A pair of out-of-state developers are moving forward with plans to create a 60-acre mixed-use development near the intersection of Powers Boulevard and Airport Road, according to a recent news release.
California-based Signature Realty Capital Corp. and Arizona-based De Rito Land Development LLC announced Monday that “key commercial property development can begin” at the site of their planned Westgate at Powers development.
Plans for the large tract on the city’s Eastside began in 2011, when the developers told the Business Journal they were working to build 450 apartments, military office space, restaurants and retail stores. At that time, city officials familiar with the plans said the biggest challenge would be to engineer access to Airport Road — which is now in the works. The most recent step toward developing the land entailed the recently completed widening of the intersection at Powers and Airport by the Colorado Department of Transportation and the city of Colorado Springs.
Now the developers say that they will begin reworking Troy Hill Road so that it meets Airport Road at a new intersection (near MacDonald’s and Loaf ‘N’ Jug), which has already been approved by the city.
“Now that the road is done, we need to finalize the contacts and leases we have and apply for building permits. We hope to have construction underway by mid to late summer,” said Rich Walker, Colorado Springs leasing agent for Westgate at Powers. “We’ll need to channel Sand Creek that runs on the west side of the property and add hiking and biking trails, create an open space. There is such a manufacturing and military and tech market in that area. Those employees currently have to drive five miles for services. So we’re looking at fast food, casual dining, hospitality, dry cleaners and other retailers that complement that area.”
The developers say that financing has been completed for the site and that Signature Realty is working to sign agreements with retailers. Proposed uses for the property now include office and retail space — grocers, restaurants and shopping — as well as hotels and housing, according to the release.
The development is expected to attract much of its business from the nearly 23,000 military and civilian employees and contractors in the nearby area.
“Located strategically across from Peterson Air Force Base — at the northwest corner of Powers Boulevard and Airport Road — Westgate at Powers sits next to one of the busiest intersections in the city, with daily traffic volume exceeding 68,000 vehicles,” according to the release. “In addition, it is within close proximity to travelers going to and from the Colorado Springs Airport, which had nearly 650,000 enplanements in 2016.”