Colorado Springs Real Estate Briefs: December 14, 2007

It took nearly $1.5 million and almost two years to purchase and rehabilitate one block on the north side of West Colorado Avenue just east of America the Beautiful Park, but it's been worth the effort for owner and broker Mark Cunningham.

He just finalized a lease agreement with new tenant, the Wit's End Comedy Club, at 508 W. Colorado Ave. The entertainment company will occupy 45 percent of the landlord's 15,300 square feet of available space.

Wit's End Comedy Club, a Westminster-based company, looked at a variety of sites in the Pikes Peak region, including several on the north and east sides of town, before selecting Cunningham's location.

"We already had a reputation as an entertainment area, and, with our recent facelift, have changed the nature of this block," Cunningham said, adding that the facility offers ample parking and is visible from Interstate 25.

"The club will offer multiple shows per night and expects to draw crowds of 2,000 customers per week," he said. "They'll also offer a coffee shop with WiFi access adjacent to the lobby and ticketing office that will be open during the day."

The Cunningham family purchased the former Circle K convenience store on the same block and has leased the space to Goodwill Industries. Two additional storefront buildings that can be divided into spaces from 1,000 to 7,000 square feet remain available.

During the late 1980s, the six-block area along West Colorado, including Cunningham's property, received an infusion of federal money to support revitalization of the Gateway special district. As a result, the area gained pedestrian plazas, new streetlights and upgraded landscaping.

Cunningham hopes that other business and building owners along West Colorado will benefit from the property's update and new traffic generator.

"Dennis Sharon has been updating his center just to the west, and Rex Tire did a major remodel a few years ago," he said. "Benny's (Restaurant and Lounge) is doing a great business. They feature live music and have been renting (parking) space from me on the weekends. We've got plenty of parking in the area, and with continued effort to keep our business improvement district going, there's growing opportunity for business here. With the new bridge and the streets lit up, we won't be a dark corner of downtown anymore."

Fitness centers on target

Tom Hatten, owner of Hatten Holdings LLC and the developer of Mountainside Fitness Centers, confirmed this week that his company is moving ahead with plans to build two 40,000-square-foot fitness facilities, one at the Garden of the Gods Road and 30th Street and another near Powers Boulevard and Barnes Road.

"We would like to build both structures at the same time. So far we're still in the final entitlement stages," he said, adding that he believes Colorado Springs has the critical mass necessary to make his $12 million investment successful.

Hatten expressed confidence about dealing with potential competition from the 88,000-square-foot Villa Sport luxury fitness facility that just opened near Woodmen Road and North Powers Boulevard this month.

"We're comfortable with who we'll be competing with," he said. "They appeal to a different market than we do."

Copyright 2007 Dolan Media Newswires
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