Denver-Based Westside Investment Partners purchased the long-abandoned development in October for $22.1 million and now Principal Otis Moore said the company has renamed it “Victory Ridge” and is planning to finish construction on the site’s three semi-completed structures — a 110,000-square-foot office building, a 14-screen movie theater and a large parking garage — in the next three to six months.
“A lot of people looked at the Colorado Crossing site and didn’t see value,” Moore said. “We looked at it and said thought there were a lot of good head-starts out there.”
Plans for the remainder of the large parcel are broken into seven planning areas that include sites for future retail, restaurants, hotels and 16-acre multi-family housing development. The most recent addition to the plan is the incorporation of a 40-acre site for the future Scott Hall Field of Dreams, which was previously slated for construction at a site roughly one mile east of Victory Ridge. Moore said he expects the first phase of new construction — located at the hard corner of Interquest and Voyager — to begin this year and include pad sites for 83,500 square feet of retail space.
“As soon as we came under contract, companies began approaching us,” Moore said. “And as soon as we acquired it, we began the process of rebranding and redoing the master plan. … And then we began conversations with [Scott Hall Field of Dreams Executive Director Craig Ochs] and his group — we really felt like that was a game-changer in terms of what we’re able to accomplish.”
The developers plan to transform the long-abandoned project into a “community-oriented destination for southern Colorado” that will also serve the growing population of northern Colorado Springs with entertainment, dining options and shopping.
The partnership with the Scott Hall Field of Dreams was made possible by a unanimous vote earlier this month by Colorado Springs City Council to allow a land swap (to be completed by this summer), according to Ochs. The proposed athletic complex was initially planned to go on 60 acres of undeveloped city-owned property north of Old Ranch Road and west of North Powers Boulevard.
Ochs said he expects groundbreaking to occur this Fall on the Field of Dreams site, which is slated to include eight baseball fields, 11 soccer fields and other amenities that help facilitate youth sports (the mission of the 501(c)3 organization). Ochs said the organization has also recently partnered with Academy School District 20 to create a state-of-the-art aquatic center at the site.
Whitney Johnson and Patrick Kerschner of CBRE in Colorado Springs are representing the developer in leasing tenant space at Victory Ridge. To build out the project, the developers will contract with GE Johnson and Stresscon Corp., which were both lien-holders in the original Colorado Crossing development.
Westside Investing Partners has been active in the Denver market for years and entered the Colorado Springs market last year with the purchase of two large office complexes.
The sale to Westside Investment Partners ended a years-long pause on the project, which began in 2008 when developer Jannie Richardson (SRKO Family Limited Partnership) ran out of funding and construction was halted. The five partially built buildings at the site total 190,000 square feet.
Richardson’s initial plans for Colorado Crossing included 1,600 multi-family housing units, a water park, a 14-screen movie theater, as well as office and retail space.
In the years since site development began, Colorado Crossing had been the subject of a series of bankruptcies, receiverships and lawsuits involving Richardson, contractors and subcontractors (including GE Johnson, Stresscon and other subcontractors).