The Steamboat Springs School District’s historic high school building and the 2.4-acre downtown lot it sits on could be worth $4.6 million, according to an appraiser hired by the district this summer.
The Steamboat Springs Board of Education this week reviewed the results of appraisals for the downtown property on Seventh Street, Whistler Park near the south end of Steamboat Springs and vacant, district-owned land near the Steamboat II subdivision west of town.
The district’s 35-acre Steamboat II property, also called the Lee Trust property, was appraised at $700,000 to $875,000, and the district’s 9.2-acre Whistler Park property was valued at $920,000 to $1,150,000.
“This gives us a good, solid, factual basis for decision making,” board member Roger Good said. “I appreciate it being done.”
Originally built as a junior high in the 1910s, the district’s Seventh Street building was added onto four times between 1939 and 1998, and the building now houses district administrative offices, the Boys & Girls Club, the alternative Yampa Valley High School and the offices for Northwest Colorado Board of Cooperative Educational Services.
Appraiser Kevin Chandler of Grand Junction’s Chandler Consulting said that although the vacant property at the Seventh Street site could be used for 14 home sites without any rezoning, he believed the highest value would be realized by keeping the building intact.
Chandler’s appraisal estimated that as vacant land, the site would be valued at $1.75 to $1.9 million, but with the building, Chandler appraised the property at $4.4 to $4.6 million.
Board members said they weren’t interested in selling any of the properties now but wanted to better understand the worth of the district’s assets before returning to voters as soon as next year for what could be another large bond measure proposal.
Superintendent Brad Meeks said the appraisals were on par with previous estimates by a commercial real estate broker, although the Whistler property did appraise for higher than he expected.
The appraisal of the Whistler property was based on current zoning that would allow the property to be subdivided into nine home sites, each valued at about $102,000 to $127,000, according to the appraiser. The site could also be rezoned for medium density allowing 29 lots, but the appraisal was based on what is currently allowed for the site.
Board President Margie Huron said she believed if the district were to let go of a property that it should be the Whistler site, as she has heard more development is expected to take place on the west side of town as opposed to the mountain side.
The appraisals will also be considered by the Community Committee for Education as the group works to make recommendations for the district’s future.