Development Opportunity- Mixed Used Zoning
A rare opportunity to acquire one of Basalt's most iconic and historically significant properties- the Colorado Midland Hotel, built in 1896 and recognized as a designated historic structure. Currently home to the renowned Tempranillo Restaurant, this landmark building is ideally situated in the heart of downtown Basalt, steps from local boutiques, fine dining, and the Roaring Fork River.
This property combines exceptional character with investment and redevelopment potential, offering income from both residential on the upper level and the commercial restaurant below.
Property Highlights
* Prime Downtown Location on Midland Avenue - Central lot on Basalt's main street corridor, surrounded by active retail, dining, and cultural amenities.
* Mixed-Use Potential - Existing configuration includes first-floor restaurant and upper-level residential/office spaces.
* Zoning: C-2 Downtown Business District - Encourages a dynamic blend of commercial, residential, and institutional uses within a pedestrian-friendly setting.
* Historic Charm, Modern Upgrades - Carefully remodeled in 2006 while preserving its original architectural details.
* Transferable Income - Existing leases for both commercial and residential units provide immediate cash flow.
With approximately 0.322 acres and an existing +-5,364 sq. ft. of floor area, the site allows for significant redevelopment potential under Basalt's C-2 zoning. Conceptual studies indicate the feasibility of a luxury boutique hotel or mixed-use redevelopment with ground-floor commercial and upper-level residential units.
A 2023 Feasibility Study detailing potential buildout options is available upon request. The property is offered without entitlements, and all interested parties are encouraged to conduct independent due diligence with the Town of Basalt.
Refer to MLS 187509 for more information on the Residential Units.
