A major road project is underway at the 77-acre Crest at Woodmen on Colorado Springs’ north side, which the property’s owner expects will help attract a flurry of new office, retail and industrial users to the site.
The roadwork is one of a series of changes and improvements planned at Crest at Woodmen — the onetime Current USA campus that’s envisioned as one of the Springs’ newer large-scale, mixed-use developments.
Realm Realty of Houston, which bought the property southeast of Interstate 25 and Woodmen Road in 2015, has started construction on a 1,500-foot extension of Campus Drive through the site. It’s targeted for completion in May.
Campus Drive now ends just south of Woodmen; its extension will connect to a new roundabout at Vincent Drive on the southwest corner of Crest at Woodmen.
The Campus Drive extension will run between existing office and industrial buildings on the site and is designed to improve traffic flow and access, said Casey Seale, Realm’s asset manager for the property. To accommodate the extension, a portion of the industrial building is being razed, he said.
“We believe the road will help the project immensely,” Seale said. “The road makes the entire 77-acre project more viable.”
Other changes at Crest at Woodmen include:
• Planet Fitness, a New Hampshire-based chain of fitness centers that has three Colorado Springs locations, has submitted plans to the city’s Land Use Review Division showing it wants to bring a nearly 23,000-square-foot facility to the site. Planet Fitness would occupy a building on Crest at Woodmen’s north side. Another 44,000 square feet of that building will be available for other retail use, Seale said.
• A high-tech company has signed a lease to occupy 120,000 square feet, although Realm officials say they can’t disclose the firm’s identity at this time. The firm will occupy space in a 403,000-square-foot industrial building.
• The high-tech company will join Current, the direct mail and catalog company founded in Colorado Springs in 1950 that continues to have a presence on site, although its operation has downsized over the years. Current has renewed its lease and occupies about 188,000 square feet in the industrial building. Its remaining 92,000 square feet also is being marketed for lease.
• A vacant, 140,000-square-foot office building is being marketed for lease and Realm is looking to add a roughly 600-stall parking lot to accommodate its tenants.
• Two free-standing, multitenant retail buildings are planned on the property’s north side, along Woodmen.
Realm estimates its investment in Crest at Woodmen will total $60 million to $90 million over the next three years, depending on how many additional buildings are constructed; that figure could swell to $100 million to $120 million when new retailers, office users and other tenants arrive over the next few years.
“We feel good about the market,” Seale said. “We feel good about the trajectory of Colorado Springs.”
The status of Current’s operation isn’t known. The company, started by Springs residents Orin and Miriam Loo, once had more than $300 million in annual sales of greeting cards, decorations, gift wrap and other items. The property at I-25 and Woodmen had a Current outlet store, warehouse and distribution center.
Current was purchased in 1998 by Minnesota-based printing giant Taylor Corp.; in 2015, Taylor sold Current to Regent Equity Partners, a Los Angeles private equity investment firm. Regent Equity didn’t respond to a call from The Gazette seeking an update on the status of Current’s operation.