COLORADO SPRINGS, Colo. - Developers and planners are making progress on a once-stagnant development project at the intersection of Interquest and Voyager parkways on the north end of Colorado Springs.
The project, known as Colorado Crossing, is renamed Victory Ridge.
The project, which currently consists of several unfinished buildings and landscaping, sat vacant for several years after the original developer went bankrupt in the 2008 recession but lured new investors late last year.
Westside Investment Partners, a Denver-area group, paid $22 million for the property.
"It's the perfect property for us," said Otis Moore, part of the investment group. "We look for real estate that other people may see difficulties in. We see potential."
In its new vision, Victory Ridge will include commercial and residential development -- including restaurants, hotels, shops and apartments -- and a state-of-the-art movie theater expected to open this summer.
"(We) will be reopening the 14-screen theater, but with an all-recliner, VIP-based experience," Moore said. "(We'll) also have a beer and wine component to it, as well as food service."
Field of Dreams, a local nonprofit organization that promotes youth sports participation, is trying to raise $20 million to build a sports complex at Victory Ridge, with a groundbreaking ceremony scheduled for the fall.
"The reason it makes sense, especially for these tournaments that we host in the summer, is you're located in one spot," said Craig Ochs, a Field of Dreams spokesman. "You're going to have hotels, restaurants and places of entertainment, instead of having to drive 30 to 45 minutes, which is usually the case with these complexes."
Tony Hassman spent part of his lunch hour Wednesday parked near the property and learning more about it.
"I think it's a good thing for Colorado Springs," he said. "It's time that these abandoned buildings were filled. The city needs to grow, and I'm excited for it."
Moore said construction will start this spring, with the first businesses opening next spring.