232 W Colorado Avenue, Telluride – Elite Mixed‑Use Redevelopment with Penthouse Possibilities
One of the rarest active redevelopment properties on Telluride’s historic downtown Colorado Avenue, 232 W Colorado Ave is a high‑visibility mixed‑use asset listed at $9,500,000. Anchored by long-term retail/office tenancy and backed by approved Tommy Hein architectural plans, this property offers both immediate income and elevated redevelopment upside.TD Smith
🏙️ Property Snapshot
-
Price: $9,500,000, listed January 2025
-
Building Size: ~5,810 sq ft interior on a 3,125 sq ft lot (~0.07 acre)
-
Age: 1973—non-historic modern shell within the Telluride Historic District
-
Current Use: Fully leased commercial/office space including 10 offices, 3 bathrooms, and a conference area with one long-term tenant
📐 Development & Design Vision in Downtown Telluride
Approved Concept by Tommy Hein in downtown
Planned penthouse design includes 3 bedrooms, 3.5 baths, rooftop deck with dining/bar/hot tub, and nearly 360° mountain and chalet views, with permits already in place.
Mixed-Use Efficiency
The property offers a seamless blend of ground-floor retail and commercial offices, ready for developer or owner-occupier transition. Additional zoning flexibility within the Main Street Historic District makes it ideal for creative redevelopment.s
📊 Key Features & Market Position
| Feature | Detail |
|---|---|
| Price per sq ft | ~$1,635 (in line with Telluride core commercial averages) |
| Annual Property Tax | ~$72,576 (2024) |
| Zoning | Residential/Commercial, no historic designation restrictions |
| Views & Exposure | Positioned toward gondola, Bear Creek, and ski lifts on Colorado Ave |
| Permit Status | Approved with full architectural package ready for build-out |
📍 Location & Strategic Benefits
Located one block east of the Visitors Center along the main retail corridor, this property benefits from heavy foot traffic, gondola visibility, and a highly walkable downtown location. Its placement within the Telluride Historic District, yet exempt from landmark restrictions, allows for modernization without design limitations.
💼 Redevelopment & Income Potential
-
Fully leased currently, offering steady passive income while development plans are executed
-
Immediate upside via rooftop penthouse conversion with transformative interior design and exterior entertaining spaces
-
Rare offering: Few properties on Colorado Avenue combine current income, permitted architectural plan, and development potential in one package
📞 Ready to Explore?
-
In-person or virtual walk-through available—current tenant access on request
-
Review full architectural packet, permit details, and projected ROI
-
Consultation on HARC process, zoning, and penthouse build-out logistics
🏁 Summary
232 W Colorado Avenue presents a standout opportunity for investors or developers seeking immediate cash flow and strategic redevelopment in Telluride’s most vibrant commercial district. With approved plans in hand and premium corner visibility, it’s a rare blend of active revenue and long-term upside.