Downtown Development Group bought three parcels in the El Paso County Public Trustee’s foreclosure auction Wednesday.
Bob and Karen Elliott, who built the Two Eight West residential condominium project along Monument Valley Park, add this sale to three parcels they bought at 408, 410 and 412 S. Nevada Ave. in a foreclosure auction in October. They plan to develop apartments on those parcels.
The three parcels the Elliotts bought Wednesday are near the intersection of Cimarron and Weber streets. They paid $165,050 for the 28,500 square-foot space.
“The plan there could involve some residential,” Bob Elliott said. “But more likely it will be retail and service because that’s what’s on the rest of that block.”
The area is surrounded by automotive service, a gas station and other like businesses. It’s also another block farther away from the heart of downtown, where people would be most interested in residential.
Elliott said he’s negotiating with a neighboring property owner to see about buying some adjacent buildings that could be torn down and replaced with retail and service space as well.
“It’s all part of a renaissance for that area,” Elliott said.
As for the property on South Nevada that could be the future home of the first new downtown apartments, Elliott said he’s finding out what demolition will cost there.
“We intend to keep moving forward on that as quickly as we can,” Elliott said.