South Nevada Ave. urban renewal possibility increases
Efforts to acquire urban renewal status for a blighted stretch of South Nevada Avenue have failed for more than a decade, but the situation has significantly improved recently.
The Colorado Springs Urban Renewal Authority confirmed that three local developers are buying property in the area just south of downtown bordered by the BNSF railroad tracks, Cheyenne Road, and Cascade and Wahsatch avenues.
The area has been troubled by crime, a deteriorating infrastructure and older motels.
Jim Rees, the authority’s executive director, said if the City Council grants urban renewal status to the area, the developers will attract new businesses and use increased tax revenue to maintain infrastructure.
“We’re looking at possibly some grocery-type stores, other inline retailers, and also there’s going to be some housing, and hopefully, some fairly upscale hotels,” Rees said.
Rees said if the City Council approves the plan this fall, construction could start in mid-2016.
The 2008 recession stalled the area’s last attempt at earning urban renewal status.
“I think the fact that local developers are involved represents a lot of promise,” Rees said.
Rees said the area needs more businesses and development that are specific to, and convenient for, residents of the area.
“The Southgate shopping area is nearby, but we’re talking about something for the entire southwestern side of the city,” he said.
Several residents said the top priorities of an urban renewal project should include cleaning the area and reducing crime. That echoed a report by a Denver consultant, which found the area met 10 of 11 blight requirements necessary for urban renewal status.
The authority voted unanimously Wednesday to accept the report as a first step toward acquiring the status.
Rees confirmed that according to the report, the area can support 110 new hotel rooms, 200 multi-family units and up to $100 million in private investment.
The report also found the area needs $24 million in infrastructure upgrades, but increased tax revenue could pay for that over 20 years.
The authority will meet Sept. 14 to review a final urban renewal plan from the consultant.
