Tag: apartments
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Apartment construction slows after years of frenzied building in Colorado Springs
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The red-hot pace of Colorado Springs-area apartment construction turned ice cold last year. From 2019 to 2023, multifamily developers pulled permits to build just over 14,000 apartments in the Springs and surrounding El Paso County — one of the hottest stretches of local apartment construction in recent memory that averaged a little more than 2,800…
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Controversial apartments near Garden of the Gods get City Council approval
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The City Council on Tuesday approved divisive plans to build more than 220 apartments near Garden of the Gods Road, about three years after a previous council denied another apartment project across the street because they concluded it could make emergency evacuations more dangerous. “To have this decision after everything we have presented to you…
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Downtown Colorado Springs tower’s height reduced from 36 floors amid developer concerns
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A controversial proposed 36-story, 400-foot-tall apartment tower proposed for downtown Colorado Springs has shrunk in size to 27 stories and 300 feet, its developer says. The reduced height, however, isn’t a concession to community members who’ve complained the project would disrupt mountain views or be out of place with downtown’s skyline, where the Wells Fargo…
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Colorado Springs apartment rents slumped again in the first quarter, new report shows
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Colorado Springs apartment rents fell again in the first quarter and the area’s vacancy rate remained high, more signs that the local multifamily market is overbuilt, a new report suggests. And, expect those trends of softer rents and higher vacancies to continue unless the pace of absorption, or apartment occupancy, ramps up significantly, one of…
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New apartment project planned for busy 8th Street corridor on Colorado Springs’ west side
Facebook Twitter WhatsApp SMS Email Print Copy article link Save A familiar retail building along Eighth Street on the city’s west side would be torn down to make way for an apartment complex as developers continue to eye Colorado Springs for more multifamily housing. Blackburn Communities of Oxford, Miss., the multifamily development arm of the…
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Downtown Colorado Springs bucks regional and national trends, is thriving after COVID-19, report says
Facebook Twitter WhatsApp SMS Email Print Copy article link Save Downtown Colorado Springs is bucking some regional and national trends — in a good way, according to the Downtown Partnership advocacy group. Unlike some cities that have struggled to bring back employees to their downtowns after the onset of the COVID-19 pandemic four years ago,…
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Rents have tumbled after an apartment surge in Colorado Springs means rents are on their way down
The number of Colorado Springs-area apartments standing empty rose again in late 2023, while rents also fell — the fallout from an oversupply of units that have opened in recent years, one industry expert said. A recently released, statewide report by 1876 Analytics, an affiliate of Denver-based Apartment Appraisers & Consultants, shows Colorado Springs’ apartment…
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New Pikes Peak Housing Network hopes to tackle Colorado Springs’ housing woes
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Can anything be done to increase the supply of housing and expand affordable housing options in Colorado Springs and surrounding areas? The Pikes Peak Housing Network hopes to explore those problems — and find solutions. Community leaders, along with business and housing organizations, formed the nonprofit last summer to serve as a vehicle to study…
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Controversial Briargate-area apartment project gets green light from City Council
Facebook Twitter WhatsApp SMS Email Print Copy article link Save The Colorado Springs City Council on Monday ruled a controversial attainable housing project planned to be built in Briargate can move forward despite neighbors’ concerns the development would negatively impact the public health, safety and general welfare of the surrounding area. The board voted 6-1…
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Colorado Springs home prices expected to remain stable in 2024 — but could apartment rents fall?
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Facebook Twitter WhatsApp SMS Email Print Copy article link Save Colorado Springs’ single-family home and apartment markets appear headed in different directions, which could mean more frustrating news for buyers, but a better outlook for renters. Like last year, homebuyers in 2024 could continue to find a tight supply of properties for sale, while high…