Olive Real Estate

Marriott Opportunity Zone Project Moves Forward

Olive Real Estate Group, Inc. is pleased to move forward with one of the first opportunity zone projects in Colorado Springs!

Click on the link below to read the Gazette article:






2019 IREM Economic Forecast – Olive Real Estate Group, Inc. – Multifamily Market Segment Video

At the 2019 IREM Economic Forecast, Olive brokers Stuart Sloat and Adam Rezner shared some interesting data and insights on the Colorado Springs Multifamily market. Click the link below to watch the video of their informative segment!


Movers & Shakers: David Hewett

Olive Real Estate Group, Inc. is very pleased to welcome David Hewett as the Executive Managing Director of our Commercial Asset and Property Management division! David’s phenomenal expertise and experience make him an unparalleled addition to our firm and the real estate community.

David Hewett has joined Olive Real Estate Group Inc. of Colorado Springs as executive managing director, property management. He previously spent four years at Hartman Wright Group, a Springs-based real estate investment firm. He also spent 20 years with Trammell Crow Co., CB Richard Ellis and Scherzer Real Estate Group. He has a bachelor’s degree in organizational management from the University of Colorado at Colorado Springs.

New retailers continue to move into city

Encouraging to see the new retailers opening around the city, including the new location of The Men’s Xchange on North Tejon Street! Broker Jeremy Shirley is proud to have assisted this amazing social enterprise and men’s business/dress clothing store to find their new home downtown.

Soon Colorado Springs residents will be able to pick up their next pair of hiking boots and ride a 65-foot Ferris wheel in the same building.

SCHEELS, an employee-owned, all-sports retailer, will open its second Colorado location in Colorado Springs in April 2021, according to a company news release.

The 222,000-square-foot building is going in the Interquest Marketplace near Great Wolf Lodge, Summit Entertainment Center and Hollywood Theater.

Dirk Draper, CEO of the Colorado Springs Chamber & EDC, said the Interquest corridor is one of the Springs areas experiencing high retail growth.

“The greatest interest that I’m aware of would be in three areas: downtown, the Powers corridor and up north near Interquest [Parkway],” he said. “Those are the areas where there seems to be the most retail activity.”

Steve Scheel, CEO of SCHEELS, said in his company’s release that SCHEELS is “thrilled” to bring its 29th location in the United States to the Colorado Springs market.

“We are excited to be part of the Interquest Marketplace and want to thank Mayor [John] Suthers, The [Colorado Springs] City Council, the City of Colorado Springs, Nor’Wood Development [Group] President Chris Jenkins, and the team at Nor’Wood Development for help bringing this project to life,” he said. “We look forward to working with them throughout the building process, as we become a new partner in the Colorado Springs community.”

Besides the Ferris wheel, the new SCHEELS will include other family-friendly attractions, such as a 16,000-gallon saltwater aquarium and a “wildlife mountain.” It also will have interactive arcade games, sports simulators and a café.

“Similar to the Johnstown location, the new Colorado Springs SCHEELS will be home to entertainment attractions, specialty shops and boutiques with the best brand names under one roof,” the release said. “This includes 75 specialty shops staffed by trained experts who focus on their passions. The one-of-a-kind retail adventure will attract sports enthusiasts, outdoor explorers and shoppers seeking a wide variety of fashion, footwear and home goods.”

In May, Burlington, the discount retailer formerly known as Burlington Coat Factory, indicated it was adding a store at what has become the Powers Boulevard retail corridor. That same month Duluth Trading Company announced plans for a new store at University Village Colorado, northwest of Nevada Avenue and Garden of the Gods Road.

Meanwhile, in downtown, the most recent data indicates a 3.9 percent vacancy rate, which is lower than the city’s 5.2 percent, said Sarah Humbargar, vice president of the Downtown Partnership.

“We are always seeing shifts in the downtown market, which is a good thing because there is always something different that you can explore and see,” she said. “In terms of retail and what we refer to as ‘soft goods,’ there are always a couple of new stores every year.”

In the last month, The Men’s Xchange, a social enterprise that sells thrift men’s business and dress clothes, relocated to downtown at 409 N. Tejon St.

“That’s been a good addition,” Humbargar said, adding the Rocky Mountain Soap Shop also recently expanded in a space on North Tejon Street.

“They have more than doubled their square footage and have grown throughout the region, which is exciting,” she said.

