City Council moves to rezone ?property so single-family home development isn’t possible. “Should the decision become the law of the land, it will make it very difficult to sell the property,” said CU spokesman Dan Meyers. “It’s very disappointing and we’re not happy the city is considering this step.”

ASPEN REAL ESTATE – Aspen City Council on Wednesday upped the ante in its effort to prevent the demolition of the Given Institute by passing an emergency ordinance that would rezone the property so a single-family home can’t be built there.The council voted 3-0 to pass Ordinance 22, which would rezone the property at 110 E. Francis St. from residential to academic. A second and final reading, along with a public hearing, is scheduled for Sept. 20.The University of Colorado (CU) owns the 2.25-acre lot and has used it as conference center dedicated to seminars on medical research. Over the past several months, CU has been in negotiations with multiple parties who want to buy the property overlooking Hallam Lake and develop a private home.By rezoning the property to academic, a potential buyer wouldn’t be able to build a single-family home there, thereby reducing its value.
By Carolyn Sackariason, Set. 09,10 Aspen Daily News

Link to article