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Why downtown Colorado Springs works for business:
- It’s a premier business address — home to the City of Colorado Springs, Colorado Springs Utilities, El Paso County, the 4th Judicial District, financial institutions, professional firms, corporate headquarters and independent businesses. Access to these sectors makes doing business downtown convenient and efficient.
- It’s the authentic heart of the city. Local history, arts and culture, architecture, streetscape and unique urban design are concentrated downtown and not replicated elsewhere.
- Downtown is the creative core. Of 275 Metropolitan Statistical Areas (MSA’s) nationwide, Colorado Springs ranks among the top 15 percent for number of arts businesses per 1,000 people — strong evidence of community support for creativity. A creative community inspires more innovation and a highly productive work environment. Musicians, planners, architects, actors, software developers, engineers and many cutting-edge businesses — as well as working artists —frequently choose to locate downtown.
- Downtown has a highly skilled labor force. Nearly a quarter of the population over age 25 and living within one mile of downtown has earned a Master’s, Professional or Doctorate degree; 26.9 percent hold a Bachelor’s degree. According to the Brookings Institute, educated metro areas win in the new economy. Each additional year of education leads to another 2.8 percent growth in productivity. In downtown, 84 percent of jobs are white collar.
- There are 328 downtown buildings with 5.8 million square feet of commercial space. As of 2005, restaurants ate up 155,000 square feet, while retail nabbed nearly 72,000 square feet and industrial space clocked in at 614,00 square feet. Office space comprised 3.5 million square feet, with an average vacancy rate of 6.4 percent.
- Downtown is growing, by design. Voters established a Downtown Development Authority in late 2006, with funding available in early 2008. With a visionary development plan and a variety of financial tools and partnership capabilities, the DDA spurs new development and more revitalization in the downtown core at a faster pace — further strengthening downtown’s business climate. Click here to download a DDA map.
- Downtown has four Urban Renewal areas — Lowell Neighborhood (in progress with more than 100 new housing units); and development plans in process for mixed use and residential at City Gate (near Cimarron and Sierra Madre), Palmer Village (southwest, surrounding America the Beautiful Park) and the City Auditorium Block (bound by Nevada, Pikes Peak, Weber and Kiowa streets).
- Downtown is comparatively more affordable. While many other commercial areas of the city of Colorado Springs levy property taxes at 75 or more mils — and some residential areas pay over 100 mils —downtown is currently at about 65 mils. A portion of downtown property taxes funds the DDA.
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- Downtown Residential is increasing. With close to 200 new housing units completed since 2000 and several hundred more in the planning stages (from street level to high rise), downtown is poised to become Colorado Springs’s hottest new neighborhood.
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Downtown Partnership 111 S. Tejon, Ste 309/Colorado Springs/CO/80903/719-886-0088 area information for residents, relocation, and business
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