An annual report from a trade group representing downtown Colorado Springs is touting a strong post-pandemic recovery for the city’s core, with signs of accelerating development in the years to come.
The eighth annual “State of Downtown Report” from the Downtown Partnership of Colorado Springs presents a rosy take on the economy of the approximately one square mile of land within its purview. The report points to $2 billion in development either recently completed or in the works, though it acknowledges some projects have been paused “as some developers … await better financing conditions.”
Perhaps most notable has been the strong uptick in residential development, with downtown “poised to deliver about 2,000 residential units, made up of 10 projects by eight different developers” over the next two years.
For reference, the group counts 1,994 people currently living downtown.
Last year also marked the first year that all three downtown venues of the City for Champions project were open to the public: Weidner Field (home to the Colorado Springs Switchbacks soccer team), Ed Robson Arena (hosting Colorado College hockey games) and the U.S. Olympic and Paralympic Museum. The downtown partnership says the three venues attracted more than 534,000 people to the area last year.
Restaurants and bars downtown hit all-time sales records in 2022, owing to a surge in overall dining options. Those businesses contributed to $450 million in gross sales for downtown in 2022, a nearly 10 percent increase from the year before.
