Now that the Olympic Museum and Hall of Fame is under construction at Vermijo and Sierra Madre streets, the chief landowner in that area has king-sized ideas for that area. The concept includes a 19-story hotel, 17-story residential building, 15-story office structure and retail space — all sitting atop an underground parking garage for which a financing plan hasn't yet been devised by the city.
Nor'wood Development Group donated 1.7 acres of land for the Olympic Museum, and the complex will anchor an explosion of growth, according to a presentation on southwest downtown development to be presented to City Council Monday, July 24.
Here's a few illustrations from the 83-page report:
All illustrations courtesy city of Colorado Springs southwest downtown update.
An artist's rendering of the new buildings envisioned that would lie east of the Olympic Museum.
Here's how the buildings would fit together.
To fund much of the public improvements, City Council will consider creating a new urban renewal area (URA), for which boundaries are shown here. That would allow the increase in tax money due to new development to be funneled to improvements for a finite period, such as 25 to 30 years. The remainder of an URA created in 2001 that's not included in the new URA would stay on its 25-year time line.
Other funding options include a business improvement district and a metropolitan district, which could levy taxes to help fund development.
After all of that, downtown advocates hope the area would resemble this artist's rendering.
The full report can be found here:
Southwest Downtown Update