What great news it is to hear about the redevelopment plan created by the Palmer Village Development originators (Jeff Smith, David Jenkins, Chris Jenkins, Doug Stimple and Jim Johnson head the Project Team). Not only does the plan complement Confluence Park, but it opens up whole new worlds of opportunity for the City as a destination for visitors; as the site of interesting new places to live; and as a city-center jewel to brighten a community dogged, like so many municipalities, by an aging infrastructure. And, according to Smith and others, Colorado Springs is breaking new ground in the way the Colorado Springs Urban Renewal Authority, the City of Colorado Springs, the Developers and private landowners are working together. Hats off to those of you involved…and may you all live 25-years to see the project completed!
Moving along to the business of real estate, here’s what’s been happening…
Transaction report
Light reporting this week. Now that all the forecasts are out on the commercial real estate market, guess you are all busy trying to make it happen.
Good news from NAI Highland Commercial Group’s Jim Spittler who just closed on a land parcel located on the southeast corner of Babcock and Galley. The new owner, investor Heidi, LLC, purchased 19 acres at a cost of $300,000. Spittler, listing agent, worked with buyer’s agent, Thayer Thomas on the deal.
Also from NAI Highland, John Onstott reports that he represented the buyer, Osprey Construction Management, on the new lease of 1,500 square feet at 646 Elkton Drive in the Elkton Trade Center.
Over at the Olive Real Estate Group, industrial specialist Brian Zuck represented the Tenant, Pro Tech Auto and Truck in the lease of 2,000 square feet of industrial space at 1316 Pecan Street.
Demographic update
Did you know that Colorado Springs is projected to grow to more than 600,000 people by the year 2006 – representing 228,422 households and 160,699 families? That’s right, according to U.S. Census Bureau statistics sent along by CACI Marketing Systems, a commercial demographer and supplier of data to commercial real estate companies, corporations and municipalities. Colorado Springs today consists of approximately 550,000 people with an average household income of $57,801. By 2006, those figures will rise to 600,401 households with an average income of $78,080. Another interesting statistic: by 2006, based on the U.S. Census Bureau’s data, CACI estimates that 15.4 percent of all households in Colorado Springs will be generating $100,000-$149,000 of annual income – up from only two percent in 1990 and 9.8 percent in 2001.
The demographic and income profile also shows that 14.5 percent of our population is made up of 25 to 34-year-olds; another 17.5 percent are 35 to 44 and 21.6 percent are between 45 and 64. After that, the numbers decline dramatically, with 4.9 percent of the local population falling between 65 and 74 years of age. By 2006, the number of all citizens 65 and older will climb to 9.2 percent – up from 8.7 percent in 2001.
The community’s racial breakdown is also interesting with the largest growth sector among Hispanic families, growing from 11.3 percent of the Colorado Springs population in 2001 to 12.1 percent in 2006.
ERA Shields announces record 2001
On Jan. 22, 125 brokers and corporate employees gathered to hear the announcement that ERA Shields produced the area’s highest average agent production of over $5.2 million. Broker/Owner Bill Hurt credits his agents’ performance to the company’s new affiliation with ERA and its resources, as well as outstanding customer service and being the Principal Cendant Mobility broker. During his “Annual State of the Company,” address, Hurt also announced the result of a customer survey, indicating a 91 percent customer satisfaction level and the generosity of ERA Shields employees – donating more than $60,000 to area nonprofit organizations and hours of volunteer time.
Richmond American Homes’ update
Reflecting the national economy, MDC Holdings headquartered in Denver report that it received 791 home orders in January 2002, down from 812 a year ago. While the company was not reporting specifically on Colorado Springs housing starts, the MDC Colorado’s division says that it did open three new model home sites in three Colorado subdivisions in January – and expects to complete 34 additional model homes in 13 subdivisions during the remainder of first quarter 2002. Richmond American Homes also continues to be the state’s largest homebuilder.
Custom lot sales off and running at The Spires
As a follow-up to reports from two weeks ago, Michelle Grove Reiland says that she’s already sold 40 of the 65 lots opened in her latest filing at The Spires. Interesting note: all sales were to builders. Grove-Reiland believes the absence of individual buyers reflects the current economy…