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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 |
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 |
| Tax Forecast Tejon and Costilla 10-1-18 Final combined |
| Tejon and Costilla URA Plan Final 10-24-18 |
| Resolution 04-18 Approving Tejon and Costilla URA Plan 10-24-18 |
| Property Tax Increment Revenue Agreement - Tejon and Costilla - PPLD - 111418 |
| Resolution 09-18 Approving Property Tax Increment Revenue Agreement - Tejon and Costilla - PPLD - 111418 |
| Property Tax Increment Revenue Agreement Tejon and Costilla - D11 102418 |
| Resolution 10-18 Approving Property Tax Increment Revenue Agreement - D11 111418 |
| Tax Increment Revenue Agreement Tejon and Costilla - El Paso Cnty 111418 |
| Resolution 11-18 Approving Tax Increment Revenue Agreement - El Paso Cnty 111418 |
| Tejon and Costilla Intergovernment Agreement CSURA DDA 121418 |
| Tejon and Costilla Tax Increment Revenue Agreement BID 121418 |
| Signed Resolution 163-18 by City Council Tejon and Costilla 121118 filed at El Paso County |
| Tejon and Costilla Res No 164-18 and Cooperation Agreement TIF from City signed |
| Tejon and Costilla Agreement for Development signed |
| Property Tax Increment Revenue Agreement Tejon and Costilla SECWCD Jan 2019 signed |
Colorado Springs Urban Renewal Authority
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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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