Galena Street building sells for $13.25 million, clouding The Gap's future in downtown Aspen

By Real Aspen
Real AspenOctober 25, 2012
The building currently leased to The Gap, Inc. has been sold for $13.25 million, the Lorrie B Aspen real estate firm announced Thursday.

The transaction could mean the end of the road for The Gap in Aspen, which has been a popular retailer among locals due to its relative affordability in a town better known for Christian Dior, Louis Vuitton and Prada.

The building that houses The Gap retail store has sold for $13.25 million.

The new owners, who have set up a company bearing the name of the property's address, 204 South Galena Street LLC, are planning to build a new building there. The proposed new building, designed by Charles Cunniffe Architects Inc., would include five street-level retail spaces, plus a second-level restaurant space with a large outdoor deck.

The proposal does not include a third floor or residential component.

“The developer could have built a three-level building, but I am very excited for the town that this will only be a one-and-a-half-story new building," Lorrie Winnerman of Lorrie B Aspen said in a prepared statement. Winnerman assisted with the transaction along with Karen Setterfield of Setterfield & Bright.

Aspen's Historic Preservation Committee has already given preliminary approval of a land-use application for the proposed new building that 204 South Galena Street LLC submitted before closing the deal, according to Lorrie B Aspen.

The property's seller is Colorado Cable Company of Little Rock, Ark., which constructed the building in 1992. The property is 9,000 square feet and includes the existing building and the parking area behind the building. Realtors describe the existing building as having about 6,000 square feet at street-level, plus another 6,000 square feet of basement space.

A formal decision has not been made regarding The Gap, Inc.'s current lease of the existing building, Lorrie B reported, but if the store were to leave its 204 Galena locale (and all indications are that it will if the new building plans are approved), local brokers note that other commercial space in the area is available.

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