A new retail redevelopment project currently underway along Hyman Avenue in the heart of downtown Aspen, will also include on-site housing for retail workers, a rarity in the affluent retail hub.
Located at 420 E. Hyman Avenue, the development will feature 2,000 square feet of street-level retail space and 2,000 square feet of lower-level retail space, both offering 15-foot ceilings. The top levels of the project will offer 2,865 square feet of affordable housing, as well as a penthouse unit totaling 2,081 square feet.
Bryan Semel, vice president with Retail Advisory & Transaction Services with CBRE, is marketing the space for lease.
According to Semel, affordable housing is very much in demand in Aspen and so for a brand to be able to put their employees above their retail store would be ideal. “The residential component of this project truly makes it a gem in the Aspen retail market. With an annual tourism impact of nearly $600 million in retail sales, this project will greatly benefit Aspen’s residents and visitors alike,” said Semel. ”
When some thought the COVID-19 pandemic would lead to more vacant retail space, that simply has not been the case in Aspen. Due to what has been dubbed the “urban exodus,” record-setting residential real estate sales has retailers following suit.
“We were at 90 percent occupancy rate before the pandemic and by the time the summer season was over and going into winter, we were at 98 percent occupancy, so people are seeing that Aspen and other mountain towns are where people want to move to and the brands are seeing that as well, making what little space is available much sought after,” said Semel. “This development demonstrates the confidence that investors have in the future of the Aspen retail market.”
The retail portion will be ultra modern by design and feature two all-glass walls, as seen in the rendering. The Aspen-based project team consists of Charles Cunniffe Architects and the general contractor is GF Woods.
The property is surrounded by luxury tenants including Moncler, Van Cleef & Arpels, Panerai, Golden Goose, Intermix and Rag & Bone. Semel is currently in talks with a few luxury high street brands and will have someone in place by completion of the project summer 2021.
Rendering courtesy of CBRE