Two apartment complexes recently broke ground in downtown Colorado Springs.
The 22 Spruce apartments will add 48 rental units to the city’s apartment inventory. The $7.5 million development is owned by Brian Bahr, founder and president of All Pro Capital & Challenger Homes; a group of limited investors; and the land’s original owners, sisters Marty Campbell and Julie Taylor, said Tony Bettis, executive vice president of All Pro Capital.
Owners hope to begin renting the apartments next summer, and rents should run from $995 to $1,600 a month, Bettis said. The one- and two-bedroom apartments will be sized from 477 square feet to 947 square feet.
The apartments are under construction at the corner of Spruce and Kiowa streets.
Groundbreaking for 22 N. Spruce took place last week.
Dirt is also moving at 106 S. Wahsatch Ave., a 169-unit apartment building by real estate developer Nor’wood Development Group and management firm Griffis/Blessing.
In previous reports, Nor’wood Project Design Manager Jeff Finn said rents will range from $1,000 to $1,800 a month.
The planned apartment complexes are welcome news to the Downtown Partnership, the organization responsible for overseeing development in the city’s core and marketing the area to businesses.
“Adding residential options to downtown is our highest priority,” said Executive Director Susan Edmondson in an interview with the Business Journal earlier this year. “It’s essential to a thriving downtown to have people living in it 24/7. We’ve been a bit behind comparable cities in that way.”
The organization wants 500 housing units built or under construction by 2018, she said.
Currently, there are a total of 467 new housing units, either in development or under construction, in or near the downtown core, according to the Downtown Partnership’s website.