Located only 20 minutes from Aspen, Colorado this Residential and Commercial land opportunity is in the heart of downtown Basalt, Colorado. The property consists of .322 acres with significant possibility to develop a gorgeous penthouse and/or a high end condominium hotel complex above the commercial space below. There is approximately 5,400 existing square foot multi-use space built on the property. The historical dining and bar area are accented by two fireplaces which consists of approximately 1,820 square feet. The remaining commercial space located on the lower level consists of the Kitchen, Office and Storage areas. The restaurant business is included in the list price.Residential Space: Three residential units are also located on the property on the upper level and to the rear of the building with transferable rental income. Future developments will require approvals from the Town of Basalt.Commercial Space: Includes Dining, Bar, Kitchen, Office and Storage areas on the first floor.Patios: Remodeled attached Patio which is approx. 1,820 square foot with a new roof and drop down enclosures to house guests year round with installed infra heaters. New Stone Patios allow for additional seating in the summer. Property also has an outdoor play ground for children.Square Footage: Seller represents that the square footage amounts are approximates. Buyer to verify square footages.Feasibility Study: Feasibility study created in 2023 identifies future development possibilities. Property is not being conveyed with entitlements. Buyer to verify entitlements with the Town of Basalt and obtain approvals.Residential MLS: 182521 The property is zoned mixed use. Please refer to MLS 182521 for the Residentail information.