Dillon Center condos approved
was approved last week by the Dillon Town Council.|Summit Daily/Kara K. Pearson| |
DILLON – The Dillon Center building with the Lakeside Bowl bowling alley is going condo.
Building owners last week won town council approval to subdivide the 63,000 square-foot, 25-unit business center.
The owners also have permission to build 40 residential condominiums atop the center and a two-level parking garage.
Long before the residential condos are built, the Dillon Center owner, David Cyrus Associates LLC in Denver, will first spruce up the business plaza.
Commercial units range from 500-15,000 square feet and are priced from $100,000 to $1.2 million, averaging $150,000-$200,000 per unit, said Abbas Rajabi, managing partner at David Cyrus LLC.
Lakeside Bowl and Rocky Mountain Montessori are the two businesses that will remain anchored at the center.
Nine units are currently vacant, Rajabi said. Existing businesses have until Dec. 1 to buy their spaces under a special offering.
The benefits of having individually owned business units within a complex is that small businesses mortgage payments are sometimes less than rent payments, Rajabi said.
Additionally, businesses who own their space have more security and tend to be more invested in the community, he said.
The only public comments at the hearing last week came from Dillon businessman James Adams. He said that buildings in town with business condos were not as full as leased buildings. However, he also said he supported the move for one reason.
“Anything positive will help the businesses in town,” Adams said. “(The town should do) whatever it takes to get more traffic here and bring in the business.”
Dillon Pizza owner Jeff Vieau agreed, taking a break for a telephone interview Tuesday afternoon.
“This (subdivision) probably won’t have an immediate Effect on businesses, but in the long term it might help,” Vieau said. “It’s always good to give businesses options.”
Some commercial units at Dillon Center will still be leased, said Rajabi. That’s what some businesses would prefer, said another tenant.
Sales of the commercial condos might eventually finance the development of the 40 residential condos on top of the center. The town-issued permit to build the residential condos and parking garage is good for two more years, said Dillon officials.
No sales date is set for the residential condos. The residential condos will be priced at $100,000-$120,000, Rajabi said.
Christine McManus can be reached at (970) 668-3998, ext. 229, or firstname.lastname@example.org.
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