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."

Banning Lewis Ranch open house on Sept. 29

Banning Lewis Ranch developers will hold an open house from 10 a.m. to 5 p.m. Saturday, Sept. 29, to showcase their inaugural neighborhood -- or village, as they're called -- at the ranch. Northtree, southeast of Woodmen and Marksheffel roads, covers 338 acres and will have about 1,000 homes when it's completed over the next few years. The open house will give area residents and prospective home buyers a chance to tour 20 model homes, visit the Northtree recreation center and get a feel for the initial development. Entertainment, treats and giveaways are planned, as well. More information: www.banninglewisranch.com. The Banning Lewis Ranch, annexed in 1988, makes up most of Colorado Springs' east side; about 21,400 acres of the ranch were purchased in 2001 by a California real estate company. Over the next half century, the property will become home to about 75,000 residences and 180,000 people. For now, developer Banning Lewis Ranch Management Co. will concentrate on six villages on the property's far north side.

Groundbreaking planned for Powers Office Park

A grand groundbreaking ceremony -- not just any old groundbreaking, but a grand groundbreaking -- for the Powers Office Park at Briargate Crossing will take place from 11 a.m. to 2 p.m. Saturday, Sept. 8, at the site of the project, southeast of Powers Boulevard and Briargate Parkway on Colorado Springs' far northeast side. The Powers Office Park is planned as an office condominium project for medical and business professionals; users can purchase their office space instead of leasing, much like homeowners buy instead of renting. The 24-acre project will include 11 buildings and about 332,000 square feet of space, and the first buildings are expected to ready for occupancy in spring 2008. The project is being developed by Powers Group LLC, headed by Scottsdale, Ariz., developer Harvey Salkow. Bennett Shellenberger Realty Inc. of Colorado Springs is marketing the project; more information, http://www.powersofficepark.com/ or 471-1703.

Cinemark in Woodland Park?

Could movie theater chain Cinemark be coming to Woodland Park? Tom Owens, a senior vice president of real estate for Texas-based Cinemark, said Thursday, Aug. 23, the chain might have an announcement in 30 days about a fourth movie theater complex for the Colorado Springs area. Asked where, Owens would only say the company has a particular site in mind, but he wouldn't disclose if it's north, south, east or west. However, Owens added that he and his wife are building a house in Woodland Park, and that the fourth complex would be smaller than Cinemark's two other existing theater complexes and a third that's soon to start construction. Joe Demello, who's managed the Gold Hill Theatres in Woodland Park for 17 years, said he doesn't think the area is big enough for two theaters. Cinemark operates the 20-screen Tinseltown complex on the Springs' south side and a 17-screen complex on the city's east side. A third, 14-screen complex is expected to open in January 2009 as part of the 153-acre Colorado Crossing commercial, retail and entertainment development on the Springs' far north side.

Never mind

It took a Grand Canyon-sized leap in logic to conclude that construction of a pair of John Q. Hammons' hotels would be delayed in Colorado Springs, but the Colorado Springs Business Journal took the plunge.

On Friday, the weekly Business Journal ran an item on its daily electronic update with the headline "Colorado Springs hotel developer changes mind." The item went on to say that Hammons -- of Missouri, not the Springs -- had apparently put his proposed southwest downtown and northern Colorado Springs hotels "on the back burner." Because Hammons was moving ahead with a hotel project in Loveland, the Business Journal concluded, he therefore was delaying his Springs' hotels. The item carried no comment from Hammons, his company or local land developers where the Springs hotels will be built.

A Gazette call Friday to Hammons' senior vice president L. Scott Tarwater brought this comment: "Nothing could be further from the truth." He went on to say that Hammons' hotel in Loveland had no connection to the company's projects in the Springs. On Monday, the Business Journal retracted its Friday item -- sort of. The publication now said "it appears Colorado Springs isn't on the hotel construction back burner after all." The Business Journal didn't acknowledge its Friday item, but quoted Tarwater and an executive from Classic Cos. -- the Springs developer which owns land where one of the hotels will be built -- as saying the two local hotels are on schedule.

Contractor gets Fort Carson work

Torix General Contractors of Colorado Springs has been awarded a $19.9 million contract for the construction of a special operations forces battalion support complex, company operations facility and other facilities on Fort Carson. Work is expected to be completed by Jan. 1, 2009.

Get a peek at Fountain's economic future

Fountain, the fast-growing city south of Colorado Springs, shed its image years ago as a bedroom community that existed only to serve nearby Fort Carson. New businesses, stores and thousands of homes have gone up in Fountain and city leaders continue to monitor the pulse on the area's economy. An overview of Fountain economic trends will take place from 7:30 a.m. to 9:30 a.m. Friday, May 11, at the Colorado Springs Country Club, 3333 Templeton Gap Road, northeast of Union Boulevard and Circle Drive.

Fort Carson's growth, changing demographics and efforts to recruit new businesses will be among the topics. Speakers will include economist Fred Crowley of the University of Colorado at Colorado Springs and Fort Carson public works director Hal Alguire. For more information, contact Fountain Economic Development Director Lisa Cochrun at 322-2056 or lisa@fountaincolorado.org. Fountain officials say the event is taking place in Colorado Springs primarily for the convenience of local real estate agents and commercial brokers.

Initial group of home builders named for Banning Lewis Ranch

Nobody will ever accuse owners of the sprawling Banning Lewis Ranch of making hasty decisions. The owners recently named a trio of builders to construct homes on the property that covers more than 21,000 acres and makes up most of Colorado Springs' east side; the announcement comes 5 1/2 years after the property was purchased. Classic Cos., John Laing Homes and Capital Pacific Holdings will tackle the property's initial residential construction, according to the announcement. Classic is headquartered in Colorado Springs and one of the area's largest home builders and real estate development companies. John Laing, based in California, entered the Springs' market several years ago and now is one of the area's more prolific builders. Capital Pacific Holdings, based in southern California, paid $55 million to buy the ranch in September 2001; the ownership later was restructured and an entity called Banning Lewis Ranch Management Co. is now listed as the property's developer. About 330 acres on the ranch's far northwest corner, to be called Northtree, will be the initial area to be developed. Builders are expected to start model home construction this spring, with an opening scheduled later in 2007; Northree will have slightly more than 1,000 homes and prices will start in the low $200,000s. Colorado Springs city officials annexed the Banning Lewis Ranch in 1988 and original plans envisioned 75,000 homes over 30 to 50 years. The area is bounded roughly by Woodmen Road on the north, Fontaine Boulevard on the south, Meridian Road on the east and Marksheffel Road on the west.