Eminent domain is not just a policy; it¡¦s the law for local and state governments. The law allows the Urban Renewal Authority of El Paso County to usurp businesses in areas where urban renewal will occur. Furthermore, the law states that the URA is not legally bound to compensate business owners for any costs concerning […]
Multi-family housing sales in Colorado Springs have continued to increase in the first three quarters of 2014, driving the local market to new highs, according to a report by local apartment firm Commonwealth. “The Colorado Springs apartment market is on a record breaking pace,” Commonweath CEO Ron Spraggins wrote in the report. The sales of […]
Office vacancies remain high in the newly constructed buildings on the north end of Colorado Springs. Both Hoff & Leigh Commercial Real Estate and Sierra Commercial Real Estate released their second quarter reports this week and while the statistics varied, both documented high vacancy rates in commercial office space in the northern part of the […]
Judging by recent conversations with some of the commercial real estate community’s finest, the Pikes Peak region is suffering a few setbacks, but most brokers are busy. Foreclosures are up (29 recorded in the Daily Transcript this week), but savvy investors are poised for bargains – and new employers are still making announcements. Here’s hoping […]
The Ancient Mariner’s story ends Memorial Day. After 32 years serving drinks, sandwiches, pizza and local musical talent, the Manitou Springs tavern will close, along with adjacent Marilyn’s Pizza, said owner Anne Stinson. “I’m tired, and I want to get retired,” said Stinson, who has operated Ancient Mariner and Marilyn’s Pizza for all its 32 […]
Commercial real estate vacancies in Colorado Springs will continue to decrease, with steady, moderate growth in sales this new year, predicted Quantum Commercial Group, a leading commercial real estate leasing and sales firm here. “We’re all pleasantly surprised. The market isn’t as bleak as we all thought it was, and the numbers aren’t as bad,” […]
A Colorado Springs-based property management group will manage the Academy Gateway Retail Center near the intersection of North Academy Boulevard and Woodmen Road. Griffis/Blessing Inc. announced in a news release Thursday that the company will now manage the 28,285-square-foot shopping center at 7140-7190 North Academy Blvd. The leasing broker marketing the vacancy at Gateway center […]
Earlier this week the Realtors Commercial and Industrial Society (RCIS) met at the former RockShox offices at 1610 Garden of the Gods Rd. for its November monthly meeting. The commercial and development community turned out in force for remarks by Bill Healy, the city’s new planning director. Based on early conversations with Healy, he’s ready […]
When buying commercial property in Colorado with the assistance of a broker, more likely than not the state approved Contract to Buy and Sell Real Estate (Commercial) will be used. This and the subsequent column will cover some of the more important aspects of that contract. If the reader cares to follow along, a copy of the contract noted above (CBS 2-7-04) can be downloaded from the Colorado Real Estate Commission Web site at www.dora.state.co.us/real-estate/contracts/CONTRACTSII.htm. Right at the top of the contract is a bold disclaimer in all caps suggesting the parties to the contract should seek counsel before signing the contract. In any commercial transaction, it goes without saying that all parties should thoroughly understand the contract and its various implications.
Cushman and Wakefield Colorado Springs Commercial brokered two real estate sales recently, both in high-traffic areas. KG Store 684 LLC purchased the 2.8-acre vacant commercial lots at 2406-2422 Research Parkway for $1.26 million. The land is at the Corner of Research Parkway and Chapel Hills Drive. Brokers Peter Scoville, Greg Kaufman and Mark Useman completed […]
The Colorado Springs commercial real estate market continued to see slow growth during the first quarter of 2015, with land investments and planned development spurring the region’s hope for cross-cutting growth in the year to come, according to Quantum Commercial Group’s quarterly report. The report, released this week by the Colorado Springs-based real estate firm, […]
Pastor Barry Farah had a dream: to attract a congregation to an accessible, highly visible location with plenty of room to grow. The site he identified for his Springs Calvary church was a 23,000-square-foot space on two levels at Tiffany Square, on the southwest corner of the Woodmen Road interchange off Interstate 25. The church would occupy a former movie theater space and would include a large auditorium, a youth ministries area and mezzanine, complete with infant and toddler areas. Walls were to be removed to open the sanctuary to accommodate up to 550 people, with room for up to 500 more.