Colorado Springs project rebranded, moving forward

March 11, 2017 by  

Denver-based Westside Investment Partners purchased Colorado Crossing, an unfinished mixed-use development, in October, 2016, for $22.1m. Its new owners have given it a new name and hope to get it back on track.

Now known as ‘Victory Ridge’, it will feature commercial and residential space as well as a sports complex, in addition to the facilities that are already in place.

At the moment, the project has a parking garage, movie theater, and partially finished office building. Westside intends to add apartments, restaurants, stores and hotels, as well as saving as much as 55 acres of land for the planned Larry Ochs Sports Complex.

Otis Moore, a principal with Westside, said that even though the project has not been moving forward recently, having some of the improvements done makes it easier to finish the complex than it would if they were starting from scratch.

Jannie Richardson, a developer from Colorado Springs, started Colorado Crossing ten years ago, with plans to create a complex offering 1.6 million square feet that included offices, restaurants, and stores. Richardson also envisioned a movie complex with 14 screens, and 1,600 residences. However, the economic recession made it impossible for her to continue, and the project was left incomplete. When Richardson filed for bankruptcy, creditors began looking for a buyer for the project. Westside hopes to resume work within six months.

Projects like this can benefit if developers create brochures illustrating the amenities of the finished property.