Plans have been proposed for the construction of a mixed-use project in downtown Colorado Springs that will include 131 residential units.
The 7-story building will go up on a 27,700 square foot site at the northwest corner of S. Nevada Avenue and E. Cimarron Street, in a part of the city dominated by multi-story apartment complexes and one-story commercial structures.
As planned, retail and restaurant space will make up around 6,300 square feet of the new structure’s glass-walled ground floor.
The project is being developed by the Denver-based Narrate Companies, which specializes in the development of new and existing mixed-use and multi-family projects, primarily in Colorado and Oklahoma, with an emphasis on infill development.
Typical Narrate projects range in size from 75 to 100 residential units.
Colorado Springs has seen an explosion in new apartment construction in the last several years, with more than 600 new units built since 2016. Industry experts say the building of yet more units is expected to continue for the foreseeable future.
The average rent in the city for a one-bedroom unit is currently around $1,500. That figure is above the state average, but well below the $1,900 being asked for similar-sized apartments in Denver.
By Garry Boulard
