The City of Aspen will be buying real estate downtown as a permanent solution to their ongoing need for office space.
In a release sent out on Monday, they announced the 23 million dollar acquisition of 517 E. Hopkins, currently owned by developer Mark Hunt. The sale does not include the three street facing retail spaces within the building. The deal is described as a “proactive effort” that will cut on rental costs the city currently has through a series of leases in private buildings throughout Aspen. It adds about 21,000 square feet to the city’s real estate holdings, which also include the Armory and the old powerhouse building.
There are affordable housing units on the top floor of the Hopkins building that that the city plans to convert to offices. The city will be responsible for mitigating the loss of those units.
City council will discuss funding the purchase during their meeting on July 2.