Appaloosa Trading Co., a 35-year fixture with frontage on U.S. Highway 550, is on the market.
The two-acre property was first listed in mid-December for $1.5 million and rapidly fell to $1.3 million by February. It includes a 3,124-square-foot antique and leather shop, a 3,540-square-foot, three-bedroom Southwestern-style home and a 2,500-square-foot barn.
Owner Michael Gibson operated the shop at its 8350 County Road 203 location near Hermosa Creek for 20 years, expanding his business that once had locations in downtown Durango and in Telluride. Gibson said he is selling because of personal family issues.
The lingering question is, what becomes of the property?
Zoned neighborhood-commercial, county and Animas Valley land-use plans allow for mixed-use development on the plot, which leaves the coveted property open to conversion. Commercial properties in Animas Valley, rampant with farmland and single-family homes, are few.
The acreage is highly visible from the highway, particularly to southbound travelers, which has generated interest from buyers who want to pursue restaurant endeavors, retail businesses, office space use, bed-and-breakfasts and vacation rentals, all of which are permitted within the zoning boundaries with county approval.
But the plot is also among few commercial properties with irrigation rights – an asset that is attracting prospective buyers wanting to run marijuana grow operations and dispensaries.
“There are many opportunities to do anything commercial in the Animas Valley,” Keller Williams broker Scott Kurlander said. “This particular piece has no rules, covenants or restrictions, and access off a paved county road.”
Locals have historically been wary of commercial operations in this area of La Plata County.
In 2012, county officials shot down a proposal to rezone a 6.8-acre parcel at 8218 County Road 203, close to Appaloosa Trading Co., from residential to light commercial.
Neighbors protested then that commercial operations would compromise the area’s bucolic character, and expect another fight if a new buyer aims to transform the Appaloosa property into a noisy commercial enterprise.
“The parcel could have been developed with 36 mobile homes or a restaurant,” said Cheryl Folwell, who lives across from the 8218 County Road 203 property. “That just doesn’t go with the vibe of the neighborhood, and I would think a similar thing would apply to Appaloosa. What’s there now is fine, it’s never been an issue, but at one time, someone wanted to put a restaurant there that would operate until 2 a.m. and serve alcohol, and everyone went ballistic. It’s residential here.”
Appaloosa Trading Co. has operated out of the shop for 20 years, but both the building and barn date back to 1977. The house was built in 2006, replacing a residence constructed in 1980.
“Durango has been good to me, and I’ve been a good service to it,” Gibson said as he prepares to close his last business. “We’re losing Western heritage in Durango.”
Appaloosa Trading Co. merchandise is for sale on discount until the end of April, at which point Gibson will have to decide how to liquidate remaining assets.
jpace@durangoherald.com
On the market
The two-acre property at 8350 County Road 203 includes a 3,540-square-foot, Southwestern-style home with three bedrooms, two full baths, one three-quarter bath, a courtyard, office and guest room. The property is selling for $1.3 million.
