Developer Mark Hunt buys more property on East Hyman in Aspen
A group led by developer Mark Hunt has closed on a $10.6 million purchase of the majority of an East Hyman Avenue commercial building located on the same block where construction is underway on Hunt’s boutique hotel.
Parts of the condominium building sold included the space for tenants Aspen Billiards, Eric’s Bar, Su Casa and The Cigar Bar, a hodgepodge of eating and drinking establishments known over the years as “The Compound” and owned and operated by the Casper family. The family also owned a majority of the condo building’s units and originally listed them for $14.99 million in late 2016.
The purchase also included the 2,674-square-foot ground-level space formerly occupied by the Hub of Aspen bike shop, which the Caspers bought for $3.1 million in June 2016. That spot currently is empty.
Not included in the acquisition were attorney Gideon Kaufman’s four units that are part of the building.
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A statement issued Tuesday by the Casper family said they plan “to operate all businesses as usual for the foreseeable future. For 28 years the Casper Family and staff have enjoyed serving our community and friends. We look forward to continuing this tradition for your years to come.”
Hunt could not be reached for comment Tuesday.
The acquisition, recorded Monday in the Pitkin County Clerk and Recorder’s Office, expands his group’s ownership on the 300 block of East Hyman Avenue, where they are redeveloping the old Crystal Palace dinner theater into a 20-bedroom, luxury boutique hotel. Tentative plans are to finish the project sometime in 2021.
Hunt also plans to redevelop the building on the corner of East Hyman and Mill Street, home of Mr. Grey Aspen restaurant and the spot occupied by the Kirby Ice House pop-up restaurant earlier this year. Hunt also owns the Popcorn Wagon, which is located in the same vicinity downtown.
Aquarian Credit Funding LLC financed the acquisition, according to property records. Aquarian Credit also financed two other Hunt deals that closed last year, according to property records.
In October it financed Hunt’s $13.05 million purchase of two retail spaces and two deed-restricted housing units in the Isis Theatre building at 406 E. Hopkins Ave. The building’s four movie theaters were not included in the deal. Aquarian Credit also provided financing on Hunt’s $8 million acquisition, also done in October, of the 6,150-square-foot building at 516 E. Hyman Ave., home of Isberian Rug Co.
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