Colorado Springs City for Champions Project Offers Construction Opportunities
Industry: Real Estate
City of Champions Initiative in Colorado Springs to construct Olympic Museum, Sports and Events Center, Visitor Center at Airforce Academy, and Sports and Medicine Center
Colorado Springs, CO (PRUnderground) August 20th, 2014
The City for Champions Project in Colorado Springs was first initiated by Mayor Steve Bach, who promoted it the four large projects as having great potential to enhance tourism to the city in order to enhance Colorado Springs Economy. The project would also be a boon for the regional construction industry.
Last December the Colorado Economic Development Commission endorsed that vision, which meant tax-increment funding via Colorado’s Regional Tourism Act of approximately $120 million to build the City for Champions.
“What a momentous occasion, knowing what this will mean for so many generations to come,” Bach said, pleased the project is making headway.
The rest of the needed funding for the projects will come from a variety of sources. Spending for projects will be: $59.4 million for a 60,000 square foot Olympic Museum and Hall of Fame; $92.7 million for the 340,000 square foot Colorado Sports and Event Center; $27 million for the 77,000 square foot UCCS Sports Medicine and Performance Center; and $20.5 million for the 30,000 square foot AFA Visitors Center.
“In making our case to the state we said there are a couple of litmus tests and one is that the overall project has to be able to show that out-of-state visitors will come to Colorado for these projects,” says Doug Price, the CEO of the Colorado Springs Convention and Visitors Bureau.
“When completely built-out, our numbers show that up to 1.2 million visitors would go through these four venues, and about half that number, or 510,000, would be from outside the state of Colorado,” Price continues.
These projects are expected to generate a great number of jobs for the construction industry.
Work on all four projects is expected to begin between 2015 and 2016.
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