631 Sherman Street

Description

Prime Mixed-Use Development Opportunity in Downtown Ridgway | Historic Business Zone | Multifamily & Commercial Upside Investors, multifamily developers, and commercial owner-operators — this is a rare value-add and redevelopment opportunity in the core of downtown Ridgway, Colorado, located in highly flexible Historic Business zoning within Ouray County. Unlike many “historic” districts, this zone carries no architectural preservation requirements, allowing maximum design freedom, vertical expansion, and true mixed-use density potential — a major advantage for developers focused on multifamily housing, affordable housing projects, workforce housing, retail-commercial integration, or long-term rental income strategies. Zoning Designed for Density & Mixed-Use Development The Historic Business Zone is among the most development-friendly districts in Western Colorado, allowing: Multifamily residential development Workforce and affordable housing configurations Mixed-use commercial + residential projects Retail storefronts and restaurants Professional office suites Art studios, galleries, and creative spaces Boutique hospitality concepts With a 35-foot maximum building height, developers can build vertically to capture mountain views and significantly increase rentable square footage. Minimal setbacks allow you to maximize the lot footprint — a key factor for ROI-driven projects. Existing Structure = Immediate Income or Redevelopment Play The 2,315 square foot, single-level building (constructed in 1993) is currently configured as two separate commercial spaces: West unit: Fabric arts gallery and workshop East unit: Retail office supply store This layout offers multiple pathways: Maintain current tenants for income stabilization Reconfigure for higher rents Convert to residential loft-style units Redevelop entirely for a higher-density multifamily project For value-add investors, this is a strong repositioning candidate in a high-demand mountain market. Parking + Expansion Potential Ample on-site parking along the north side of the property enhances commercial usability — critical for retail, restaurant, or service-based tenants. An additional adjoining lot to the west (available separately) creates rare assemblage potential in downtown Ridgway — allowing expanded density, additional structures, structured parking concepts, or phased development strategies. Strategic Location in a High-Growth Mountain Market Ridgway continues to experience strong demand driven by tourism, outdoor recreation, and proximity to Telluride and Montrose. Limited inventory, constrained land supply, and increasing demand for workforce and affordable housing make this a compelling long-term hold or build-to-rent opportunity. High visibility, walkability, and steady foot traffic in the downtown core support both residential and commercial absorption. Ideal For: Multifamily developers seeking mountain-town density Affordable housing and workforce housing projects Mixed-use investor-operators 1031 exchange buyers Retail or restaurant entrepreneurs Creative commercial users Long-term hold investors seeking appreciation in Ouray County This is not just a building — it’s a scalable development opportunity in one of Colorado’s most supply-constrained and desirable small-town markets.