STATE OF DOWNTOWN Colorado Springs 2016 Economic snapshot and performance indicators CONTENTS Downtown at a Glance .....................................................4-5 Development and Investment ...................................6-7 Office and Workforce ........................................................8-9 Urban Living ...............................................................................10-11 Retail and Restaurant ........................................................12-13 Welcome to our first State of Downtown Colorado Springs report, Mobility and Trails ................................................................14 a helpful guide that we plan to become an annual resource. Here you’ll find the data, trends Hospitality .....................................................................................15 and analysis to inform key stakeholders in making sound decisions. This report is created especially with investors, brokers, developers, retailers, civic leaders and property owners in Arts, Culture and Events ................................................15 mind. We also use this report to hold ourselves accountable; reports in subsequent years will be able to track patterns in growth and gauge opportunities for improvement and investment. State of Downtown Colorado Springs is produced by the Downtown Development Authority, and most data throughout the report tracks specifically within the DDA boundaries; where noted, some data is reported for the Greater Downtown Colorado Springs Business DOWNTOWN RESEARCH, WRITING Improvement District or the 80903 ZIP code. Data is for 2015 except where noted. DEVELOPMENT AND COMPILATION AUTHORITY • Sarah Harris, Director of BOARD OF DIRECTORS Our city center is at a pivotal moment in time, experiencing an unprecedented half a billion Business Development dollars in completed, in-process or announced public and private development since 2013. David Lord, Chair & Economic Vitality, This aligns meaningfully with national trends that favor urban environments for business Steve Engel, Vice Chair Downtown Partnership Roger Sauerhagen, • Susan Edmondson, and living. Increasingly, innovative companies are choosing walkable, bikeable, mixed-use Secretary/Treasurer President & CEO, environments rich in cultural opportunities, social spaces and, yes, even craft brews. Our Aaron Briggs Downtown Partnership Downtown is responding, with numerous initiatives toward a more vibrant city center. Jill Gaebler Chris Jenkins DESIGN Dot Lischick As the heart of Olympic City USA, Downtown Colorado Springs is uniquely positioned to • Laurel Prud’homme, Director David Lux provide a thriving environment connected directly to exceptional outdoors experiences and of Communications, Jessica Modeer Downtown Partnership urban adventure. Our journey ahead is promising. Chuck Murphy Ingrid Richter PHOTOGRAPHY • Forrest Boutin Photography CONTACT • Stellar Propeller Studio Downtown Partnership • Tom Kimmell Photography of Colorado Springs • Jana L. Bussanich Photography 111 S. Tejon St., Ste. 404 • Colorado Springs Convention Colorado Springs, CO and Visitors Bureau 80903 Mayor John Suthers David Lord Susan Edmondson 719.886.0088 City of Colorado Springs Chair, Downtown President & CEO, www.DowntownCS.com [email protected] Development Authority Downtown Partnership DDA FUNDING SPURS PRIVATE INVESTMENT The State of Downtown Colorado Springs report is produced by the Downtown Development Authority (DDA), building public and private partnerships, investing in the physical Just a few years ago, no one would have pegged and economic growth of Downtown. Since inception in 2007, the the intersection of South Nevada Avenue and DDA has provided more than $2 million in grants for building facades, special events, and special projects and feasibility Downtown Costilla Street as the next node for investment Development studies. Additionally, DDA funds have supported improvements in Downtown. But today, the New South End Authority to the public realm, enhancements to public safety, and master Economic Vitality neighborhood has emerged, anchored by Blue planning initiatives. DDA collaborates closely with the and Development City of Colorado Springs on land use planning for Project Investment Dot Place apartments from visionary developers Business Attraction Kathy Loo and Darsey Nicklasson of BDP Downtown; assists businesses seeking to locate and Retention or expand Downtown; assists property owners Development. And strategic funding from the in identifying prospective tenants; and Downtown Downtown DDA has leveraged a fiftyfold return in private provides the data and context necessary Partnership 501c4 Ventures for businesses to make wise decisions 501c3 investment in the immediate area. From 