ISIS Building |
| Type |
Commercial |
Price |
$8,900,000 |
| Bedrooms |
2 employee housing units, 2 bedrooms each |
View |
Aspen Mountain ski runs and downtown |
| Baths |
Many |
Address |
406 E. Hopkins |
| MLS# |
45757 |
City |
Aspen |
| Sq. Footage |
24,356 s.f. |
County |
Aspen |
| Acreages |
9,050 s.f. |
Land Size |
9,050 s.f. |
| Taxes |
$74,063 |
Garage |
None, 1 block to public city garage |
| Year Built |
1999 |
Zoning |
Commercial/Retail |
| Association Fees |
See budget |
Potential Build Out |
Commercial/Retail |
 |
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| Amenities |
| Prime downtown retail commercial building currently leased as a 5-screen theater. Can convert, State of the art stadium seating, 90 feet of store frontage on prime Hopkins St. |
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| Description |
According to the Pitkin County Assessor, the original structure was built in 1892 and was known as the H. Weber Building. It was initially constructed as a warehouse but was converted to a movie theater during the silent film era in 1915. The prior owners, Dominic and Kathryn Linza, lived in and operated the one screen cinema for 32 years. They inherited the Building in 1994 and sold it to the Isis, LLC in 1997.
In order to capitalize on the Building’s established Aspen history, the Isis, LLC applied for and was granted a Historic Landmark designation in 1995. The Isis, LLC’s development plans called for preserving the existing building façade and realizing commensurate entitlement benefits from the City of Aspen. The façade was stabilized and the remainder of the original structure was demolished in the Summer of 1998. A new structure was constructed which opened as a 5-theater operation in November 1999 and continued operation until December 2000. In June 2002, Rocky Mountain Resort Cinemas, Inc. opened a 5-screen movie operation on a new long-term lease with buyout provisions to allow the Landlord/Building Owner to convert part, or all, of the commercial space into retail and other uses.
The three levels of improvements consist of a predominantly masonry building designed for theaters yet flexible enough to accommodate retail, restaurant or other uses. The structure beneath the stadium seating is concrete block to allow the floors to be leveled more easily. There are three lower-level theaters with ceiling heights of 21 feet, which could remain as theaters, or may be used for arts and entertainment, or auditorium/conference facilities, and/or storage. The main, street-level space currently has two large theaters plus a lobby/concession area and six large storefront windows.
The Building also includes two 3-bedroom, penthouse-level, deed-restricted affordable housing units (1,143 s.f. and 1,152 s.f. respectively). These condominium units C and D are designated employee housing units by the Pitkin County Housing Authority and are sufficient to mitigate 6 employees at controlled rental rates. There is one free-market penthouse (2,070 s.f.) that is not a part of this sale, but could be available for purchase separately. All housing is separately accessed by a side addition to the Building via staircase and elevator. There is no garage or parking spaces available on the property, but the city garage is only one block away.
Location: “A” location 406 East Hopkins Avenue, Aspen, Colorado
Legal: The Isis Condominiums, Units A, C and D, City and town site of Aspen
Taxes: $74,063 (year 2001)
Year Built: 1999 (The original façade was maintained during the new construction. It was built in 1892.)
Total Square Footage: 24,356 square feet
Lot Size: 9,050 square feet
Frontage on Hopkins: 90.5 feet frontage
Construction: Masonry, poured in place concrete, structural steel and brick veneer
Zoning: CC Commercial Core allowable uses include office, recreational, theater, church, restaurant, numerous retail uses, and residential uses.
Parking:
Change of Use Mitigation Requirements:
Affordable Units: There are two deed-restricted affordable housing units that account for 6 employees.
Open Space: $250,000 (Payable to the City of Aspen)
Affordable Housing: Amount to be determined. Application filed May 2, 2001
Theater Seats:
Actual seats counted 12/2001 (including handicap spaces)
Theater A 238
Theater B 184
Theater C 105
Theater D 113
Theater E 113
Total 753 seats
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