Taking advantage of a chance to build near the new North Nevada Avenue Costco and University Village redevelopment, Damon Winters, owner of Winters Electric Inc., just took possession of 3,000 square feet in the Winters Industrial Park at 139 Winters Drive.
The 4,500-square-foot main level and mezzanine industrial condo was purchased for $435,000.
An adjacent 3,000-square-foot industrial unit remains for sale, said Peak Commercial Properties broker John Rodgers, who represented the seller, Winters Industrial Park LLC, and the buyer.
Mission Trace Shopping Center owner Matt Craddock of The Craddock Cos. said he has found a win-win way to fill an empty building.
“What we’ve done is build out 20,000 square feet in Building B at Mission Trace,” he said. “It will eventually host a charter school and up to three churches, including the Restored Life Church, the Summit Rock Church and the Back to Basics Academy. The entire 82,000-square-foot space also includes a 22,000-square-foot Gloria De Sion Church. We plan to call it the Worship and Educational Center of the Rockies.”
Craddock said that demand has increased from faith-based organizations that are looking for a location with features such as sprinkler systems, wide open sanctuary meeting rooms and breakout areas for classes.
“This makes it economically feasible for us and for our tenants,” he said.
224 EWA LLC has purchased a downtown Victorian office building for $350,000.
Holly and R.D. Trinidad of Hoff & Leigh represented the buyer and Tim Leigh of Hoff & Leigh represented the seller, Alice Brill.
At its June meeting, the Colorado Springs Urban Renewal Authority board reviewed progress on the proposed Southwest Downtown Palmer Village redevelopment plan.
City Manager Penny Culbreth-Graft and interim Assistant City Manager Steve Cox said they supported the project were ready to support preliminary plans to build both a transit center and pedestrian bridge over the existing railroad tracks, along with other phase one development projects.
“We’ll have to take this to City Council before moving ahead, but we are looking at creating a future transit center in that area that would be neutral to the general fund,” Cox said. “That would include getting federal and state grants.”
The railroad is considering moving some of its lines east of the city, which would decrease daily traffic from 36 to six trains traveling through downtown.
“Eventually that could open up the possibility of adding light rail,” he said.
CSURA spokesman Chuck Miller said the organization’s updated development goals include preparation of a revised site plan, construction of a 225-room hotel with meeting facilities, conversion of the existing Gas Operations building into offices for several of the U.S. Olympic Committee’s national governing bodies, construction of 26 residential units by M&M 03 LLC, and construction of 37,000 square feet of commercial space and 20,000 square feet of warehouse and storage space — all by 2011.
The city will provide the public infrastructure necessary to support the redevelopment by 2010. The CSURA also will reserve specific tax increment money for the construction of a transit center and pedestrian bridge, Miller said.
While a number of projects are moving forward, Ron Butlin, Classic Commercial vice president, said some of his company’s plans for phase one have been withdrawn.
“We originally planned to build another 100,000-square-foot office building in what is now the parking lot where the Olympic NGBs will be located,” he said, adding that the land is no longer available.
In addition Butlin nixed phase one plans for mid-rise residential units previously discussed as part of the Palmer Village plan.
“We still want to build them,” he said, “but not right now.”
Becky Hurley covers real estate for the Colorado Springs Business Journal.