2013 to Advocacy and for investing in Downtown. Unified Voice Community 2015, DDA provided three building-facade grants Benefit Programs Community Education Advocacy and Outreach Art on the Streets and one tax-increment-finance agreement in the Special Events Brand Management 400 block of South Nevada, totaling DDA support Membership of nearly $280,000. To date, approximately DDA operates as part of the $14 Downtown family of organizations, to Business million in announced, in-process or completed include the Greater Downtown Colorado Improvement District investment by the private sector has occurred Springs Business Improvement District; Downtown Ventures, a 501c3 nonprofit; and Pedestrian and Downtown Consumer Experience in a four-block radius of the intersection. This Downtown Partnership, a 501c4 nonprofit Partnership ensuring that Downtown Colorado Springs Beautification includes Blue Dot’s 33 new residences, another 501c4 Safety serves as the economic, civic and cultural 29 in the near-term pipeline and eight new Advocacy and Marketing heartUnified of the Voice Pikes Peak region. businesses. Community Education Advocacy • 3 • and Outreach Brand Management Membership Business Downtown Improvement Development District Authority Pedestrian and Downtown Economic Vitality Consumer Experience and Development Ventures Beautification 501c3 Project Investment Safety Community Business Attraction Marketing Benefit Programs and Retention Art on the Streets Special Events DOWNTOWN BY THE NUMBERS • 2% of city land mass • 682 acres • 1.1 square miles • 120 city blocks 2,300 businesses 17,000 workers 1,129 arts, cultural and special events Downtown at a glance 587 hotel rooms2 180 acres of urban parkland3 2015 Community Rankings 4,650 public parking spaces • A+ Ranking for small business friendliness, Thumbtack.com • 3rd Best large city to live in, WalletHub • $960 million in property • 1st (tie) Most innovative liberal arts college, Colorado College, market values Downtown contributes U.S. News & World Report • 3% of city assessed property values 14 times its geographic • 1st Lowest obesity rates, Gallup Healthways • 8th Residents feel safest, Gallup Healthways weight in sales tax.1 9% of city building permits • 9th Best city for families, WalletHub • 2nd Best large city for veterans to live, Military Times • 4,045 higher education students • 3rd Most entrepreneurial college, Colorado College, Forbes • 2,013 high school students • 3rd Best city for livability, WalletHub • 5th Most educated city, WalletHub 8,000 weekly parishioners • 9th Best city to retire in, BankRate.com 1 Greater Colorado Springs Business Improvement District (BID), 2014. 2 Downtown core and adjacent properties. 3 America the Beautiful Park, Pioneers Park, Acacia Park, Antlers Park, Monument Valley Park. • 4 • COLORADO COLLEGE CAMPUS I-25 CACHE LA POUDRE ST. Colorado Springs is the state’s largest city in area, Legacy Loop encompassing 196 square miles, and the second most populous city DALE ST. with a 2014 population of 445,830 (over 650,000 MSA). Colorado Springs is the seat of El Paso County, which is the state’s most L Business I MONUMENT ST. A populous county. The city is located at the foot of Pikes Peak, with R Improvement E. T AV Y Downtown centrally located at the juncture of Interstate 25 and District A WILLAMETTE AVE. CH W AT N Highway 24, in the heart of the city. E TEJON ST. HS E ST. VRAIN ST. R WA G Downtown K L A Development BOULDER ST. I E A P R S Authority T E K N I U DOWNTOWN IN THE REGION P R PLATTE AVE . S K WEBER ST. Parks and O • 70 miles south of Downtown Denver O H Open Space RONA ST • 44 miles north of Downtown Pueblo S CO 142 E. BIJOU ST. E L E. D AV D • 18-minute drive to the Colorado I . M Springs Airport E. KIOWA ST. I-25 CASCADE RONA ST • 2-hour drive to skiing in Summit County CO PIKES PEAK AVE. E. PIKES PEAK AVE. AV DA Fillmore St. VA WEBER ST. NE COLORADO AVE COLORADO AVE PROSPECT ST. L E. I A AV E. R T AV CH CH ST. CUCHARRAS ST. Y CIMINO DR. AT A AT W TEJON ST. HS N E WA SAHW E CASCADE R SIERRA MADRE ST VERMIJO AVE. G K Uintah St. A E P S E COSTILLA ST. Legacy Loop K I P 141 CIMARRON ST. CIMARRON ST. / HWY 24 E. AV . MORENO AVE. H ST. CASCADE RIO GRANDE ST. TC E. Cimarron St./ AV WA HWY 24 DA SIERRA MADRE ST SAH LAS ANIMAS ST. VA NE FOUNTAIN BLVD. To Ivywild To Ivywild • 5 • TOTAL INVESTMENT: $512,996,202 $74,693,202 $157,750,000 $280,553,000 Complete* Under construction Announced *2013-2015 Development and Investment Lured by a walkable environment, unique shops, trail connectivity, state designation as a creative district, and the largest concentration of locally owned restaurants in the region, developers and investors are rediscovering the value of Colorado Springs’ city center. 2015 marked a significant turning