The Future Outlook of Colorado Springs: Major Projects

Colorado Springs is now widely recognized, with the Colorado Demography Office forecasting El Paso County's population to surpass 1 million and exceed Denver by 2050. As our city expands, these groundbreaking initiatives, concepts, and focal points will influence the city's character and essence.

True North Commons

You've probably noticed True North Commons rising near the Northgate entrance to the U.S. Air Force Academy. This $345 million development covers 32 acres and includes public and private elements. Curtis Bova, Hotel Polaris's general manager, describes it as providing a new gateway to the Academy and Colorado Springs. True North Commons features the Hosmer Visitor Center, Hotel Polaris, retail spaces, an advanced office complex, and new parking for the Santa Fe Trail. Let's focus on the main parts:

U.S. Air Force Academy Visitor Center: The Hosmer Visitor Center's design resembles an aircraft taking flight, offering a modern entrance point to the Academy, more accessible than the current center located 7 miles inside the Academy grounds. Projected to open in 2025.
Hotel Polaris: Linked to the Visitor Center via a pedestrian bridge is Hotel Polaris, boasting 375 rooms and 26,000 square feet of event space. Far from ordinary, this hotel offers unique experiences, including three flight simulators for 737 and F-16 jets, providing guests with an immersive pilot experience. Additionally, Hotel Polaris features a full-service spa, a spacious pool terrace with cabanas, and exclusive activities such as stargazing and falconry. Targeted to open in 2024.
Sunset Amphitheater: This summer, Colorado Springs elevates its live music scene with the grand opening of Sunset Amphitheater in August. Local entrepreneur J.W. Roth aims to revolutionize the live music industry, and his vision is becoming a reality. OneRepublic will headline three shows from August 9th to 11th to inaugurate the $90-million, 8,000-seat venue. Not to mention the addition of an upscale chophouse, five rooftop bars, and 133 privately-owned fire pit suites. Opening this August 2024.

Other Projects

Innovative Housing for Teachers: In light of soaring rents and real estate costs, how do you attract and retain talented teachers? Harrison School District 2 has devised a solution: constructing a $6 million duplex community offering affordable rent exclusively for its educators. Named Wendy's Village after D-2 Superintendent Wendy Birhanzel, the recipient of Colorado's 2023 Superintendent of the Year award, this community will be situated at Mountain Vista Community School, replacing an old soccer field. Each of the 20 apartments will span 352 square feet and rent for $825 per month. This project is currently still in a fundraising phase.

30 West at Park Union: From 2013 to 2023, downtown Colorado Springs saw $2.3 billion in investment, yet it lacks new Class A office space. Norwood Development Group proposes a 12-story office building located in Park Union at the corner of Cimarron Street and Sahwatch Street, opposite Weidner Field. Spanning 194,000 square feet, the building offers amenities like a rooftop lounge, shared conference facilities, a fitness center, golf simulator, and bike storage. Additionally, the mixed-use 30 West features street-level retail and restaurant spaces. Norwood hopes to start construction in early 2025.
Reimagining our Waterways: Could Fountain and Monument Creeks become tubing and paddling destinations in the future? The COS Creek Plan aims to reshape and reimagine the Fountain Creek Watershed. Chris Lieber, principal at N.E.S. and project manager for the plan, emphasizes the importance of viewing the creek as a valuable community asset. The plan focuses on developing eight new parks and revitalizing existing ones along a 10-mile stretch through the city center. The first phase, America the Beautiful Park, is targeted for construction around 2026-2027, pending planning and funding.

Myron Stratton Home Expansion: Myron Stratton Home is expanding with 81 new independent-living apartments for low-income seniors, funded by a $30 million donation from the Myron Stratton Foundation. Executive Director Daniel O'Rear emphasizes the project's goal of providing equitable housing for residents below 50% of the Area Median Income for El Paso County. The first phase of 47 apartments is expected to be completed by the end of 2024.

Colorado Asian Art & Culture Heritage Center, Asian Botanical Gardens and Tea House: In 2021, the Colorado Springs Parks, Recreation, and Cultural Services collaborated with the Golden Lotus Foundation to acquire the P.E.O. Sisterhood Chapter House, spanning 8.5 acres in Cheyenne Canyon. Their joint vision is to establish a Colorado Asian Art and Culture Heritage Center, Botanical Gardens, and Tea House to celebrate and educate about diverse Asian heritages. The initial fund-raising stage has achieved 50% of its $250,000 target, with a total fund-raising goal of $6 million.

Fox Run Nature Center: Fox Run Regional Park will soon host the third nature center in the El Paso County Parks system. Todd Marts, Executive Director of El Paso County Parks, highlights the unique ponderosa pine-Black Forest experience it will offer, along with an innovative tower and canopy walk for all ages. The center is currently in site planning and architectural design stages, aiming for a grand opening in early 2026.

Front Range Passenger Rail: Efforts are underway to establish a 173-mile passenger rail network from Pueblo to Fort Collins. Last year, the project received a $500,000 grant from the U.S. Department of Transportation for planning studies, with routes expected to use existing rail corridors. America the Beautiful Park in Colorado Springs is proposed as a site for a Front Range passenger depot. Planning is ongoing, with a development plan expected by late 2024. Future ballots may include the project for sales tax support, and trains could be operational within 10 to 15 years.

Tallest Building Downtown: The 36-story VeLa Peakview, proposed by the O'Neil Group and VeLa Development Partners, would be downtown Colorado Springs' tallest building, housing nearly 500 apartments and various amenities. Located near the U.S. Olympic & Paralympic Museum, the project received approval from the Urban Renewal Authority in November 2023. Ongoing studies are in progress, with final approval for the site's urban renewal district designation anticipated from the City Council by 2024.

If you have any questions regarding any of the areas mentioned or housing options available to you in the near future, please CONTACT one of our qualified real estate agents today!