There are four Silos - development areas - in the South Nevada Avenue Urban Renewal Area. The Silos are defined by ownership structure and development/redevelopment status. The four Silos total approximately 99 acres.
URA Period: 2015 - 2040
SNA Development LLC
90 South Cascade Avenue, Suite 1500
Colorado Springs, CO 80903
Ivywild Development I, LLC
Sam Guadagnoli, Ray O’Sullivan
1619 South Tejon Street
Colorado Springs, CO 80905
EVC_HD South Nevada, LLC
112 F Street
Salida, CO 81201
Location: The project area is located in the south central part of Colorado Springs between East Cheyenne Road on the south, Fountain Creek on the north, South Wahsatch Avenue on the east and South Cascade Avenue on the west. The URA is well located in the Colorado Springs region and provides an excellent area for new development as well as redevelopment of existing structures.
Documents For Download
Ivywild Development Documents:
EVC - HD South Nevada LLC Documents:
Plan Goals: The urban renewal plan was approved by the Colorado Springs Urban Renewal Authority on September 23, 2015. City Council held a public hearing on November 24, 2015 and approved the plan. A tax sharing agreement (Cooperation Agreement) was approved by City Council on December 8, 2015. The agreement established the percentage of the municipal general fund sales tax that will be dedicated to the urban renewal area for twenty-five years. Subsequently, the CSURA Board approved development agreements with 3 development groups to provide tax increment financing for eligible improvements to be completed by the developers within the URA. Given its strategic location at a critical gateway to destinations beyond the I-25 corridor including Ivywild and the Broadmoor neighborhoods, future improvements will be of an appropriate quality. Natural features including parks, creeks and trails will be improved and maintained so that they are a true amenity rather than an obstacle. Efforts will be made to provide a diversity of uses and enhance the streetscape environment to attract business and improve the quality of life along South Nevada and South Tejon Streets.
There are four development subareas - termed silos-within the Urban Renewal Area:
Silo 1 - Development / Redevelopment Potential (SNA Development, Inc.)
Many of the parcels in Silo 1 are adjacent to the S. Nevada Avenue right-of-way, which is a major arterial roadway in the area. Potential redevelopment in Silo 1 includes retail shopping centers, pad retail shops and restaurants, office space, lodging and residential units.
Silo 2, Canyon Creek - Development / Redevelopment Potential (Ivywild Core Development, Inc.)
The redevelopment plan for parcels in Canyon Creek include both residential and commercial projects. Planned residential development includes 45 townhomes and 90 apartments. Planned commercial development includes a hotel (135 rooms), retail restaurant 4,000 s.f. and 7,000 s.f. up-scale restaurant) and office space (2,500 s.f.)
Silo 3 - Development / Redevelopment Potential (EVC-HD Nevada South LLC)
Silo 3 is the smallest of the four Silos in the URA. A Natural Grocers store of approximately 15,000 square feet was opened in 2017. In-line retail space is also planned in Silo 3 with approximately 10,000 s.f. completed in 2017.
Silo 4 - Development / Redevelopment Potential Silo 4 contains 357,000 square feet of existing building area. Currently, development in Silo 4 is split among two broad land use categories; residential (49%) and commercial (44%). Potential redevelopment in Silo 4 includes in-line or pad retail shops and restaurants, office space and redevelopment of an existing neighborhood shopping center.
Current Status: In the past three years, numerous new businesses along Nevada’s west side have been developed. The Shoppes on South Nevada southwest of Nevada Avenue and Navajo Street are home to Natural Grocers, Chick-fil-A, Five Guys Burgers and Fries, and Zoes Kitchen. A multi-tenant building northwest of Nevada and Ramona Avenue houses Smashburger, Tokyo’s Joe’s and European Wax Center. The Canyon Creek Townhome project has completed 19 townhomes and is poised to begin a second phase of 24-units. Three additional 25-unit apartment buildings will start construction in six to nine months along Navajo, Brookside Street and Mount Washington Avenue. A hotel is planned southeast of the Prime 25 steakhouse. Another proposed South Nevada project is Creekwalk, a 50,000-square-foot, five building shopping center northwest of Nevada and Cheyenne Road.
Transportation Improvements: The City of Colorado Springs is initiating several transportation improvements projects in the South Nevada Urban Renewal and Ivywild areas beginning in June 2019. This project will rebuild the center median on Nevada Avenue between Navajo Street and Ramona Avenue to create left-turn lanes to Navajo Street and the shopping center on the west side of Nevada Avenue. When complete, this segment of Nevada Avenue will include a traffic signal mid-block between Navajo Street and Ramona Avenue.
SNA Development Documents: