Colorado Springs Real Estate Briefs: June 29, 2007

Imagine getting ready to develop a planned business center-zoned land and building package with a tenant lined up to take half the new space. Your location is visible with heavy drive-by traffic on a prime 1.73-acre site at the intersection of South Academy Boulevard and Drennan Road.

Just as the deal is coming together, the City of Colorado Springs calls and wants to buy the property for an elevated ramp and overpass to Peterson Air Force Base and the Colorado Springs Airport.

Berry Craddock of the Craddock Cos. found himself in that enviable situation this spring. Negotiations are currently under way between his company and the Pikes Peak Rural Transportation Authority.

The Milton Proby Parkway (formerly Drennan Road) expansion project was approved by City Council, based recommendations from the Southern Metro Accessibility Study, and was approved for $60 million in Pikes Peak Rural Transportation Authority funding.

The project's first phase is expected to be implemented over a 10- year period. A portion of the two-phase RTA project, budgeted at $20 million, between Interstate 25 and South Nevada Avenue, has begun and is being overseen by El Paso County.

The eastern leg of the road expansion, between South Academy and Powers boulevards, will cost $40 million and will be supervised by the city, said Craig Blewitt, director of the transportation planning division.

"It's a good thing. We needed a better entryway to the airport," Craddock said, adding that the property was originally on the market for $10 per square foot but must be appraised by representatives of each party.

The vacant parcel lies adjacent to several industrial sites to the west, including, a sand and gravel supplier and other heavy equipment and trucking users. All will maintain their current access on to South Academy Boulevard.

Fortunately, Craddock said, the prospective tenant could be relocated to Mission Trace Shopping Center.

Airport deadline nears

From John Faulkner, deputy aviation director at the Colorado Springs Airport, comes word that applications for a master developer for the airport's 1,000 acre business park are due July 10.

"I hope we will complete the final selection by October," he said, adding that face-to-face interviews will be conducted with the finalists.

More road improvements

The Board of County Commissioners has approved a contract between the El Paso County Department of Transportation and the URS Corp. to improve Meridian Road North.

URS will provide civil and traffic engineering services for Meridian Road between Woodmen and Rex roads. This first phase of the project will cost $480,050 and will be paid for by the Pikes Peak Rural Transportation Authority.

In order to meet the county's Major Transportation Corridors Plan requirements, the improvements will include paving, drainage basins, signalization, traffic controls, and roadway and utility improvements within adjacent corridors, lands and easements.

Meridian Road will ultimately be upgraded to a six-lane roadway and represents the first phase in a project scheduled to be completed by 2011.

Home appreciation snapshot

As part of its spring 2007 overview of the national housing market, Metrostudy's Colorado Springs Director John Covert said the city's future will follow national economic trends for inflation, job growth and new home construction.

One interesting facet of the study, which predicts continued efforts by new home builders to reduce inventories, was a ZIP code- by-ZIP code look at median sales prices for first quarter 2007 on a year-over-year basis.

Those areas showing the greatest price improvement included Fountain 80817 (3.39 percent), central Colorado Springs 80903 (2.68 percent) and southwest Colorado Springs 80906 (2.48 percent). Neighborhoods experiencing the greatest price decreases included Peyton 80831 (-3.86 percent), Cascade 80809 (-3.19 percent) and Crystal Hills 80829 (-3.19 percent).

Arby's now a Taco Star

The 3,151-square-foot former Arby's restaurant at 318 N. Wahsatch St. has been leased to Taco Star.

Michael Roslin of Front Range Commercial Group brokered the lease of Arby's new location on South Nevada Avenue and also represented the tenant in the new lease.

Bob Nolette of Front Range Commercial represented the owner, the Miracle Restaurant Group.

More leases signed

Lynn Tullos and Angela Behrend, both licensed massage therapists, have leased 900 square feet in the Nevada Medical Office Building at 611 N. Nevada Ave.

They were represented by Nate Winterfield of Front Range Commercial Group, who also represented the landlord, Bonnie Thompson.

Matt Theobald, owner of the Academy Driving School, has leased 1,004 square feet of office space at 5585 Erindale Drive, Suite 103.

The tenant was represented by Nate Winterfield of Front Range Commercial Group and the owners, the Liccardi Family Partners LP, were represented by Dick Liccardi of Keller Williams Commercial Real Estate.

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