Massive 27-story building coming to downtown Springs

(COLORADO SPRINGS) — A towering 27-story mixed-use building, including both residential and retail spaces, could soon appear in downtown Colorado Springs. The project, called ONE VeLa , was announced on June 26, 2024, by the O’Neil Group and VeLa Development Partners, with a groundbreaking scheduled for 2024-2025.

“The O’Neil Group is proud to bring this new development to Colorado Springs,” said O’Neil Group CEO, Kevin O’Neil. “As a lifelong resident and someone who believes strongly in investing in our community, my hope is that this project drives additional economic development and more revitalization to the downtown area.”

The building will feature 7,900 square feet of ground floor retail space, plus four levels of parking with 476 spaces, a fitness center, a conference room, an indoor/outdoor bar, and a resort-style infinity-edge outdoor pool, among other amenities.

“We are thrilled to partner with the O’Neil Group on ONE VeLa,” said Nick Benjamin, Principal of VeLa. “Our goal with ONE VeLa is to embrace and enhance the Colorado Springs community by providing new residential options of the highest quality at a diverse range of price points as well as new commercial spaces for the region’s thriving businesses. We believe that our partnership’s shared vision will support and catalyze the growth and activity of downtown Colorado Springs as it continues to flourish.”

ONE VeLa will bring 404 new homes to the Springs, which its builders hope will help address the local housing shortage. Homes in Colorado Springs are expected to hit a deficit of 30,000 by 2030 if the current trend continues, according to the Common Sense Institute’s “Colorado Springs Housing Affordability Report” published in May 2024.

The building will be located at the corner of Sahwatch and Costilla pending the approval process.

For more information on the ONE VeLa project, head over to one-vela.com.

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