City to buy home in Heart of Golden corridor

House could add “flexibility” for future plans

Paul Albani-Burgio
palbaniburgio@coloradocommunitymedia.com
Posted 5/5/21

Golden’s newest home owner is someone all resident’s know well: the city itself. On April 27, the Golden City Council unanimously approved a resolution authorizing the purchase of a 3,800 square …

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City to buy home in Heart of Golden corridor

House could add “flexibility” for future plans

Posted

Golden’s newest home owner is someone all resident’s know well: the city itself.

On April 27, the Golden City Council unanimously approved a resolution authorizing the purchase of a 3,800 square foot parcel, which includes a 733-square foot house, at 230 Depot Street adjacent to the Coors brewery. The property is surrounded by the property that the city acquired from Coors in 2019 for the Heart of Golden project.

Golden Community and Economic Development Director Steve Glueck said the city has been considering acquiring the property since 2018, when Coors first offered to sell the surrounding 7.25 acres of property that surround the structure.

A memo sent by Glueck to the council stated that the city has determined that the parcel has “strategic value to the city, although it has not been deemed to be absolutely required for future Heart of Golden uses.”

“We do think the community impact is a significant increase in flexibility for the east end of the Heart of Golden corridor,” he said. “We will have more flexibility both with the use of Depot Street and the Heart of Golden sustainability goals are enhanced by this action as well.”

Glueck also noted that initial concepts for Heart of Golden developments — an overarching plan to make use of city property along the Clear Creek corridor to improve the city’s civic core — have generally not included the easternmost section of the city’s property holdings along the corridor.

“It may or may not be conducive to a short-term use,” he said. “It may want to wait for long-term opportunities with the railroad line but it gives us more flexibility.”

The resolution authorizes the city to purchase the one-story house, which was built in 1947 according to assessor’s office records, for $545,000.

The city will then enter into a leaseback agreement with the house’s current owners, Peter and Tracy Doig, that will allow them to live in the house through the end of the year while they complete renovations on another home in Golden.

While the city’s intention is to utilize the property in Heart of Golden redevelopment, it could be several years before that happens. Glueck said that it may make sense for the city to continue to rent the property until those plans are determined, suggested the city could collect $1,800-2,000 a month. However, the city would also incur costs by doing so, including likely having to pay for new furnace.

Glueck said the current cost of demolishing the house would be $25,000-$30,000.

The acquisition will be paid for with remaining funds from the certificates of participation used to fund the purchase of the Coors properties as well as the demolition of the Coors office building. Glueck said there is $1.4 million in leftover funds because of the “favorable bids” the city received for the deconstruction and revegetation of the Coors office building site.

On May 11, the council will vote to acquire a second property and house at 1020 Archer Street. That house was built in 1940 and the property is valued at $406,000, according to assessor’s records.

During the meeting, councilman Bill Fisher was among those who voiced support for the acquisition.

“I’m not necessarily in favor of the city traditionally buying a lot of property and I think we looked pretty carefully at this,” he said. “I’m definitely favor of this specific acquisition and I think Steve and city manager Slowinski did a great job of putting us in a position where we could have this (Heart of Golden) acquisition while not sacrificing other programs. I think it also really hinged on a lot of the relationships we built and I think this kind of demonstrates a win/win opportunity with these private residents.”

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