Dallas investors plunk down $28 million for “Lego” building in Aspen

Located at 535 E. Hyman Ave., the so-called Lego building in downtown Aspen sold for $28 million.
The Aspen TimesLocated at 535 E. Hyman Ave., the so-called Lego building in downtown Aspen sold for $28 million.

A Dallas-based group has paid $28 million for an off-market, downtown Aspen commercial property nicknamed the “Lego building.”

Stephen Summers, the operator-manager of the CT018 Aspen LLC partnership, which closed on its acquisition of the 535 E. Hyman Ave. building Wednesday, said the wheels are in motion to bring retailers into the 20,000 square feet of commercial space that has been mostly vacant since it was built in 2015.

The corner building currently is home to the luxury fashion boutique Mr & Mrs Italy on its ground level and the yoga studio Aspen Shakti in its basement space.

“We thought that location is on the 50-yard line, and they just need to get some activity,” Summers said.

Summers also was instrumental in attracting Austin, Texas, restaurateur Larry McGuire and his partners to Aspen. Last year, McGuire and investors paid $2 million for the Little Annie’s building next door to the Lego building. McGuire, co-founder of Clark’s Oyster Bar, will open a restaurant with the same name in the Little Annie’s spot later this year, possibly as early as June 1. The building currently is being remodeled.

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“When I came in, that block was empty,” Summers said. “And you had Little Annie’s, which was an institution and tough to see go, and I think my No. 1 goal was to replace that restaurant on that block, which needed traffic.”

Summers appeared bullish about looking at other properties in Aspen to buy.

“I’d love to,” he said. “This market is special.”

To read more of this story go to aspentimes.com

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