Plan approved for proposed 27-story mixed-use building in downtown Colorado Springs
COLORADO SPRINGS, Colo. (KRDO) – A new 27-story mixed-use building, including both residential and retail spaces, is one step closer to coming to downtown Colorado Springs.
Colorado Springs City Council approved an urban renewal plan on Dec. 10 by a 7-2 vote to designate the block of downtown Colorado Springs that could hold the apartment as a "blighted area." The designation means that millions generated by tax revenue could be used to finance the project.
The approval does not yet include physical development plans for the building itself. If the apartment building is approved, it would sit on the corner of Costilla Street and Sahwatch Street, near the U.S. Olympic and Paralympic Museum and the Colorado Springs Pioneer Museum.
ONE VeLa, a mixed-use apartment tower, would be around 300 feet tall, surpassing the Wells Fargo Tower, currently the city's tallest building. In June, ONE VeLa developers reduced the complex's proposed height from 36 stories to 27 to comply with city code.
The building would feature over 7,000 square feet of retail space, over 400 new housing units, and 14,780 square feet of indoor and outdoor amenities, including a fitness center, a conference room, an indoor/outdoor bar, an indoor/outdoor party room, a resort-style infinity-edge outdoor pool, grilling stations, dog runs, dog wash stations, a spa and hot tub, and massage and lifestyle treatment rooms.
The complex would also hold five levels of parking with 476 spaces. 10% of those spaces will be open to the public.
"By adding over 400 homes in its 27 stories, the city can expect a potential benefit of 500 construction jobs and roughly 175 added local jobs, $10 million in additional local income, and $2 million in taxes and other revenue, according to a report by the National Association of Home Builders," the site for ONE VeLa reads.
ONE VeLa developers submitted plans to the city last week to begin the next phase of the project's review process.
