Utah-based hospitality firm Western States Lodging and Nuterra Partners are under contract to construct a Candlewood Suites at Colorado Springs’ newest 58.71-acre mixed-use development, Westgate at Powers.
CBRE is marketing the planned, mixed-use project for additional sale, lease or build-to-suit development. The property is located at the west gate entrance to Peterson Air Force Base on the northwest corner of Powers Boulevard and Airport Road.
“This is a part of town where development has not kept pace with population growth, leaving a community of residents and employees craving more commercial options. It’s incredibly encouraging to see the hotel parcel picked up so quickly and affirms that Westgate at Powers is well poised to meet important community needs” said Dan Rodriguez, vice president with CBRE in Colorado Springs. Mr. Rodriguez is marketing the site along with CBRE’s Patrick Kerscher and Nicola Myers-Murty.
Utah-based hospitality firm Western States Lodging currently operates 27 hotels and 17 senior living communities across the country. Nuterra Partners is a Utah-based development and management company founded in 1979. Nuterra Partners and Covert Labs of Utah have been selected to assist in the planning, marketing, and as a built-to-suit developer for Westgate at Powers, which is owned by Signature Realty Capital Corp. of California and Stillwater Equity Partners of Utah.
“The hotel and gas-station contracts have given the project some momentum. Additionally, with roadway construction coming to an end, we’ve seen an uptick in interest from both local and national restaurants and retailers. As we respond to market demands, we intend to add apartments, office, and flex-space uses in the next phase of development. We’re confident residents will soon have more options for places to shop, dine, live, work, and recreate,” added Paul Bringhurst, with Stillwater Equity Partners.
The middle portion of the development is dedicated to office/flex space. There are 14.46 acres available for Class A two-story office building or single-story flex/R&D space with up to 25-ft. clear heights. There is also land available for parking. In total, the office component could tally close to 630,000 square feet of built-out space.
“Employers at Westgate will have an advantage recruiting and retaining employees with restaurants, convenience stores and other retailers within walking distance in the scenic landscaped business park,” said Nicola Myers-Murty, vice president, CBRE.
Surrounding the office portion to the south and east is retail development, with lots available ranging from 0.59 to 1.34 acres including multiple drive-thru pad sites. Retail pad sites are currently available for sale, lease or build to suit. Preleasing of retail space for multi-tenant buildings is also available with those buildings scheduled to deliver in the second quarter of 2020. Westgate at Powers will also include walking trails and landscaped open space with views of Pikes Peak to the west. The project is located at the northwest corner of South Powers Boulevard and Airport Road. More than 40,000 residents live in surrounding neighborhoods and 26,000 employees are within a two-mile radius of the development site, which is less than 10 minutes from the Colorado Springs Airport. The property is located within a Pikes Peak Enterprise Zone, meaning businesses operating at the site may be eligible for income tax credits or other tax breaks.
