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Colorado Springs Urban Renewal Authority
  • HOME
  • ABOUT CSURA
    • Welcome
    • Board of Directors & Staff
    • Mission & Goals
    • Conflicts Of Interest
    • Definitions
    • By-Laws
    • Public Participation
    • Urban Renewal Authorities (URA's) in Colorado Municipalities
  • MEETINGS
    • 2023 Meeting Schedule
    • 2023 Meeting Agendas & Minutes
    • 2022 Meeting Agendas & Minutes
    • 2021 Meeting Agendas & Minutes
    • 2020 Meeting Agendas & Minutes
    • 2019 Meeting Agendas & Minutes
    • 2018 Meeting Agendas & Minutes
    • 2017 Meeting Agendas & Minutes
    • 2016 Meeting Agendas & Minutes
    • 2015 Meeting Agendas & Minutes
    • 2014-2010 Archived Agendas and Minutes
    • City For Champions RTA Board Agendas
  • ACTION ITEMS
    • CSURA Annual Budget
    • Public Hearing Notices
    • Impact Reports
    • Open Records Request
  • REDEVELOPMENT
    • Urban Renewal Process
    • Application Requirements
    • Public Art Goal
    • Affordable Housing Goal
  • PROJECTS
    • Project Locator Map
    • Project Status Report
    • City For Champions
    • C4C - William J Hybl Sports Medicine and Performance Center
    • C4C - Sports and Event Center
    • C4C - USAFA Visitor Center
    • C4C - US Olympic Museum
    • City Auditorium Block
    • CityGate
    • Gold Hill Mesa
    • Ivywild Neighborhood
    • Museum and Park URA
    • North Nevada Avenue
    • Panorama Heights/Almagre
    • Polaris Pointe/Copper Ridge
    • South Nevada Avenue
    • Southwest Downtown
    • Tejon and Costilla Urban Renewal Plan
    • True North Commons
    • Vineyard Property
  • WHY DO BUSINESS IN COLORADO SPRINGS
  • LINKS
  • CONTACT US
Colorado Springs Urban Renewal Authority

Tejon and Costilla Urban Renewal Area

​URA Period:  2018 - 2043

Development Team:

Jim DiBiase - Olive Real Estate Group Inc.
Kevin Englehardt - Hotel Operation Services
Vince Colarelli - Colarelli Construction

Location:  The Tejon and Costilla Urban Renewal Area is comprised of approximately 1.5 acres in Downtown Colorado Springs.  The Area includes four city lots in a city block and adjoining alley and street rights-of-way.  The Area is bounded on the north by the north right of way line of East Costilla Street, on the east by the east right of way line of South Tejon Street, on the south by the south right of way line of East Cimarron Street, and on the west by the west right of way line of South Nevada Avenue.

Plan Goals:  The main public purpose of the Tejon and Costilla Urban Renewal Plan is to reduce, eliminate and prevent the spread of blight within the area through redevelopment by private enterprise.  The plan sets goals to achieve this through implementing established objectives for the area and assisting with the eligible costs of redevelopment, promoting economic growth and private investment through Tax Increment Financing.  Establishment of the urban renewal area will take advantage of improving conditions and the upcoming development cycle by focusing urban renewal efforts in a small area.  The urban renewal designation allows new sales and property tax revenues generated by the project to be used to fund sidewalks, utility and other public improvements at the site. 
The project expands both the City and County's property/sales tax base and creates new opportunities for the collection of Lodgers and Automobile Rental Tax (LART) dollars.  It is anticipated to create over $200,000 in LART tax annually. 

The eight-story Marriott branded hotel is envisioned with 262 rooms, 4,000 square feet of meeting space, large suites to accommodate families or other groups and a two-level, underground parking garage with 224 spaces that will be open to the public as well as hotel guests.  Other hotel amenities include an indoor pool and fitness center, a street-level, indoor-outdoor restaurant, an outdoor courtyard and a rooftop restaurant and outdoor bar.  Hotel Equities will employ about 175 full-time people and 60 to 75 part-time workers.  The construction will result in an estimated $117 million in annual economic activity over two years.  The economic impact of the hotel once completed will be $35 million a year.

Document Downloads
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Current Status:  
​The City Council approved the Tejon and Costilla Urban Renewal Area Plan on December 11, 2018.  The CSURA Board signed a resolution approving the Urban Renewal Agreement for development of the Tejon and Costilla urban renewal area with CS Dual Hotel, LLC on May 22, 2019. The property had been home to a vacant auto repair shop, a vacant lot and two small office buildings.   Demolition is completed and the ground breaking ceremony was held on June 17, 2019. The Marriott hotel will cost approximately $75 million and is anticipated to open in the spring of 2021.  It will carry Marriott's SpringHill Suites and Element brands.  The Marriott hotel is the first Colorado Springs project to take advantage of a 1 1/2 year old federal program that offers tax breaks to investors who fund projects in state-designated "opportunity zones" - distressed areas in need of enhanced economic activity.

Tejon and Costilla URA Predevelopment Retainer Agreement
File Size: 411 kb
File Type: pdf
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Tax Forecast Tejon and Costilla 10-1-18 Final combined
File Size: 1354 kb
File Type: pdf
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Tejon and Costilla URA Plan Final 10-24-18
File Size: 386 kb
File Type: pdf
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Resolution 04-18 Approving Tejon and Costilla URA Plan 10-24-18
File Size: 946 kb
File Type: pdf
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Property Tax Increment Revenue Agreement - Tejon and Costilla - PPLD - 111418
File Size: 496 kb
File Type: pdf
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Resolution 09-18 Approving Property Tax Increment Revenue Agreement - Tejon and Costilla - PPLD - 111418
File Size: 105 kb
File Type: pdf
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Property Tax Increment Revenue Agreement Tejon and Costilla - D11 102418
File Size: 557 kb
File Type: pdf
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Resolution 10-18 Approving Property Tax Increment Revenue Agreement - D11 111418
File Size: 104 kb
File Type: pdf
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Tax Increment Revenue Agreement Tejon and Costilla - El Paso Cnty 111418
File Size: 735 kb
File Type: pdf
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Resolution 11-18 Approving Tax Increment Revenue Agreement - El Paso Cnty 111418
File Size: 105 kb
File Type: pdf
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Tejon and Costilla Intergovernment Agreement CSURA DDA 121418
File Size: 343 kb
File Type: pdf
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Tejon and Costilla Tax Increment Revenue Agreement BID 121418
File Size: 475 kb
File Type: pdf
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Signed Resolution 163-18 by City Council Tejon and Costilla 121118 filed at El Paso County
File Size: 1528 kb
File Type: pdf
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Tejon and Costilla Res No 164-18 and Cooperation Agreement TIF from City signed
File Size: 613 kb
File Type: pdf
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Tejon and Costilla Agreement for Development signed
File Size: 2026 kb
File Type: pdf
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Property Tax Increment Revenue Agreement Tejon and Costilla SECWCD Jan 2019 signed
File Size: 630 kb
File Type: pdf
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Tejon and Costilla Certificate of Completion
File Size: 79 kb
File Type: pdf
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Colorado Springs Urban Renewal Authority

Phone: ​719-385-5714

Mailing Address:
PO Box 1575, MC 628
Colorado Springs CO 80901-1575

Street Address:
30 South Nevada Avenue
Suite 604
Colorado Springs CO 80903
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