The city of Aspen and Centaur Construction have reached a mitigation agreement for the redevelopment of the Gap building.
The developer has proposed an accelerated construction process, which will shorten the disruption and impacts on the neighbors and community at 204 S. Galena St.
In exchange, the city will allow the developer to purchase 19 city parking spaces on S. Galena Street (eight spaces) and Hopkins Ave. (11 spaces) and encroach on the right-of-way only through Aug. 17.
The project is scheduled to finish in December. It entails demolishing the one-story, 11,000-square-foot building at Galena and Hopkins, and replacing it with a structure containing five street-level retail spaces and a second-story restaurant with a large outdoor deck.
City officials said the agreement allows for the street to be clear for the USA Pro Cycling Challenge race in August. In addition, the developer has agreed to reduce the impact of its footprint on the Fourth of July.
The developer is committed to maintaining a pedestrian walkway through the duration of the encroachment.
“The overall benefit to the City and its citizens and businesses is a greatly expedited project in exchange for the encroachment area and parking. This allows for no disruption to the bike race, all downtown activities for the remainder of summer and the latter half of the Saturday Farmer’s Market,” a City Hall press release said.
Centaur is expected to begin work on the project next week.
The building currently housing the Gap sold for $13.25 million in October to Chicago real estate developer Mark Hunt, one of the partners in the Hotel Jerome who also bought the Mill Street Mall building where the Above the Salt restaurant is located.
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