More than 1,600 new homes may be built just to the east of the Peterson Air Force Base, according to plans just approved by the Colorado Springs City Council.
The project will also include the construction of a certain amount of business and commercial space.
What is being called the Reagan Ranch will go up on roughly 237 acres near the intersection of Marksheffel Road and Colorado Highway 94.
Altogether, the development is expected to see just over 1,100 single-family homes, and another 500 multifamily units.
The unanimous 7 to 0 council vote calls for a zoning change at the big site, allowing also for the construction of retail space and office buildings.
That zoning change, according to city documents, takes the property from a research & development designation to a commercial/office/light industrial designation.
According to the plans submitted to the City of Colorado Springs, the development will additionally include just over 2 miles of walking trails.
Four separate parks, ranging in size from 4 acres to 7 acres, will also be a part of the site.
The project is being spearheaded by the Equity Group, a Colorado Springs real estate development company.
By Garry Boulard
