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 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 amenities include a restaurant and possible retail space.
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. Demolition will soon commence with the ground breaking ceremony to be held on June 17, 2019.
Economic Benefits
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 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 amenities include a restaurant and possible retail space.
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. Demolition will soon commence with the ground breaking ceremony to be held on June 17, 2019.
Economic Benefits
- Approximately 100 Full-time Jobs
- Approximately 100 Part-time Jobs
- Create 200 Construction Jobs
- Additional Tourism in Central Business District
- Creates economic impact for neighboring restaurants and retail
- Additional Hotel & Restaurant Services to the CBD and Olympic Museum
- 1st Extended Stay Hotel for Downtown
Document Downloads
| Tejon and Costilla URA Predevelopment Retainer Agreement |
| David Cooper Proposal Letter |
| Marriott Springhill Hotel Powerpoint Presentation.pdf |
| 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 |