Attorney/restaurateur/hotelier/entrepreneur Perry Sanders has added the Executive Building at 422 E. Vermijo to his downtown investment portfolio.
Originally a four-story warehouse, the 25,000 square foot reinforced concrete structure dates from 1934. It was one of the few substantial commercial buildings erected in Colorado Springs during the Depression. Sanders paid $3.5 million for the building.
The County Assessor estimated the property’s 2018 market value to be $1,879,312, a little more than half the price Sanders paid.
Sanders’ affection for historic properties is no secret. During the last decade he has acquired and extensively renovated The Mining Exchange building, The Antlers hotel and 31 N. Tejon. The latter now houses the Sanders Law Firm as well as The Famous, a popular Sanders-owned downtown steakhouse.
“It’s a wonderful building,” said Sanders of his latest acquisition. “Its history is really interesting, and [former owner] Brad Stark has really taken care of the building. All the richest people in the city store their collector cars there.”
Aside from its historic appeal, the property has another feature that intrigues Sanders.
“It comes with 65 parking spaces,” said Sanders, “and nearly an acre of land. I’d never pull the existing building down, but there might be room to put a high-rise building there.”
In recent years, Sanders has often bruited the notion of building a substantial, multi-use downtown high rise, even to the point of commissioning architects to do some preliminary drawings. One thing was always lacking — a location.
Will Sanders be able to pull an iuconic high-rise out of his newly-purchased ground? And if so, will it be the 100-story building he once proposed?
“I don’t know about 100 stories,” he mused, “but maybe 52.”