Museum & Park Urban Renewal Area

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URA Period:  2018-2043

Developer Contact​
Nor'Wood Development
Mr. Chris Jenkins
111 S. Tejon Street, Suite 222
Colorado Springs CO 80903
719 593-2600
[email protected]
www.Norwoodinteractive.com
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Location:  The Museum & Park Urban Renewal Area is comprised of 81.7 acres in Downtown Colorado Springs.  The Area is irregular in shape.  The north side is bounded by Colorado Avenue and West Cucharras Street, the east side by Cascade Avenue and Sahwatch Street, the south side by Cimarron Street, and the west side by Interstate 25.  It excludes most of the Denver & Rio Grande Western Railyard right of way.

Plan Goals:  The main purpose of the Museum & Park Urban Renewal Plan is to eliminate the current conditions of blight in the Urban Renewal Area and prevent those conditions from reoccurring through redevelopment by private enterprise.  The Urban Renewal Area designation means bonds can be issued to finance road and utility work, sidewalk upgrades and other improvements.  The money is then repaid through tax increment financing for a term of 25 years.  The United States Olympic Museum serves as the cornerstone of the developer’s and community’s vision for the revitalization of the area.   
 
Current Status:  On December 11, 2018 City Council voted to approve an urban renewal designation for what used to be known as the Southwest Downtown URA.  The new Museum & Park Urban Renewal Area was removed from the existing area and is slightly smaller by about 100 acres. 
 
The U.S. Olympic Museum and Hall of Fame is under construction in the area and anticipated to open in 2020.  The developer envisions future apartments, restaurants and offices with aesthetically pleasing sidewalks and streets. The redevelopment of Vermijo Street features a wide, pedestrian and business-friendly format that will provide the opportunity to host festivals and plaza-type events.  Other features of the plan include ADA and bike-friendly accommodations on the pedestrian bridge connecting the downtown to America the Beautiful Park

Vision for the Museum & Park Urban Renewal Area
  • Extend the energy and mission of the US Olympic Museum into Downtown
  • New Urban Neighborhood Focused on Health, wellness and the Outdoors/Great Place to Live, Work, Stay and Play
  • Unique, Vibrant, Memorable and Functional Public Spaces
  • Connect the America the Beautiful Park to the Downtown and Downtown to the Park
  • Provide an economic-stimulating environment for significant downtown investment

Achievable Development Plan for the next 20 years
  • 5.2M SF of Mixed-Use Urban Development
  • 4,500 Residential Units
  • 750,000 SF of New Office Space
  • 150,000 SF of Retail/Restaurant Spaces
  • 500 Hotel Rooms
Estimated $2B of new development/4 phases

Phase 1 development begins in 2018