Colorado Springs is one small step closer to constructing what would be the city's tallest building.
City Council members voted 7-2 Tuesday on three measures creating a new urban renewal district for the proposed site of the 300-foot-tall OneVela mixed-use apartment complex. This urban renewal designation would allow developers to recoup about $11 million of the costs of the $202 million tower from its eventual tax revenue. Without that, the developers said they would not be able to secure financing for the ambitious project.
The O’Neil Group, a local development firm, is partnering with Missouri-based VeLa Development Partners on the 27-story tower. O’neil Group CEO Kevin O’Neil said people in the city’s growing military, aerospace and tech sectors are looking for more variety in living options.
“What we see is the urban setting they're coming from is something they desire to have here,” O’Neil said. “I think we're still missing a tool out of our toolbox, and in this case, this is the apartment complex we're talking about. It is a high-rise."
Many local residents have voiced strong opposition to the proposal, saying the structure would harm the downtown's character and skyline. An online petition circulated earlier this year asking to put building height limits on this year’s November ballot gathered more than 6,500 signatures.
Resident Patty McDowell told council members Tuesday that while she’s in favor of revitalizing the downtown, the proposed height of the building is a problem.
“My biggest concern is it is going to block views,” McDowell said. “Tourists come here to see the views.”
Currently, the tallest building in Colorado Springs is the 16-story, 247-foot-tall Wells Fargo building, which was constructed in 1990. Building height limits do currently exist in the vast majority of Colorado Springs, though code changes adopted in 2009 removed those limits in less than a half square mile of the downtown core.
The Tuesday vote was a major step in the process but not an approval of the overall development plans. Those were submitted to the city’s planning department earlier last week for formal review.
