Dignitaries will gather tomorrow to turn the ceremonial dirt for a new mixed-use development near Peterson Air Force Base.
A groundbreaking ceremony for the WestGate on Powers development is set to take place 10:30 a.m. Thursday off Powers and Airport Road in Colorado Springs, according to a new release issued by WestGate.
The 70-acre property will include multifamily apartment units, retail users, hospitality and office space with “force protected” cyber options for Department of Defense contractors.
“We are thrilled the city and [the Colorado Department of Transportation] have approved moving forward with this project,” WestGate’s developer Al Cohen, with Irvine, Calif.-based Signature Realty Capital Corp, said in the release. “Upgrading this infrastructure opens the door for further development along the Powers/Airport corridor, which will benefit DoD and Peterson Air Force Base employees, homeowners and businesses in the area, while boosting the economy in Colorado Springs.”
The development is next to one of the Springs’ most-trafficked intersections, which sees about 68,000 vehicles daily, and has 40,000 residents living within a two-mile radius, the release said.
Cohen said the 400,000-square foot mixed-use property is expected to generate roughly $1.4 million in annual tax revenue once completed.
Contracts for construction on the property include a Candlewood Suites Hotel, Arby’s, Kum & Go and R.J./MMG, which is a retail strip center developer.
“For 20 years, this area has been overlooked and underserved,” Richard Walker, Colorado Springs listing broker for the WestGate property, said in the release. “This intersection is especially important for Peterson and Colorado Springs Airport ingress and egress. WestGate on Powers will fill the demand for retail in the area. Powers has a 12-mile stretch with limited retail, from Platte Ave. on the north to the City of Fountain on the south.”
For information about WestGate on Powers, call 719-576-2288.