URA Period:2024 -2049

Location:the proposed O’Neil Urban Renewal Plan Area is comprised of four parcels on approximately 1.1 acres or 47,916 square feet of land and adjacent right of way. The study Area is bound by Costilla Street to the south, Sahwatch Street to the west, a vacant commercial lot to the north, and a storage warehouse to the east.

Plan Goals: the project includes two main components, a 25-story residential building and a 11- story office building. The buildings are planned for two separate assemblages both located on the block bound by Sahwatch to the west, Cascade to the east, Costilla to the south, and Vermijo to the north.

The commercial component of the project is planned for the northeast corner of the block on parcels currently addressed as 310 S. Cascade Avenue and 11 W. Vermijo Avenue. (This site sits within the Museum & Park URA where the TIF funds have already been pledged to Norwood).

The residential component of the project will be sited at the southwest corner of the block on parcels currently addressed as 14, 20, 22, and 30 W. Costilla. (This site sits within the existing Southwest Downtown URA).

All of the parcels in the area have existing buildings including a distribution warehouse built in 1919, a storage warehouse built in 1925, a single-family home built in 1904 with two sheds built in 1989, and a single- family home built in 1900. All the buildings are currently vacant.

Current Status: In Aug of 2023, the board approved the application for the One Vela residential high-rise project in S/W downtown. At the June 2024 board meeting EPS presented the financial review and project update along with the plan, impact report and condition study for submittal to the taxing entities. The OneVela plan will go before the Colorado Springs City Council for approval at the December 10, 2024 regular council meeting.