Glenwood motel property sold
Plans are in the works to redevelop the former Terra Vista Motel site in West Glenwood into a residential apartment complex, after the property was recently sold to a Front Range family.
According to Craig Rathbun of The Fleisher Co., the 4-acre property on Highway 6 & 24 that contains the old motel and other vacant structures was sold for $900,000. He declined to name the purchaser.
The property, which has been idle for several years and which longtime locals will recall as the former Bayou restaurant location, had been eyed in recent years for a potential new auto dealership, Rathbun said.
But the new owners are planning a multifamily development that would provide needed rental housing for the local workforce, he said.
“This site attracted numerous offers from multifamily developers because of the location midway between each of Glenwood’s interstate interchanges,” said Mike Henry, managing broker of The Fleisher Co., who along with Rathbun facilitated the transaction.
Rathbun is working with the new owners on a development plan that will be submitted to the city of Glenwood Springs for formal review after the first of the year.
The exact number of apartments is still being determined, but it will be 100 percent free market one- and two-bedroom apartments for rent, he said.
“It will be designed as housing for the local workforce, which is a big need in Glenwood Springs right now,” Rathbun said. “It is going to fill a niche, and should be a project that will be welcomed by the city.”
In the meantime, the property is being cleared of all the old structures and several dead trees. Rathbun said the plan will incorporate the many live trees that are already on the site.
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