Wednesday, February 15, 2017
185 West Broadway Jackson Hole, WY (888) 733.9009
PAID ADVERTISEMENT
NEWS
www. jhsir .com
REAL ESTATE
®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Oppor tunity Company. Equal Housing Oppor tunity. Jackson Hole Sotheby’s International Realty is Independently Owned and Operated.
Pictured Above: Rendering of proposed development at 175 S. Glenwood, adjacent to the Center for the Arts and the new Marriott Hotel.
FLEXIBLE DEVELOPMENT WITHIN JACKSON TOWN CORE
175 S. Glenwood aims to provide needed commercial and residential space.
by Arthur Corontzes, Associate Broker with Staff Writers
Jackson, Wyoming has a unique new development opportunity currently available in the heart of town. The Western Motel site, at 175 S. Glenwood Street, has been slated for flexible redevelopment into either mixed-use, residential, or commercial use, with the capacity for both long and short term housing, and below-grade parking— four features that are virtually unheard of in a single development currently available within the town of Jackson. Adjacent to the Center for the Arts, the new Marriott Hotel, and the town’s parking garage, this 15,000 square foot plot of land has approved entitlements for roughly 30,000 square feet of habitable development with an additional, belowgrade parking garage. Current renderings and plans are included for three floors of square footage, and prominently feature an ideal first-floor, high-end restaurant space across from Jackson’s cultural hub. The second and third floor are slated to contain residential condominiums with the unique flexibility afforded by inclusion within the Town of Jackson’s “Lodging Overlay”—a zoning classification that allows any owner the option to rent their property nightly, or to occupy their condominium on a full-time, year-round basis. The development entitlements already in place offer bonus density through a now-
defunct, Planned Mixed Use Development Tool and include approved above-grade height variations and the presence of a below-grade parking garage. In addition to parking credits from the Town of Jackson, 175 S. Glenwood has planned for 10,196 square feet of below grade parking that contains 25 spaces with an additional seven on-street spaces. The flexibility of this site makes 175 S. Glenwood an intriguing option to developers looking to purchase, build, and sell space in addition to owners hoping to hold and operate for the years to come. The Town of Jackson is currently one of the hottest sub-markets within Jackson Hole, due to the high demand and low supply of single family homes, luxury residential condominiums and vacant land. Alongside the residential market, the commercial market has been booming within the past
year. In 2016 all commercial market segments thrived—from retail to mixed use, office, and industrial—but the most intriguing segment has been the development sector due to the ability to create new inventory to conform to market demands. There have been multiple development transactions that have occurred within the past year including the sale of 112 Center Street, the current Wells Fargo site on the Town Square, which is entitled for a 67,000 square foot development on 1.03 acres and was listed for $10.5M. 112 Center Street, enticed multiple-offers due to its prime location and flexible development future. 175 S. Glenwood provides both of these features at a fraction of the cost. Copies of current plans, which detail square footage and entitlements, are available via Jackson Hole Sotheby’s International Realty.
Pictured Above: Interior rendering of proposed third floor condominium with expansive views to Crystal Butte and the northeast.