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Aug 2, 2017
Fading Section of Coloradoo Springs Could See Significant Revitalization
A 19-story hotel, along with a 17-story residential office building, could see construction in a part of downtown Colorado Springs now dominated by abandoned warehouses and garages.
Members of the Colorado Springs City Council are reviewing a study titled Southwest Downtown Update that says the neglected neighborhood could see more than $2 billion in investment if a special financing district is created which will spur increased tax revenue.
The study, produced by the City of Colorado Spring’s Urban Renewal Authority, suggests that with the right policies in place, the area bordered by West Vermijo Avenue, S. Sierra Madre Street, Costilla Street and Sahwatch Street, would be home to some 5.2 million square feet of new mixed-use development.
The Urban Renewal Authority is tasked with providing assistance to private developers involved in redevelopment projects in Colorado Springs.
The study also forecasts the construction of 4,500 residential units; 750,000 square feet of office space; and 150,000 square feet of retail and restaurant space.
Additionally included in the study’s plan is the creation of more walkable space for the defined area.
If the Colorado Springs City Council signs off on the proposal, work on the first phase of what would most likely be a four-phase development could begin next year.