Wilson said. “Not to mention, the views that the property offers for Mount Sopris.”
The four-story condos all have three rooms and different amenities, like the Grand Townhomes having a full-roof balcony and a two-car garage. The six-unit Riverside has an elevator and a two-car garage. The Sopris-view units have a one-car garage.
There will be a choice between a light Colorado interior or a dark interior, called Aspen Grove with dark wood and stone, and powder days with lighter wood and stone.
They said they would likely attract move-down buyers, business professionals and maybe families.
“We actually had a buyer that wanted to buy four units for short-term rentals and we passed on that; that’s not the right type of community we’re trying to create,” Wilson said.
There is a homeowners association but there is no yard maintenance required. They create a kind of ‘lock and leave’ lifestyle,” he said.
Wells said the homes should appeal to many demographics, including people aging and looking for a home with an elevator, or young professionals looking for a home to settle into.
Post Independent city and business reporter Cassandra Ballard can be reached at cballard@postindependent.com or 970-384-9131.
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