Turnaround Planned for Riverside Plaza in Steamboat Springs
Western Centers, an established investor and property manager of retail centers throughout Colorado since 1991 has announced the purchase of Riverside Plaza by Riverside Plaza Partners LLC. Riverside Plaza is a 32,875-square-foot retail center in Steamboat Springs, for $2,275,000 from Mototainment Partners, LLC. Plans are in place to invest in overall upgrades and improvements to enhance the appeal of the retail center.
The brokers for the transaction were Ron Wendler of Colorado Realty Group (representing the seller) and Corey Wagner of Western Centers, Inc.
“After purchasing and completely remodeling Snow Bowl in 2018 — a bowling alley, arcade, full-service bar and restaurant — we wanted to continue to invest in the west side of Steamboat and add tenants to the excellent tenant mix at Riverside,” said Corey Wagner of Western Centers, which has successfully owned and operated over 2 million square feet of retail centers in Colorado since the company’s inception. “We plan to invest in both small and large-scale improvements that will benefit the surrounding neighborhood and promote the spirit of the community as a whole. We’re excited to be part of this important transformation.”
Immediate improvements for Riverside Plaza include:
o An update and remodel of the architectural /signage and landscape elements.
o Onsite management and leasing
o Work and consultation with existing tenants to enhance or expand their current occupancy
Western Centers’ ‘light on the land philosophy’ of recycling and repurposing outdated commercial and residential real estate assets is a perfect fit in what the company believes to be one of Colorado’s remaining mountain western communities blessed with world class activities and lifestyle. Western Centers anticipates the corridor between Steamboat and Craig to see significant value growth and opportunities as the Yampa Valley Regional Airport (HDN)continues to grow direct and non-stop service to major US cities and airline hubs.
Along with Ace Hardware, Steamboat Power Sports, two automobile dealerships, the New City and Justice Center, Stormpeak Brewery and now the Snow Bowl entertainment/dining venue, the WestSide has become a critical part of the Steamboat economy.
Photo courtesy of Western Centers