A local, multi-generational family has officially purchased The Abbey.
The John Paul Ary families closed the deal two weeks ago.
“We are excited about it,” Josh Ary said. “I think itap looked at as a great opportunity to help improve the community and keep it local.”
He said it could take up to a year to decide exactly what the best use for the property will be.
“The main driving force is something thatap going to improve the community,” Ary said. “The focal point is whatap best for the community.”
Itap also going to be a family legacy, Ary said, as multiple family members are involved in the project.
“The Ary family has been a fixture in our community for multiple generations,” said Rob Brown, the executive director of Fremont Economic Development Corp. “They’ve grown up here, they know all of the different components of our community, how important that property is to the community, and what it looks like today and what may look like in the future.”
A potential out-of-state buyer had the events complex under contract for an extended period while also pursuing several entitlement-type projects with the City of Cañon City. The development plan was approved by the Cañon City Planning Commission and city staff, but the potential buyer wasn’t able to close on the project.
“It drug out for such an extended period of time that by the time they got to nearing the end, they just weren’t in a position to close, so they stepped away from the project a couple of months ago, late last year,” Brown said. “That put the property back on the market.”
During the short time it was on the market, several local, Colorado-based organizations, and some from outside the area, expressed interest in buying it, Brown said. Three of them ultimately provided letters of intent to the owners of the Abbey.
The ownership of the Abbey at that time compared the three offers and gauged which one had the strongest likelihood of closing. The winning group was the Ary family.
“They are working hard at deciding how to proceed now that they have the ownership interest in it,” Brown said.
The family wants some time to contemplate how to take the necessary next steps with the property. Ary said they are taking time to see what exists today, but nothing’s off the table.
“I am positive they will be good stewards and community-minded with anything they pursue,” Brown said.
The new owners are talking to some local people, groups and organizations about potential collaboration opportunities.
“Everything looks very positive, and I am very excited about the prospects and looking forward to hearing what they come up with as their plan,” Brown said. “FEDC has been actively involved in the process the entire time and will continue to help in every way possible to get them through whatever processes they need to go through with governmental agencies or other perspective collaborators or however it might work.”
The Arys are building a team of people to envision and examine opportunities for the complex.
“They have the right team for the community,” Brown said.
