HVS Market Pulse: Colorado Springs, CO – Downtown Poised for Revitalization

HVS Market Pulse: Colorado Springs, CO – Downtown Poised for Revitalization

Economic conditions in Downtown Colorado Springs have languished throughout the Dot.com bust, oil and gas cycles, and recessionary periods as far back as the mid-80s. While several of the Springs’ suburban areas have experienced significant growth in the commercial, industrial, residential, retail, and lodging sectors, Downtown has illustrated comparatively few signs of recovery. Urban blight has been prevalent in the city’s Central Business District, despite pockets of revitalization, such as the new U.S. Olympic Committee Headquarters, the America the Beautiful Park, the Mining Exchange Hotel conversion, the nearly completed Hilton Garden Inn, new apartments at 333 Eco, and renovations of existing structures, like the Antlers Hotel. In 2013, the Colorado Economic Development Commission (CEDC) was awarded grants under the state’s Regional Tourism Act; the amount equates to $120.5 million in the form of a tourism-improvement rebate of state sales tax over 30 years. These funds are intended to support the development of new projects designed to revitalize economically challenged areas and promote the region’s $1.35-billion annual tourism industry. According to the Colorado Springs Urban Renewal Authority, earmarked under the initiative are projects to attract approximately 1.2 million visitors annually, including over 500,000 new out-of-state tourists.

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Raymond Dean