Bennett Ave Cripple Creek

The view along Bennett Avenue in Cripple Creek is seen on June 1, 2021.

An unnamed development company based in Colorado Springs has agreed to invest $40 million for a new apartment building in Cripple Creek.

“It’s a verbal contract,” said Jeff Mosher, Cripple Creek’s special projects manager.

Speaking at the January meeting of the Housing Task Force at the Aspen Mine Center, Mosher added that 28 building permits have been approved in the city.

Mosher was referring to the council’s approval in September of three single-family modular homes on West Thurlow Avenue at the request of John Vasilakis for Boulder Run Investments. The three are the first of a planned 25-home development by the company.

Also in September, the council approved rezoning vacant lots on Crystal Street for three new affordable homes on 2,500-square-foot lots.

As well, Mosher added that he had applied to the Colorado Department of Local Affairs for an Innovative Planning Grant. “The grant is designed for communities that have incentives for builders,” Mosher said. “If we get the grant, we’d have money to hire a consultant to come in and review the ordinances we do have.”

In June, the city council passed an incentive ordinance to waive water and sewer tap fees and reimburse a portion of or all public infrastructure expenses either directly or through a cost-recovery agreement. To qualify, developers must obtain building permits by June 2, 2024. Construction must be completed, and a final occupancy permit must be issued by June 2, 2025.

Mosher expects to hear the result of the grant application by the end of January.

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