900-Acre Business Park Breaks Ground in Colorado Springs
Today, project partners Flywheel Capital, LLC (Flywheel), Alcorn Construction, Newmark, and Colarelli Construction will officially break ground on Building 1 of the new Peak Technology Campus, a 900-acre master planned business park at the entrance to the Colorado Springs Airport Campus. The 210,000-square-foot, Class A office development will deliver secure ready sites for the aerospace and defense industry and is the largest speculative project to break ground in over 10 years in Colorado Springs, according to Newmark Research.
“Flywheel’s extensive experience owning commercial real estate in the Colorado Springs market informed our decisions around this speculative project, in terms of both timing and demand,” said John Fefley, senior director at Flywheel. “The aerospace and defense industries generate an annual economic impact of more than $7 billion in Colorado Springs* and, though those
industries are not the exclusive target for this project, the campus will provide the most up-to-date building technology and systems while providing the closest available leasing opportunities to both Peterson and Schriever Air Force Bases.”
The property will showcase four new single-story office buildings, featuring efficient full-floor and multi-tenant configurations with dedicated entries, building signage, loading docks, 4.5 spaces per 1,000 square feet parking ratio, and secured satellite area. Building plans for the new development include 50,000 square feet at Building 1; 40,000 square feet at Building 2; 60,000 square feet at Building 3 and 60,000 square feet at Building 4.
Newmark’s Executive Managing Director Kenton Mau, Managing Director Brian Wagner and Director Mark O’Donnell are the exclusive leasing agents; Alcorn Construction and Colarelli Construction are the general contractors and Intergroup Architects is the project architect.
“Alcorn Construction is proud to partner with Flywheel Capital, Colarelli Construction, Newmark, Intergroup Architects and the Colorado Springs Airport to bring 50,000 square feet of new space to the Colorado Springs area with Building 1 of Peak Technology Campus,” stated Chris Alcorn, president of Alcorn Construction. “The combined experience of the entire team will ensure a successful project and build momentum in an area of Colorado Springs that will continue to grow.”
“Peak Technology Campus will address the market’s demand for efficient and secure space in the continually growing technology and defense sectors in the Colorado Springs market,” stated Brian Wagner. “The development delivers considerable tenant value in terms of both employer attraction of top talent as well as the combination of amenities, access and expanding residential offerings within minutes from the property.”
The site is proximate to multi-modal transportation, situated at the entry to Colorado Springs Airport, with easy access to Peterson and Schriever Air Force Bases, and Interstate 25 via Milton E. Proby Parkway. Peak Innovation Park includes Northrop Grumman, Aerospace (under construction on a $100 million expansion) and Amazon (under construction on a 4 million-square-foot facility). Peak Technology Campus is located within the Colorado Springs Region Opportunity Zone, Pikes Peak Enterprise Zone and Commercial Aeronautical Zone (CAZ) which can provide companies with various tax incentives tied to overall employment levels and/or job creation.
“This addition to Peak Innovation Park will provide additional jobs in the area and spur economic growth for the southeast corridor of Colorado Springs,” said Greg Phillips, Aviation director of the Colorado Springs Airport. “I’m proud of the partnership between the Airport team, Flywheel Capital, and Urban Frontier, the Airport’s master developer of Peak Innovation Park.”
Rendering courtesy of Intergroup Architects