Colorado Ave. properties for sale
The Grand Junction Downtown Development Authority has put up for sale several parcels along Colorado Avenue, hoping the recent redesign of the street will attract buyers who may want to redevelop down the road.
The DDA is fielding offers for the buildings that currently house Grassroots Cycles and Quilters’ Corner at 401 and 421 Colorado Ave., respectively, and a small parking lot between the two buildings. The group also is selling a building at the corner of Sixth Street and Colorado Avenue that’s currently home to Five 60 Salon and Spa, 560 Colorado Ave., and a series of small businesses and office spaces in the 100 block of South Sixth Street.
DDA Executive Director Heidi Hoffman Ham said the authority purchased the properties in 2000 and 2008 because of the parking lots associated with them and because the buildings needed rehabilitation or could be redeveloped. She said the building that now houses Quilters’ Corner was in disrepair, while the salon building needed a new roof and boiler. The building at 401 Colorado Avenue previously housed a pawn shop.
“Now that we’ve accomplished those goals, we feel we don’t need to compete with the private marketplace as a landowner or landlord,” Ham said.
She said the DDA already has received a couple contract offers for 560 Colorado Ave. and offers for portions of the six lots the DDA has assembled in the 400 block of Colorado.
“It doesn’t surprise me in that I really think Colorado is ripe for redevelopment,” she said.
Quilters’ Corner owner Bill Keith said he’s halfway through a 10-year lease of the building, so even if the property sells, he’ll be able to continue to do business on Colorado for at least another five years.
“I’m comfortable and fairly confident (the DDA is) protecting me the best they can and at the same time doing something for the greater good,” he said.
Keith is a member of the DDA board of directors but said he has recused himself from any discussions or decisions regarding the sale of land on Colorado Avenue.
Heather Heinbaugh, on the other hand, is a little more uncertain about the future of her business at its current location.
The owner of Five 60 Salon and Spa opened her business on Colorado Avenue in 2006, two years before the DDA bought the property. Her lease with the previous owner, which was for three years and included an option, expired last year, and she said the DDA declined to exercise the option and instead put her on a month-to-month lease.
“It is a little scary, but our business is strong,” Heinbaugh said.
She said while she wouldn’t be opposed to staying put, she’s looking for another business location in town.