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Basalt Investor Buys Former CMC Building in Glenwood Springs

By: Matthew Bennett
Glenwood Springs Post Independent

A piece of property in downtown Glenwood Springs known by locals and historians alike as the old McCoy Armory Building, and which recently became entangled among the holdings of the now bankrupt Woodbridge Group, has been sold to a Basalt investor.

It sold last week for $1.1 million to Discovery Place Investments Ltd., that was confirmed by William Small with Zenith Realty Advisors

“The property was what I think in pretty good condition, but it hadn’t been used for several years.”

Colorado Mountain College was the last occupant of the building at 831 Grand Ave., at the northwest corner of Ninth and Grand Avenue. After the college moved its headquarters across the street and down the block to its current location at 802 Grand Avenue in 2011, the structure has been unoccupied.

According to Garfield County Assessor records, the property sold on August 27th, with the seller listed as Topchord Investments LLC and the buyer as Discovery Place Investments Ltd. in Basalt.

Topchord Investments bought the building from Colorado Mountain College in August 2014 for $1.2 million.

Discovery Place Investments representative, Warwick Mowbray, told the Glenwood Springs Post Independent on Thursday that he was still getting to know and slowly becoming more comfortable with the historic piece of property and said that it would take some time before any specific plans would be disclosed.

Mowbray did say, though, that the tentative plan for the property was for retail space to occupy the bottom floor and office space to occupy the second floor.

Bill Small indicated he didn’t think a major renovation of the building was in the works.

“Not only did Discovery Place Investments purchase the building, but also included the parking lot behind that” he said.

The downtown Glenwood Springs property had been among several commercial properties owned by Woodbridge affiliates throughout the Roaring Fork Valley, before the company declared bankruptcy late last year amid an investigation by the Federal Securities and Exchange Commission (SEC) over fraud charges.

The SEC has claimed that investors were cheated out of $1.2 billion through a Ponzi scheme orchestrated by former Woodbridge CEO, Robert Shapiro, an Aspen Glen resident at the time who stands accused of living a lavish lifestyle with the proceeds. Robert Shapiro resigned from Woodbridge in December 2017. He has denied the charges.

In addition to numerous high-end residential properties stretching from Carbondale to Aspen and held under various Limited Liability Company affiliates of Shapiro and Woodbridge, the company also owned several commercial properties.

The CMC building in Glenwood Springs had been advertised for $1.2 million last spring.

Glenwood Springs’ historical records depict structures on the corner lot dating back to 1888. However, in 1913, J.F. McCoy constructed his building on the site, which the state of Colorado purchased in 1917 for the National Armory.

Historical records also detail how the second floor of the former McCoy Armory Building served, at one point or another, as a ballroom, bowling alley and even a roller skating rink.

About The Author

Scott Dillard, Integrated Mountain Group

Scott Dillard is the leading Commercial Real Estate Broker in Glenwood Springs/Carbondale, bringing many years of experience in commercial real estate leasing, sales and development. Being one of the very few CCIM designees (Certified Commercial Investment Member) on the Western Slope confirms that Scott Dillard is a recognized expert in the commercial and investment real estate industry.