Business Monday: East Hyman resurgence: $12 million fetches downtown Aspen building
March 4, 2018
The eight-figure sale last week of a building on East Hyman Avenue in downtown Aspen is yet another example that the retail dormancy on the street's 500 and 600 blocks won't be permanent.
Amorphous LLC, a limited liability corporation that formed in January with the Colorado Secretary of State, acquired the building at 602 E. Hyman Ave. for $12 million from Dallas-based EB Building Aspen LLC. The Pitkin County Clerk and Recorder's Office filed the transaction Feb. 27.
The sale of the corner structure, which is shrouded in construction materials, came six days after the catty-corner neighboring building on 535 E. Hyman Ave. sold for $28 million to a group of Dallas investors Feb. 21.
The new owner of the 602 E. Hyman building inherited rights to remodel it and add nearly 1,800 square feet to the existing 5,032-square-foot structure, according to a building permit on file with the city of Aspen. The project architect is Dylan Johns of Aspen-based Zone 4 Architects; Basalt-based Brikor Associates is the general contractor. Neither firm could be reached for comment last week.
The cost of the remodel was estimated at $3.9 million at the time of the building permit application was filed in June 2016.
The project is expected to be completed in another 12 to 18 months, said Teresa Hirsch of Aspen Real Estate LLC, which is managing the development of the building.
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"We are entertaining a few different people," she said in reference to prospective ground-level retail tenants. Hirsch would not identify the investors in the building, which also has a residential condo unit.
Property records also show Amorphous also borrowed $4.75 million against the building through a loan from FirstBank.
Meanwhile, a bulk of the 20,000 square feet of retail space at the just-sold 535 E. Hyman Ave. building, which had been vacant dominantly since it was built in 2015, is being marketed.
The new owners have a strong background in retail — Stephen Summers and brother-in-law Ray Washburne own the 250,000-square-foot Highland Park Village, an upscale shopping plaza located in an affluent area of Dallas — with designs to bring luxury retail to East Hyman.
Summers helped attract Austin, Texas, restaurateur Larry McGuire and his partners to Aspen, where they are opening a Clark's Oyster Bar in the former location of Little Annie's Eating House this summer. The restaurant also is located next to the remodeled Benton Building, which was part of the $28 million sale.
"When I came in, that block was empty," Summers told The Aspen Times last month. "And you had Little Annie's, which was an institution and tough to see go, and I think my No. 1 goal was to replace that restaurant on that block, which needed traffic."
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