Members of the Urban Renewal Authority patted one another on the back last week after finally resolving the relocation policy associated with urban renewal. However, some business owners and concerned citizens who attended the URA¡¦s board meeting were less enthused, crossing their arms and shaking their heads. ¡§They may have a great vision for what […]
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 […]
No flowery prose today – there’s too much real estate news to pass on. From the opening of the 2002 Parade of Homes to the Urban Land Institute’s mid-year projections and a plethora of new transactions to report, the dog days of August will be anything but dull. HBA’s Parade of Homes Runs August 9-25 […]
A Colorado Springs-based real estate firm’s quarterly report indicates that the local commercial market continues to lag behind many others in its climb to pre-recession health. Quantum Commercial Group LLC’s second-quarter market report showed vacancy rates are down in the office and retail submarkets, while they remain flat for industrial space. Quantum also reported that […]
Redistricting discussions are building this week to a crescendo at the State Legislature. EDC, The Chamber of Commerce and the Pikes Peak Association of Realtors are all watching developments closely as the final determination could have major impact on El Paso County’s military installations and legislative bargaining in the future. Stay tuned for details on […]
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 […]
Commercial real estate broker Tim Leigh announced today he is withdrawing from the Colorado Springs’ mayor’s race, saying the city needs someone who could make a “singular, full-time commitment” to the job and that he was sticking with real estate. His decision leaves two candidates vying for the office: neighborhood advocate Dave Munger and defense […]
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 […]
The wheeling and dealing continues in Colorado Springs – a reassuring update in view of the current economy. Thanks to those all of you who submitted your many sales and lease reports this month. You guys have been working hard and could use a vacation! How about a few days in Cancun, Vail or Pebble […]
Last week’s Space Foundation Symposium at the Broadmoor Hotel attracted a myriad of top military leadership, aerospace companies, scientists and entrepreneurs. This year’s event exuded unparalleled intensity and enthusiasm. Lt. General Brian Arnold, USAF, outlined a number of the U.S. Air Force/U.S. Space Command projects on the drawing board – which must have revved the […]
One of Colorado Springs’ favorite venues is undergoing a $2 million makeover and expansion – and that’s just the beginning, officials say. Managed by the city and El Paso County for the past 30 years, the former Penrose Equestrian Center has catered primarily to rodeo events, concerts, Oktoberfest, home shows, automotive shows and to horse owners, providing facilities for equestrian sports, stabling, riding lessons and boarding since its construction in 1974.
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.