Annexation would pull commercial center into Glenwood Springs
A major commercial plaza that sits just outside of Glenwood Springs city limits is proposed to be annexed into town, bringing with it the potential for businesses to buy into the property.
The move also enhances the prospect of new city property and sales tax revenues.
At the request of city officials, RAD Development Glenwood LLC, owners of the Glenwood Commercial Center located at 2550 Highway 82, have formally applied to annex the 55,000-square-foot commercial center.
Currently, the center is a little over half occupied, including the only retail store that’s now part of the mix, 82 Liquors, according to Property Manager Rob Stewardson, whose father and brother own the liquor store.
The Commercial Center sat mostly vacant for several years after it was first built in the late 2000s by Carbondale-based Prince Creek Construction just before the recession hit and the property reverted to bank ownership.
Last year, a group of real estate investors from the Vail area led by David Forenza purchased the center, promising to step up tenant marketing.
Although the property was developed in unincorporated Garfield County, it is on Glenwood Springs water and sewer.
Earlier this year, though, City Council said it was unwilling to expand utility service to any more users unless the owners entered into a pre-annexation agreement with the city.
“It wasn’t really our first choice, but it is the natural progression … and was probably something that eventually would have had to happen anyway,” Stewardson said. “From the city’s perspective, it does put everything in place the way it should be.”
For the new property owners, it also opens the possibility of being able to subdivide the property and sell off individual units to business owners, he said.
The annexation agreement, which is expected to go before the city’s Planning and Zoning Commission next month and City Council later this year, would also include a subdivision of the units which are spread between four, two-story buildings.
“As it is, we can’t sell them off individually,” Stewardson said. “Ultimately, we want to be able to let business owners buy their space so they can stop leasing and own their property.”
That option could also help attract more retail businesses to the center, which in turn would add to the city’s sales tax base.
Right now, the center is occupied by professional services and several construction-related services.
“The property is being filled by the folks it was intended to serve initially, which is good,” Stewardson said. “We are hoping to be completely done with the [annexation and property subdivision] by January.”
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