Rio Grande Building Restaurant

Rio Grande Building Restaurant – Restaurant Rental Space Request for Proposals   

The City of Aspen is seeking creative, qualified partners to bring new energy to 1,687 square feet of street-level restaurant space in the Rio Grande Building at 455 Rio Grande Place. City Council envisions this location as a year-round, family-friendly gathering place that offers quality, affordable dining for the Aspen community. Proposals that reflect this mission are encouraged, and applicants may submit up to two potential restaurant concepts for consideration.

For many years, the restaurant space in the Rio Grande Building has been a beloved staple for locals—recognized for its fast, reliable, and affordable fare. As the City welcomes a new tenant, the goal is to honor that tradition while inviting fresh ideas. With adjacent parks and consistent community activity, the location offers a unique opportunity to create a vibrant hub that adds meaningful value to daily life in Aspen.

On Jan. 26, 2026, Aspen City Council selected four finalists for the Rio Grande Building Restaurant space: 

  • 520 Grill 
  • Bamboo Bear
  • Jaffa
  • Marsala & Curry

The finalists will present to Aspen City Council on Feb. 2. The preferred vendor selection and approval will occur at a public meeting (date to be determined).

Submission Requirements: 
SUBMISSIONS ARE NOW CLOSED

Interested vendors can review the full RFP for the detailed scope of project, submission requirements and lease information. 

Electronic proposal submissions may be submitted via email to  procurement@aspen.gov . Proposals must be compiled into a single Word or .PDF document named “2025-700 by XYZ Company”. Failure to do so may result in disqualification. Please call 720-589-4943 with questions about your submission.

Physical submissions must be saved on a thumb drive or CD and placed in a sealed envelope that is clearly marked on the outside “Proposal for 2025-700 by XYZ Company” and delivered via carrier or in person to the City of Aspen Purchasing office, 427 Rio Grande Place, Aspen, Colorado 81611.

The City cannot accept faxed proposals.

Proposal submissions are due Tuesday, Dec. 30th

Questions:

Questions regarding the RFP or procurement process can be submitted via email to  procurement@aspen.gov .

Answers will be posted on this webpage for all offerers to review and consider. It is the vendor's responsibility to check the website for Q&A's, addendums and other important information. 


Project Timeline: 

Dec. 3, 2025 - RFP release on  aspen.gov
Dec. 8, 2025 9 a.m. - 11 a.m. - First on site walk through open hours
Dec. 10, 2025 1 p.m. - 3 p.m. - Second on site walk through open hours
Dec. 21, 2025 - Deadline for questions 
Dec. 30, 2025 - Proposals due 
Jan. 5-9, 2026 - Finalize lease negotiations & reference checks
Jan. 26, 2026 - Deliberation and selection of finalists
Feb. 2, 2026 -  Finalists present to City Council at the Feb. 2 Work Session
TBD - Selection of preferred vendor and approval at public meeting

FAQ's

How was the lease rate for the RGB restaurant space determined?

  • There were a few considerations made when determining the lease rate for the RGB restaurant space including:
    • The City looked at market rent for similar spaces both within the core and outside of the core.  We “discounted” the RGB rate from there knowing what this space might lease for on the open market.
    • Considered the lease rate for the previous successful restaurant business that had operated in the space and escalation over time.
    • Considered the lease rate(s) for the other restaurants to whom the City leases space.

What was the operating period for Yogi’s?

  • Yogi’s was fully open from December 2024 to April 2025.

What methodology was used to determine the 60% utility allocation?

  • 60% of utilities was developed using the square footage of the space, considered the operational days/hours of a restaurant and the energy of the equipment,  vs. the remaining building usage and occupancy periods.    

Is the space sub-metered?

  • The space is not sub metered.

 Would the City consider a lease structure based solely on base rent, without a percentage rent component tied to gross sales? 

  • Yes. Exhibit C, the boilerplate lease, was provided as the starting point for an agreement with a restaurant operator. If applicants would like to elminiate the language around profit sharing and pay only a base rent, they must specify their proposed changes and include the rationale behind their requested modification when submitting their proposal. During the evaluation of proposals City Council will consider each proposers desired changes to the lease terms when making a final selection.