Tuesday, September 25, 2007

Maryland real estate company bullish on Springs

Predictions of a recession aren't getting in the way of Corporate Office Properties Trust and its development plans in Colorado Springs. On Sept. 13, Springs officials chose Maryland-based COPT as the master developer of the Colorado Springs Airport's 270-acre business park; after it negotiates an agreement to lease the land from the city, COPT will develop the property with office, industrial and retail uses, streets, utilities, traffic signals and the like. But is it the right time to undertake such a project? Days before COPT was selected for the airport project, U.S. Bank economist and Springs resident Tucker Hart Adams reiterated her prediction that the nation is headed into a recession. Even so, COPT Vice President George Swintz, based in the Springs, said the company is confident in the airport project. "We are very pro-active about helping businesses grow in Colorado Springs," Swintz said. "We see that there is an appetite for the buildings we're constructing and designing. And there have been enough consolidations of companies operating in multiple locations that want to be under one roof and they're large enough to brand them in this community and they want to do that in a signature building. We think the depth of the market is significant enough to compel us to build. There haven't been very many buildings built in this decade (in the Springs) and it's already 2008. The buildings built in the 1980s are 20- and 25-years-old. Who doesn't want to be in a new building that has efficient mechanical systems, that doesn't have a roof that leaks, that's built green so it's a healthy building and has amenities like fitness centers and locker rooms and showers and a well conceived design? It's a better product."


Anonymous said...

Why is the city so hot to build a business park at the airport.

Every business that moves into one of these undoubtedly ugly, sprawling, suburban low-rises is a business that COULD have consolidated into a new officer tower downtown. What a waste.

I hear talk of commitment to downtown, but I'm still not seeing it.

Oh, and let's not forget that each business that moves into a new space is leaving behind an old space, which given the current economic forecast, probably won't find new tenents. Great, more unnecessary blight.

Anonymous said...

Another way to look at it is, the more money the airport makes, the lower the landing fees are and that attracts airlines...
There's nothing that says you can't develop both areas at the same time...the Northrup Grummans of the world have their location requirements and other businesses would rather locate downtown.