© 2024 Aspen Public Radio
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

How Much Rent for the Old Power House?

aspensciencecenter.org

When the Aspen City Council makes a decision tonight on who will occupy the old Powerhouse building, how much the tenant will pay in rent will not be a factor. Aspen Public Radio’s Carolyn Sackariason reports.

Who ever is chosen among the five finalists for the space on Mill Street will have to negotiate rent and other financial matters with city officials. The Aspen Art Museum paid the city just one dollar a year to occupy the space.

Assistant City Manager Barry Crook says the lease details were intentionally omitted from the selection process.

“They’ve estimated something and if you would think of it in contract negotiations that’s their offer in their proposals but it hadn’t been finalized. There will be a negotiating team. They will have to figure out how to do that.”

Three of the finalists in their proposals acknowledged the rent price for their operations. The highest amount estimated was for the Aspen Brewing Co. and Biergarten and event space. That rent could be around $250,000. Crook says that may be appropriate since it’s a commercial venture. It would likely be low rent for nonprofits.

“They haven’t indicated that they are going to charge a lot of money. A lot of people presume it’s a dollar a year, dollar a month nominal rate and depending on the use that’s likely to be the case.”

Once the powerhouse tenant has been selected, negotiations will begin. Crook says that could take a couple of months before a deal is made. It will be much longer before the tenant actually moves in.

Related Content