New Visions Hotels will build the next hotel in downtown Colorado Springs.

Ground-breaking on the $20 million, 176-room hotel is tentatively scheduled for late summer, subject to permitting, said Bill Carroll, chief development officer for New Visions. New Visions is owned by Slawek Pietraszek and his family.

The 10-story hotel will be built at 123 N. Cascade Ave and will feature 5,000 square feet of meeting space. The lower floor will be reserved for retail and restaurant space. The property at 123 N. Cascade now sports a vacant bank building with a drive-through. New Visions purchased it for $1.2 million, Carroll said.

“We see Colorado Springs as a place people want to live,” said Carroll. “It’s on fire.”

He said the name of the hotel will be announced soon, but city paperwork shows it might already be decided.

“The project name on the application indicates it could be a Hilton Garden Inn, but my understanding is that it may not be certain,” said Ryan Tefertiller, urban planning manager for the city. “It does have first-floor commercial uses, and I don’t think they have tenants lined up.”

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The company submitted paperwork to the city April 29,  he said. If the application meets all the criteria for the city’s downtown zone, it can be approved by the staff, Tefertiller said. If not, there will be a public hearing at the Downtown Review Board.

“Based on my preliminary review, it looks as if the project meets all the requirements and can be approved administratively,’ he said. “The full review will probably done within three weeks.”

Pietraszek moved to Colorado Springs 25 years ago, purchased the Blue Fox Motel property and converted it to a Howard Johnson’s, Carroll said. Family members worked as clerks and maids, and “they have built it into a sizeable business,” Carroll said.

The New Visions portfolio now includes five hotels along Colorado’s Front Range — Staybridge Suites, Holiday Inn Express & Suites, both in northern Colorado Springs; Hampton Inn, Castle Rock; Hilton Garden Inn and the Hampton Inn near the Colorado Springs Airport; Cambria Suites near Denver International Airport; Cambria Suites, Fort Collins; and Holiday Inn at Frisco/Breckenridge.

“I have been working for the Pietraszek family for 10 years now,” he said. “They have built a lot of hotels, and I’ve never seen the family more excited about a project. He describes this as his dream project [because of] the design, the presence that it will have in the community.”