Celebrating A Major Success

The Real Estate Espresso Podcast

Celebrating A Major Success

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Celebrating A Major Success

Welcome to the Real Estate Espresso Podcast. Your Morning Shot of what’s new in the world of real estate investing. I’m your host, Victor Menasce. I am coming to you live on location from the beautiful Carman Line, what used to be called Norris Ranch, on the east edge of Colorado Springs.

This is an amazing property. Its 1,783 acres that we purchased a couple of years ago. We’re going through the process right now of annexing into the city of Colorado Springs. This will eventually be home to north of 6,500 rooftops. It’s zoned currently agricultural. That’s a holding zone and as for those of you who are watching this on video, you can see Pike’s Peak directly behind me here, 14,000 feet, a beautiful view of Pike’s Peak.

This road that leads out to the property, was built specifically to support Schliever Air Force Base, which is our neighbor to the east. Schliever Air Force Base is U.S. Space Command. It’s a large site, and there’s parking for about 7,000 cars that get filled every day. It’s a very busy place and of course it’s the fastest growing segment of the U.S. military.

We have almost 14 percent open area on this property and that’s well above the minimum requirement for any master planning community or planned use development. The next phases in the project are going to consist of, once we get through the annexation process the vote is in City Council tonight and I’ll have more to report on that after the City Council meeting.

Utilities are going to be provided by the City of Colorado Springs. That development work has to be done essentially by us, at our expense, and then there’s a latecomer agreement that basically allows for those costs to be recouped, if there are other developments that happens in the area that utilizes those same resources.

We just concluded our city council meeting, second reading for the annexation of this property into the city of Colorado Springs. I’m pleased to report that we passed with a vote of 7 to 2. There was tons of discussion, there were numerous folks from the community speaking up in opposition.

Don’t be scared to go after bigger projects. They are difficult, they’re complex, they’re time-consuming, but they are possible. So, as you think about that, have an awesome rest of your day, go make some great things happen, and we’ll talk again tomorrow.