Industrial Space Overview
Currently, a 48,046 square foot industrial warehouse is situated on Lot 2727, while an auto shop totaling 1,361 square feet is located on 2701. Together, these parcels span 287,202 square feet and are priced at $9,475,000, equating to $32.99 per square foot.
After consultation with the City of Colorado Springs Planning Department, it is believed that the optimal use for these parcels would be their development into 230 apartment units. Underwriting has confirmed the feasibility of constructing and selling 230 apartments on the site by 2024. The current PBC zoning permits this development, and the City Planning Department has approved it.
The project's total hard costs are estimated to range from $40 to $45 million. If completed and sold in 2024, projections indicate that it could generate $1.80 per square foot in rent, translating to an approximate $72 million sale price or $316,000 per unit.