The Plaza at Pikes Peak is situated at the eastern entrance to downtown Colorado Springs, Colorado, offering residents walking distance to the downtown area as well as private access to the Shooks Run bike/jogging path, unobstructed views of Pikes Peak, and all the mountains Colorado is famous for. With an amenity package that includes an 8,000-square-foot exercise facility including a gym, spin and yoga rooms, as well as a saltwater pool, hot tub, large dog park and secure parking structure, the newly built Plaza at Pike's Peak has been selected by a panel of local industry professionals as the winner of the 2023 CoStar Impact Awards Multifamily Development of the year for Colorado Springs.
The upscale property was developed by Dunn & Associates, Inc. and Taylor Turano from Denver Land Co. in an Opportunity Zone and was the first multifamily development in downtown Colorado Springs to use 'wrap' construction, allowing residents to drive to the same floor that they live on, and avoid stairs and other barriers. In addition, the new project faced all the additional challenges posed by the global pandemic, from nervous banks not wanting to lend, to supply chain issues, and ever-increasing lumber prices. Those challenges were compounded by the discovery during the first week of construction of abandoned water culverts and storage tanks that didn’t appear on any surveys. Fortunately, the developers had enlisted a ‘dream team’ of the best contractors/architects/interior decorators that they had worked with in the past, and drew on their expertise to persevere through the construction period.
About the project: The upscale property was developed in an Opportunity Zone and was the first multifamily development in downtown Colorado Springs to use 'wrap' construction, allowing residents to drive to the same floor that they live on, and avoid stairs and other barriers.
What the judges said: "The Plaza is fully deserving of the award. Already getting substantial lease interest due to the top-tier fitness center and community spaces, The Plaza will be an excellent addition to Downtown's growing residential options," said Austin Wilson-Bradley, Economic and Community Development Manager for the Downtown Partnership of Colorado Springs.
"The Plaza at Pikes Peak truly transformed an underutilized parcel, located at a key gateway to downtown Colorado Springs. The delivery of high-quality multifamily with generous amenities supports the demand for high-earning workers who value a desirable downtown location," said Paul Morrow, senior analyst, City of Colorado Springs, Colorado, Community Development.
"Very happy to recognize the very unique approach used by the development team to maximize the site and deliver a different type of product to the market.," added Newmark Managing Director Brian Wagner.
Who made it happen: Jeffry Dunn, President, and Ryan Dunn, Vice President, of Denver-based Dunn & Associates, Bryce Hall, President of Kephart, Elizabeth Dapper, Managing Director of Greystar, Taylor Turano, President of Denver Land Company, and Gabe Godwin, President of Colorado Structures Inc.