CVS Health Corp., the nation's second-largest drugstore chain, plans to build a third stand-alone store in Colorado Springs as it continues its expansion into the Pikes Peak region.

Rhode Island-based CVS intends to demolish a former ANB Bank building on the southeast corner of Academy Boulevard and North Carefree Circle and construct a 13,111-square-foot store in its place, according to documents submitted this week to the city's Land Use Review Division.

Like other CVS locations, the Academy and North Carefree store would have a drive-thru pharmacy and is expected to sell groceries, household goods and health, beauty and personal care items.

CVS hasn't yet acquired the site, El Paso County land records show, and company officials didn't respond Friday to a phone call and email requesting more information. A CVS representative previously said that the chain would enter the Springs market in late 2017.

Last year, CVS submitted similar plans to the city that showed it planned to build Colorado Springs stores southeast of Woodmen Road and Rangewood Drive and southeast of Platte Avenue and Circle Drive.

In March, CVS paid $2.5 million for the vacant, 2.5-acre site at Woodmen and Rangewood, El Paso County land records show. The company has launched construction at the site, and earth-moving crews were working on the property Friday.

CVS hasn't completed its purchase of a similar-sized parcel at Platte and Circle, but continues to have that site under contract, said property owner Ron Genuario. There is no closing date for the deal, he added.

The site includes the Tower Plaza strip center, which is home to a Midas Auto Service Expert Center and a handful of mom-and-pop retailers. If CVS follows through on its purchase, it plans to buy the entire site, Genuario said.

CVS already has a presence in the Springs; in 2015, it paid almost $2 billion for Target's nearly 1,700 pharmacies and now has locations inside Target department stores.

The new stand-alone stores, however, would put CVS into a head-to-head battle locally with Walgreens, the nation's No. 1 drugstore chain. Walgreens has about two dozen locations in the Pikes Peak region.

In choosing its locations, CVS typically likes to build near Walgreens, one real estate expert has said.

CVS' sites in the Springs fit that strategy. Its locations at Woodmen and Rangewood and at Academy and North Carefree are across the street from a Walgreens; the Platte and Circle site, meanwhile, is a few blocks south of another Walgreens.


Contact Rich Laden: 636-0228

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Business writer, Colorado Springs Gazette