Work on condos slows, but gains planners’ approval
The national recession has left few people jumping at the opportunity to live or work inside a renovated, upscale building that once housed a hotel and strip club in downtown Grand Junction. But once the economy picks up again, the project likely will have sailed through the city’s planning process and be ready for tenants.
The Planning Commission on Tuesday night unanimously recommended approval of a preliminary plan for Two Rivers Condominiums, a 10,000-square-foot building at 201 Colorado Ave. that is being converted into a commercial unit and three units that will serve as both commercial and residential space.
The City Council will give final approval to the plan.
The building across the street from Two Rivers Convention Center was used as a hotel for 60 years before Cheers, a topless bar, opened there in the 1970s. The Downtown Development Authority bought the building in 2004, then turned around and sold it to developer Shane Burton, who has spent the last several years gutting and renovating the building.
Burton said Tuesday the commercial unit is finished and ready to be leased and sold. It’s on the market for $310,000.
The first live-work condo should be done in the next couple weeks and is listed for $675,000. Burton said there has been a “fair amount” of interest in the unit, which is designed for work space on the bottom floor and living space on the top floor.
“Economy-wise, you’d like to have everybody beating your doors down to get to it, but that’s not in the cards right now,” Burton said, noting the current economic conditions have caused him to scale back his construction workers to a skeleton crew and work on the units one at a time rather than all at once.
Burton said the other two live-work units should be done this summer.