URA Period: 2021 - 2046
Cohen Esrey Development Group
8500 Shawnee Mission Pkwy., Ste. 150
Marriam, KS 66202
The Urban Renewal Area is located in the City of Colorado Springs in El Paso County. The Plan Area is comprised of two parcels on approximately 3.28 acres of land. The boundaries of the Plan Area to which this Plan applies includes Zebulon Drive to the west, Verde Drive to the north, an unnamed alleyway to the south, and commercial development to the east.
The vision of the Plan Area, as expressed by Cohen Esrey Development Group, is an affordable housing development along with associated site improvements including sidewalks, streetscape, public art, landscaping, security cameras, and community room.
The proposed Plan includes a four-story, all electric building featuring one-, two-, and three-bedroom apartments. All 133 units will be affordable for households earning between 30 and 60 percent of area median income (AMI). The apartments will be leased to households earning between 30% and 70% of area median income, which is $96,100 for a household of four. Thirteen units will be set aside for homeless veterans and another 13 units will be rented to tenants who need handicapped accessibility.
The first floor of the development will have a community room for community meetings, after school tutoring, job fairs, and employment outreach. Additionally, there will be room for a children’s play area, picnic area, bike storage, and a dog run that will also serve as a detention area on the site plan. In addition to classes on various topics, public art by local artists will be incorporated into the development.
Panorama Heights (formerly Almagre, Zebulon Flats and Lofts @ 1609)
The $45 million Panorama Heights is a residential affordable housing development in Colorado Springs that obtained tax increment financing. This means an estimated $2.3 million generated over 25 years in new property taxes from the site will be returned to the development instead of being disbursed among local governmental taxing entities.
Planning for Panorama Heights began in the second quarter of 2020. City Council approved the Panorama Heights Urban Renewal Plan on November 23, 2021. Cohen Esrey Development Group began construction at the beginning of 2023 with the official groundbreaking held on April 5, 2023. It is scheduled to open in the summer of 2024.