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The Vail Town Council has instructed staff to retain the services of a commercial real estate seller’s broker to assist in selling a town-owned commercial space, located at 100 East Meadow Drive in the Vail Village Inn, Phase V building.
The 3,700-square-foot unit was acquired by the town as part of a mitigation obligation when the Phase V building was constructed nearly 30 years ago. To that end, NAI Mountain Commercial has been selected to assist in the sale of the commercial property. The approximately 3,700 square foot property is being listed for sale at $1.6 million.
Over the years, the lower level space has been home to the Colorado Ski Museum, Plum TV, Vail Valley Partnership, 2015 Alpine World Ski Championships and other temporary office uses. Most recently, the town leased the space to SoulCycle for a Vail pop-up event during the 2018-2019 holiday season.
Prior to deciding to sell the commercial property, the Town Council reviewed utilization of the space, evaluated the ongoing cost of ownership of the property and contracted for a commercial real estate property appraisal to be completed to determine an estimated fair market value. In the end, the Town Council determined the space would likely see increased utilization and greater overall community benefits if sold to a private owner.
The space has been largely underutilized during the town’s ownership of the property, and, if sold, would result in increased property and sales tax collections for the town. In retaining a commercial real estate broker to represent the town’s interest, the broker has been instructed to ensure the future use of the property remains commercial in nature, and that the net proceeds from the sale are to be used to achieve the town’s housing goal.
For more information, contact Steve Sendor or Erich Schmidt, NAI Mountain Commercial, at 970-476-6415