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

Initially, the CEDC fronted the initiative dubbed "City for Champions" by promoting four projects to increase tourism and rejuvenate the city's sagging economy; however, five projects emerged in 2018 after the planned Sports & Events Center was reengineering to create two venues—the Colorado College indoor Robson Arena and Downtown's CityGate outdoor Weidner Stadium. Also planned is an Air Force Academy Visitors Center. Due to lack of progress on the aforementioned three proposed venues, a one-year funding extension was requested by the CEDC. It will be a race against the clock for these three projects to meet the required progress hurdles by late 2019. Already under construction and on track for funding are the remaining two planned developments—the U.S. Olympic Museum & Hall of Fame at CityGate Downtown and the Sports Medicine & Performance Center at the University of Colorado Campus. Beyond the City for Champions projects planned for Downtown, additional new office, multi-family residential, retail, and hotel developments are in the planning stages. Should these large-scale projects secure financing, Downtown could reemerge as a renewed city core replete with live-work neighborhoods, pedestrian and park areas, office tower complexes, retail and restaurant districts, parking facilities, entertainment venues, attractions, and new hotels, truly representing a comeback story for the City for Champions.