City officials in Colorado Springs are reviewing a proposal that could see the construction of the tallest high rise ever built in the city on a site that is currently used partly as a parking lot.
The downtown mixed-use project would also include an 11-story building housing Class A office space, as well as a 109,000 square foot parking garage with enough space for just over 400 vehicles.
The centerpiece of the project, at 25 stories, would see the construction of 316 upscale apartments made up of one-, two-, and three-bedroom units, as well as studios. In all, the residential space would comprise 47,500 square feet.
The office structure will include 33,500 square feet of ground floor retail.
As proposed by The O’Neil Group, a development company based in the city, the project would be built off Vermijo Avenue, just to the south of the Pikes Peak Center for the Performing Arts.
According to papers submitted by the O’Neil Group to the Colorado Springs Urban Renewal Authority the project represents “the first new private development along what the City has deemed a signature street in the heart of downtown.”
Before any construction begins, the developers are hoping to have all or part of the property designated as an urban renewal site, which would make it eligible for tax-increment financing. That financing could cover the costs of a variety of infrastructure work.
If ultimately built, the 25-story project would break the Colorado Springs height record set with the construction of the 16-floor Wells Fargo Tower in 1990.
If city approval is secured, work on the high rise is expected to begin by next summer.
By Garry Boulard
