119 W Colorado Avenue, Telluride – Premium Commercial Redevelopment Opportunity
Nestled in the heart of downtown Telluride’s historic main street, 119 W Colorado Avenue offers a rare commercial real estate investment opportunity. Fully leased and currently operating with storefronts and second-floor offices, it’s poised for redevelopment into mixed-use or penthouse conversion. Listed for $4,995,000, this property is ideally located amid heavy pedestrian traffic on Colorado Avenue.
🏢 Property Snapshot
-
Price: $4,995,000 (reduced from $5,200,000 in July 2025)
-
Size: Approx. 2,858–2,859 sq ft of interior space on a ~3,125 sq ft lot (~0.07 acre)
-
Configuration: Ground-floor retail frontage with three tenants; two office suites above; one full bathroom and two half baths
-
Heating & Utilities: Electric baseboard systems, city water/sewer, no gas
-
Zoning & Taxes: Zoned commercial in Historic Core (non-designated): $45,180 in property tax for 2023; 3% Telluride RETT applies
📍 Location & Strategic Potential
Sitting on the vibrant 100 block of West Colorado Avenue, this property enjoys high foot traffic, framed by Telluride Ski Resort views and Bear Creek frontage. Its central location within the National Historic Landmark district allows for future development flexibility—structurally modern and not historically protected. HARC has indicated informal support for subdividing the lot and constructing a rear condominium building with a penthouse above.
⚙️ Redevelopment Vision & Design Potential
-
Conceptual Plans: Architect Peter Sante has drafted preliminary designs for a ~4,300 sq ft penthouse, with rooftop decks offering ski venue views overhead. Mansion Global
-
Subdivision Work: Potential to replat the rear portion for new construction, while retaining retail/commercial use in the original structure. HARC board feedback was favorable, streamlining future approvals.
-
Tenant Income: Currently fully leased, providing steady passive cash flow—while transformation plans are developed.
📊 Investment Highlights
| Aspect | Details |
|---|---|
| Price | $4,995,000 (recent reduction from $5.2M) |
| Size | ~2,858 sq ft interior; ~3,125 sq ft lot |
| Income | Fully leased retail and office tenants |
| View | Ski slopes & Bear Creek backdrop |
| Redevelopment Upside | Penthouse conversion + new condo subdivision |
| Regulation | Not historic-designated—eases redevelopment |
| Taxes | ~$45,180/year; RETT 3% |
🎯 Market Position & Comparative Value
At approximately $1,750–1,800 per sq ft, the pricing reflects top-tier downtown core value in Telluride’s limited commercial inventory. Comparable properties rarely match both location and redevelopment upside.
🗝️ Selling Points & Use Cases
-
Developer-Ready: Backlot could accommodate modern condo units, zoning-friendly for penthouse addition
-
Retail Exposure: Premium storefront visibility on a bustling block of Colorado Avenue
-
Income-Producing: Active rental revenue from existing tenants
-
Architecturally Flexible: Non-historic shell allows for transformative modern design
-
Walkability & Resort Access: Steps to gondola, restaurants, events, and shops in Telluride Historic District
📞 Next Steps & Tour Options
-
In-person or virtual walkthroughs available upon request
-
Review schematic development plans, market analysis, and income projections
-
Discuss HARC process, rezoning/subdivision logistics, and penthouse potential
🏁 Summary
119 W Colorado Avenue delivers a one-of-a-kind commercial real estate investment in downtown Telluride—blending immediate rental cash flow with the potential for high-style redevelopment. Arrow-straight access to pedestrian traffic, ski resort exposure, and architectural freedom make this a flagship opportunity for developers and visionaries alike.