CREJ

Page 6 — Retail Properties Quarterly — May 2021 www.crej.com Market Update M y husband and I moved to Colorado Springs 12 years ago. At the time, Colorado Springs was a tertiary market. A place where retailers didn’t intend to plant a flag until they had built out Denver and Northern Colorado, and even then, they would still need to “consider it.” Time and again over the past 12 years I’ve heard community mem- bers remark, “Colorado Springs is on the verge of greatness … I feel it.” The past year has been a make-or- break year for many communities, and fortunately Colorado Springs has risen to the top. Through the City for Champions projects, strong residential growth and continued commercial development, Colorado Springs has flourished and solidi- fied an identity all its own. Branded as The Olympic City, Colorado Springs is home to the U.S. Olympic Committee, over 52 governing sports bodies and the newly opened Olympic and Para- lympic Museum. The latter was voted the nation’s best new attrac- tion of 2020 by USA Today’s 10Best Readers’ Choice Awards and was nominated in April for the publi- cation’s 2021 best new museum award. This unique offering is just one new attraction that is driving focus to Colorado Springs. Another attraction that has continued construction throughout the pan- demic is the $60 million Pikes Peak Summit House, which will feature interactive exhibits for the roughly 750,000 people who visit each year. In downtown, Wei- dner Field, home to the Switchbacks soccer team, will have its grand opening May 21, and Robson Arena, home to Colorado College hockey, will have 3,407 seats when it opens this fall. The Cog Railway, which has been closed since 2017, is scheduled to reopen in the sec- ond quarter after a $100 million investment from The Broadmoor. In 2019, 22.5 million people visited the Pikes Peak Region and, with the investment in exciting projects continuing to draw national atten- tion, the tourism number is going to increase. It’s not hard to see why TripAdvisor recently named Colo- rado Springs the No. 7 emerging world destination. The city’s growth is supported by these new and revived attractions, which also fuel new commercial development across the city. Colo- rado Springs has continued to be a hot spot of construction activity over the last year. In the second half of 2019, there was 317,784 square feet of retail under construction. At the end of 2020, retail under con- struction had more than doubled to 743,980 sf, with exciting new retailers entering the market such as Scheels Sporting Goods, In-N-Out Burger, Birdcall, Slim Chickens and Topgolf. These new entrants are all located in the northeast quadrant of Colorado Springs, where housing growth is 40% year over year, proof that retail follows rooftops. In addition to new construction, it’s exciting to see several local developers investing in the redevel- opment of historical places. On the south side, Creekwalk North rede- velopment, a five-building project in the Broadmoor neighborhood, already is 57% preleased, all the more impressive given the pan- demic. Developer Danny Mientka has put his heart and soul into this project, which will start in May and includes new streetscapes and the renovation of Cheyenne Creek. Seven tenants will open this sum- mer as the multitenant buildings deliver, and a hotel is under con- struction at the site. The Trolley building, aptly named for its history as a repair shop and garage for the city’s trolley system, has been re- envisioned into CO.A.T.I food hall with nine food vendors, in addition to the Denver Biscuit Co., Cask and Cork, Pikes Peak Lager House and others, also located nearby. Local Neibur Development has created an exciting entertainment block on the south side of downtown Colo- rado Springs. On the north end of downtown, the old Denver & Rio Grande Western Railroad depot has reopened as The Depot with three new food vendors – Brakeman’s Burgers, The Sandwich Depot and Track 10 Urban Kitchen – thanks to the Ochs family, which has owned the depot for 50 years. Buoying this downtown growth, the city has committed to increas- ing the number of residents down- town. Through April 2020, 3,000 resi- dential units have been announced, completed or are under construc- tion, according to the Downtown Partnership State of Downtown report of 2021. Despite the pandem- ic, there were 21 new storefronts opened in 2020, outpacing closures, Colorado Springs readies for retail activity take off Whitney Johnson Senior associate, CBRE These new entrants are all located in the northeast quadrant of Colorado Springs, where housing growth is 40% year over year, proof that retail follows rooftops. Please see Johnson, Page 24 Eliminate guesswork and trust the team with proven industry experience and reputation for exceptional client-centered approach. United Properties Denver has the skills, expertise and determination to create powerful results. We build connections. We make things happen. We help move your vision Over 15 years of unmatched retail development experience Well-known for tenacious client advocacy (720) 898-8866 | UPROPERTIES.COM MINNEAPOLIS DENVER AUSTIN forward.