Title
A Resolution Approving an Economic Development Agreement between the City of Colorado Springs and CS Dual Hotel, LLC
Presenter:
Bob Cope, Economic Development Officer
Body
Summary:
A Resolution approving an Economic Development Agreement between the City of Colorado Springs and CS Dual Hotel, LLC
CS Dual Hotel, LLC has substantially completed the construction of a dual branded hotel project located at 402 South Tejon Street and 55 East Costilla Street in Colorado Springs, which is the major project element of the Tejon and Costilla Urban Renewal Plan. The Hotel project has been significantly impacted by the COVID 19 Pandemic, including construction delays, escalating construction costs, supply shortages, and labor shortages. City staff is recommending that City Council approve an Economic Development Agreement between the City of Colorado Springs and CS Dual Hotel, LLC to partially mitigate the negative COVID 19 impacts and to support the Tejon and Costilla Urban Renewal Plan.
Background:
CS Dual Hotel, LLC has substantially completed the construction of a dual branded hotel project located at 402 South Tejon Street and 55 East Costilla Street in Colorado Springs, which is the major project element of the Tejon and Costilla Urban Renewal Plan. The hotel includes eight (8) stories, 261 rooms, meeting spaces, two restaurants and a two-level, underground public parking garage with 224 parking spaces.
The roughly one-acre site had been targeted for redevelopment for many years. In 2018 the property owner and developer submitted applications to both establish an Urban Renewal District and gain approval of a Form-Based Zone Development Plan and Subdivision Plat. The Urban Renewal District was established by City Council in December of 2018.
The underground parking structure serves the hotel project on the site but is also open and available to the public. The S. Tejon St. corridor and the southern portion of Downtown have seen significant ...
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