By Matt Kroschel

SILVERTHORNE, Colo. (CBS4)– As the population continues to boom across Colorado, the need for more housing grows. The latest business that will be lost to residences is the longest running car dealership in Summit County.

Friday was supposed to be the last day in operation for Hudson Auto Source. The owner sold the prime real estate to a developer who wants to build a new “loft style” complex.

(credit: CBS)

Hudson Auto Source will stay open a while longer and will continue selling cars into next week.

Resort Concepts is proposing the 152-unit residential development they will call “Park Lofts” on Blue River Parkway. They have not presented their plan to the city yet but are arranging to do so.

(credit: CBS)

It is next door to where other developers want to add the Fourth Street Crossing development in the downtown core as the town looks to reinvent itself.

(credit: CBS)

Lynne McMahon owns Hudson and says this is all very bittersweet.

Matt Kroschel covers news throughout Colorado working from the CBS4 Mountain Newsroom. Send story ideas to and connect with him on Twitter @Matt_Kroschel.