507 Red Lady Avenue, Crested Butte, CO, 81224
MLS #807167 | $3,395,000

About 507 Red Lady Avenue

***Majestic Plaza Movie Theatre & Redevelopment Opportunity*** Unveil the potential of Majestic Plaza, an iconic touchstone in Crested Butte, Colorado. This unique property, situated at the gateway to the town, stands as a symbol of community connection while offering a rare chance for redevelopment. With its history as a cherished movie theater, Majestic Plaza holds the promise of a vibrant future for various purposes. Nestled along the prominent Hwy 135, Majestic Plaza commands attention as it greets every traveler entering the picturesque town of Crested Butte. Adjacent to the sole grocery store and featuring a substantial USPS PO box facility, this property enjoys unrivaled visibility. Notably, it resides within the efficient and widely utilized town bus transportation system route, adding to its accessibility and appeal. For over 25 years, Majestic Plaza has enchanted visitors as a premier 3-screen movie theater. Housing 300 seats and a well-appointed concession area, this cinematic haven has offered unforgettable movie experiences. The property boasts a fully automated, state-of-the-art digital theater, successfully supported by the local non profit organization, "Save the Majestic". The concession area, which holds a liquor license, is a social hub within the community. The legacy lives on, awaiting its next visionary steward. Majestic Plaza presents a versatile canvas, with a total building size of 6,889 rentable square feet. The potential for expansion exists within the three theater rooms, where double-height spaces could be transformed into second floors, expanding the rentable space to an impressive 9,679 square feet. This architectural possibility, combined with the rarity of such expansive structures within Crested Butte, invites boundless opportunity. A paramount feature of this property is the ample parking available. With 142 off-street parking spaces encompassing the Majestic Plaza property and Clarks parking lot, convenience is assured. As a testament to its community integration, the Majestic Plaza Condominium holds rights to 103 of these spaces, while the movie theater, Unit 110, is allocated 52 spaces. This parking abundance stands as a nearly irreplaceable asset, underpinning the potential for diverse future applications. The story of Majestic Plaza is poised for its next chapter. Potential transformation with redevelopment options stretch the imagination. The introduction of second floors into the theater rooms could result in a substantial 9,679 square feet, a rarity within Crested Butte's architectural landscape. Further exploration of a potential third story, subject to engineering, HOA compliance, and town regulations, offers an even loftier possibility. This property isn't confined to cinema only; identified as "T-Zone" by the Town of Crested Butte, it's a canvas for countless visions. Picture retail spaces, offices, residences, brewing and distilling ventures, hotel, or food services. Embrace the property's rich history while shaping its destiny to meet the evolving needs of Crested Butte's growing community. Majestic Plaza Condominium is a mixed-use condominium containing 30 units on 50,000 SF (approx. 1.15 acres) of land occupying the south half Block 48 (Lots 17-32) in Crested Butte, Colorado. The Property for sale in this listing is Majestic Plaza Condominium Unit #110, which is a building with standalone heating, utilities, and roof. The acreage and lot dimensions stated in this listing is for the entire Majestic PlazaCondominium and not for the Property alone.

Courtesy of LIV Sotheby's International Realty - CB