507 Red Lady Avenue, 110, Crested Butte, CO, 81224
MLS #835697 | $3,600,000

About 507 Red Lady Avenue

The most-visited address in Crested Butte isn't a hotel or a restaurant, it's a building with double-height ceilings, a liquor license, and 52 parking spaces, and it's finally for sale. Positioned at the gateway to town along Highway 135, Majestic Plaza's three-screen cinema has been the backdrop of community life for over 25 years. Today it presents one of the most compelling redevelopment opportunities in the Gunnison Valley: a standalone, fully operational building with 6,889 rentable square feet, state-of-the-art digital projection, 300 seats across three theaters — and the bones to become something entirely new. Unit 110 is a self-contained condominium unit within Majestic Plaza, a 30-unit mixed-use condominium occupying approximately 1.15 acres in the south half of Block 48. The unit operates independently with its own heating, utilities, and roof. The three theater rooms feature double-height ceilings with documented potential to add second-floor buildouts, expanding total rentable square footage to approximately 9,679 SF. A third story may be possible, subject to engineering, HOA approval, and town review. Adjacent to Clark's Market and home to a USPS PO box facility that draws daily foot traffic from across the valley, Majestic Plaza sits directly on the free town bus route. With 52 dedicated parking spaces allocated to Unit 110 and 142 total spaces across the condominium, a position nearly impossible to replicate at this scale in Crested Butte. Designated T-Zone by the Town of Crested Butte, one of the most flexible commercial designations in the market. Retail, restaurant, office, residential, hotel, brewery, distillery — the canvas is wide open. The Opportunity : Properties of this scale, visibility, and zoning flexibility simply don't come to market here. Whether the vision is preserving its cultural legacy, pivoting to hospitality, layering in mixed-use programming, or expanding within the existing envelope — this is the rare product where location, infrastructure, and imagination converge.

Listed by LIV Sotheby's International Realty - CB