The Powers Boulevard corridor is getting another new hotel, this time at the busy intersection of Powers and Woodmen Road in northeast Colorado Springs.
A four-story Staybridge Suites is planned southwest of Powers and Woodmen by the Jarosz Family Limited Partnership, a Colorado Springs hotel ownership and development group. The 96-unit, all-suites hotel would be built on nearly 3 acres just east of the Powers AutoPark.
The Jarosz family paid $1.65 million last month to purchase the site from Nor’wood Development Group, the Colorado Springs real estate company, El Paso County land records show. Nor’wood has been developing about 50 acres southwest of Powers and Woodmen with a variety of uses over the past several years.
The Staybridge Suites would join the Resort Lifestyle Communities apartment complex for seniors that’s under construction on the land being developed by Nor’wood. Other projects already completed and open on the property: the Estate at Woodmen Ridge apartment complex, an Ent Credit Union branch, a Kum & Go convenience store, a Sonic Drive-In and a Christian Brothers Automotive store.
Ted Jarosz Jr., chief financial officer for the partnership that’s composed of himself and his father, said via email that the Springs’ east side needs more extended-stay hotels. The Powers and Woodmen site was attractive because of its proximity to the St. Francis Medical Center to the east and UCHealth Memorial Hospital North and the new Children’s Hospital Colorado to the north. In addition to the Resort Lifestyle Communities, the site also is near two more retirement communities, he added.
Likewise, the time is right to build, Jarosz added.
“The economy is strong and interest rates are still low,” he said.
Staybridge targets extended-stay travelers and is considered an “upscale” brand, Jarosz said. All rooms will have full kitchens, while the hotel will offer free breakfast, free internet, no-cost washers and dryers, a fitness center, an indoor pool and outdoor hot tub. An outdoor courtyard will have grills and a fire pit, and the hotel will offer a free shuttle to the three area hospitals, the First & Main Town Center retail complex and the Promenade Shops at Briargate, Jarosz said.
The project, with a construction cost of about $10 million, is expected to break ground in April and open in May 2020, Jarosz said. The family partnership also remodeled a downtown office building into a Holiday Inn Express & Suites in 2014 and recently sold the downtown Clarion Hotel and Quality Suites for $7.8 million, land records show. Jarosz said he’s reinvesting those proceeds into the Staybridge project.
Fred Veitch, a Nor’wood vice president, said the Staybridge site and land around it has great access from all directions. The site is across the street from a Walmart-anchored retail center, near the St. Francis Medical Center and a short drive from numerous stores and restaurants along Powers and Woodmen.
“You can make an argument that the corner (Powers and Woodmen) up there is probably one of the most strategic corners in Colorado Springs,” Veitch said. “It’s got great north-south access, as well as great east-west access. It’s a niche market and I think (Jarosz) is capitalizing on it.”
The new hotel could provide a place to stay for guests whose parents will live at the Resort Lifestyle Communities, while it also could serve guests who are visiting family members in nearby neighborhoods, he said.
Jarosz “has a good product going in a good location,” Veitch said.
Powers, from Platte Avenue to Woodmen, has become one of the city’s hottest retail and commercial corridors over the past 15 to 20 years with big-box department, discount and home improvement stores, groceries, local and chain restaurants and movie theaters. Hotels now are joining the mix.
Nor’wood’s First & Main Town Center, farther south on Powers, is home to a Holiday Inn & Express that opened in 2013. A Residence Inn also is planned at First & Main. Other projects in the works along or near the Powers corridor include a Fairfield Inn & Suites, a Comfort Suites and Mainstay Hotel and a Hampton Inn & Suites.