URA Period: 2004 - 2019
University Village Developers, LLC
Kratt Commercial Properties
Mr. Kevin Kratt
102 N. Cascade Avenue, Ste. 250
Colorado Springs, CO 80903
Location: The North Nevada Corridor Urban Renewal Area is located in central Colorado Springs in the northern segment of the North Nevada Avenue Corridor. The area is bounded by Monument Creek to the west and the I-25 – North Nevada Avenue interchange, including several commercial parcels located along the interstate frontage road, to the north. The Study Area’s eastern border is quite irregular, but generally includes a significant portion of the UCCS campus located along North Nevada Avenue as well as all properties contiguous to the corridor (to the east) and once removed. The intersection of Garden of the Gods and North Nevada Avenue, including properties in the southeast and southwest quadrants then form the southern boundary. The western boundary is generally formed by Monument Creek.
Plan Goals: Redevelopment of the Urban Renewal Area will provide for and promote a greater range and mix of land uses including, multi-family residential, community retail and lifestyle centers (including local and national retailers); business campus commercial; and, civic, cultural, arts and recreational facilities, together with improved pedestrian and vehicular circulation patterns, parking support, and a level of density beyond that which existed prior to the adoption of the Urban Renewal Plan.
Current Status: University Village Colorado began construction in 2008. The shopping center is anchored by Costco, Kohl’s and Lowes which occupy the western side of the site, along the Monument Creek trail. Smaller, in-line shops and restaurants characterize the east edge of the project, along North Nevada Avenue.
CSURA successfully refinanced the bonds in August 2016 for the development along North Nevada at a significantly lower rate than was originally obtained in 2008. The new loan and bonds will be paid off within the original 25 year tax increment period.
Documents For Download
Research and Development Campus (east of North Nevada Avenue and west of the UCCS campus)
Designated an Employment Center and given its relationship to the UCCS campus, and proximity to the Burlington Northern Railroad corridor, this area has been designated for employment center uses including research and development. Opportunities would include a range of office, light industrial and research and development products with supporting commercial space. Users would be targeted to those who desire access to an institutional anchor such as UCCS.
Community Retail and Lifestyle Centers (west of North Nevada Avenue and centrally located within the corridor)
Designated a Commercial Center this area’s full development could include major region-serving commercial uses, connected to higher density residential products located in the corridor, as well as the existing trail system. While private interests will provide the framework for new development, an increase in density of uses would be compatible with existing adjacent uses to the south and west and continued development of the UCCS campus.
Mixed Use Neighborhood Retail Centers – (west of North Nevada Avenue and North of Garden of the Gods Road)
Designated a Community Activity Center this area will be promoted for a mix of office and commercial uses, retail, entertainment, lodging, parking facilities, and high-density residential complexes, consistent with the intensity and character of urbanized commercial corridors. While existing uses will influence the character of early redevelopment (and development) projects, opportunities to maximize building height and massing, provide architectural diversity, and deviate from historic themes are perhaps greatest here. Physical, visual and pedestrian linkages from the corridor to Monument Creek and other open areas will help establish this area as the southern “gateway” of the Urban Renewal Area.
Civic, Cultural, Arts and Recreational Facilities – (north of the intersection of Austin Bluffs Parkway and east of North Nevada Avenue)
Adjacent to the UCCS campus and existing region-serving recreation facilities and supportive parking, this area of the Urban Renewal Plan offers the greatest opportunity for public recreation, open space, public art, public buildings and urban spaces, and pedestrian linkages to City trail systems. Note: Existing recreational facilities could remain or be replaced to accommodate this redevelopment scenario.
Business Campus Commercial – (north of the Research and Development campus with access via I-25)
Adjacent to the I-25 corridor and Research and Development campus, this area of the Urban Renewal Plan offers the significant opportunities for commercial development. This area will likely experience gradual redevelopment and as such, will benefit from standards constraints in terms of architectural style – establishing the corridor’s image and theme within a gateway setting. Features will include “gateway” signage, professional office and business uses, lodging, community and campus services-oriented uses, urban treatment scale and character.