Just two blocks from the heart of historic downtown Telluride and directly across from its iconic Town Park, home to Telluride's summer festivals, this highly coveted location boasts an elegantly remodeled Victorian home nestled on three spacious lots, which span nearly 10,000 square feet of property. The residence captures panoramic views of Bear Creek, Ballard and Ajax mountains, with Bridal Veil Falls to the east and Telluride's Ski Resort to its west. Comprising nearly 5,000 square feet, this five-bedroom, four-and-a-half-bath residence with attached two-car garage and private guest suite features a bright, open floorplan on both the main and upper levels. With ample space for guests, as well as a wellness fitness studio (or bunk room conversion into a sixth bedroom), the layout affords all a private space to relax and rejuvenate. Outside, an eight-person hot tub and built-in grill and fire pit are perfect for year-round entertainment, whether it's aprs-ski season, summer hiking and biking, or enjoying music and the autumn hues in Telluride's Town Park. What's more, this offering is further distinguished by its capacity to expand. The residence occupies two of the property's three lots -- the third with potential for an entirely separate residence or an additional guest cottage for the main house. Schematics from award-winning Telluride architect Peter Sante are already in place, beautifully charting and complementing the existing home; it is primed to be developed. Telluride Town Park lies just steps from the front door: the town's 36-acre central recreation hub, home to the kids' fishing pond, pool, tennis courts, and Nordic skiing, and host to Telluride's world-renowned music festivals, enjoyed right from the home's porch swing. Holdings of this scale and in this location rarely reach the market, and when they do, they do not stay long. 501 East Colorado Avenue is not simply a house for sale; it is one of the last true legacy properties the east end has left to offer.