During the last year, Humbargar said downtown has seen more restaurants than soft-good retailers open.

“But, we certainly have retailers that are considering downtown, and we are hearing from a lot of our longtime retailers that they are continuing to stay strong,” she said.

A lot of the downtown street level spaces are starting to be occupied by other types of consumer-focused businesses as well, Humbargar said, including Barre Forte, a dynamic fitness studio, also opening on North Tejon Street sometime this fall.

“We have always had a number of service type of uses downtown but a lot of them are turning to be consumer-focused businesses,” she said. “That’s been a really positive thing we have seen lately.”

One of the partnership’s current priorities is making downtown residential-friendly, which means a certain type of retail is needed, Humbargar said.

“There is a different type of retail that people who live downtown are looking for than maybe a visitor from out of town want,” she said. “While we want to serve holistically across lots of different types of people coming downtown. We are really focused on making sure downtown is a place that works well for residents as we start to grow that base. So, one of those types of retail would be that grocery/market type concept.”

For years, Humbargar has been asked, “Why doesn’t downtown have a grocery store?” she said.

“We certainly see that we may have the opportunity to bring something of that type to downtown in the next year to two years where just a few years ago I couldn’t confidently say that,” she said. “Now, we are definitely starting to see some interest there and that’s always been high priority for us.”

Moreover, the partnership believes it’s important downtown has “high-quality” soft-good retailers that are reflective of downtown as a whole, Humbargar said.

“We serve as a creative district so we put a lot of emphasis on bringing in creative types of retail,” she said.  “Ladyfingers Letterpress — I think they are such a good example of the type of retail that really fits downtown. They are entrepreneurs and makers and they distribute around the globe, so it has that economic impact as well.”

The stationery store also has a retail component where downtown patrons can go in and shop for greeting cards and other gift items, Humbargar said.

“That’s the type of retailer that is really attractive to tourists and residents as well as having a strong economic impact beyond just the local market,” she said. “Those are the types of retailers we generally try to focus our efforts on but certainly also noticing where there may be gaps in our retail and trying to fill those as well.”

The Colorado Springs retail market performed well during the first half of 2018, according to CBRE’s H1 MarketView report released in September.

Whitney Johnson, an associate with the commercial real estate agency CBRE in Colorado Springs, said the “strong performance” of the local retail market can be attributed to two trends: new construction and restaurants.

“We are seeing exciting new retailers enter the market, attracted to the high-quality new construction projects primarily in the northeast,” she said in the release.

“We are also seeing increased demand for food options, with restaurants playing an integral role in the new development projects.”

Beyond the northeast, the downtown core has seen renewed interest, which Johnson believes is because the construction of the U.S. Olympic Museum and Hall of Fame and the newly announced Colorado Springs Switchbacks soccer and events stadium and Colorado College Tigers hockey arena.

“Overall, Colorado Springs’ retail market is performing well, with the entire sector benefiting from our city’s population growth and active housing market,” she said.

Draper echoed Johnson: A growing number of rooftops, attractive demographics including disposable income and the city’s most recent accolades for being a desirable place to live are why more national retailers are starting to move into the Springs, he said.

“I hope we continue to see a broad scope of retail here,” he said. “I think that adds to the vibrancy of our economy. It adds to our sales tax base, adds to our property tax base and it gives employment opportunities for folks. There’s a number of reasons the growing retail trend we are seeing right now is good for our community.”

Factors that attract retailers to the Springs include lower property costs, Draper said.

In Q2 2018, Colorado Springs retail space rented for $13.37 per square foot compared to Denver’s $22.20, according to data presented during the 2018 UCCS Economic Forum.

“Another is access in the form of shoppers being able to get to your location,” he said. “We have a lot lower congestion than Denver does. We also have a lower cost of living than the Denver Metro does, which affects [retailers’] cost of operations.”

However, with big retailers moving in, Draper said it’s important local retailers remain competitive in terms of product and pricing.

“I think a thriving community has a mix of those locally owned as well as some national retailers included in the retail ecosystem,” he said. “We are stronger for having both present in Colorado Springs.”

He offered simple advice at the recent UCCS Economic Forum when asked how residents can keep the Springs’ economy strong:

“Shop local and look [at our airport] before you book,” Draper said. “Those are the two biggest things we can do as consumers. And that ‘shop local’ doesn’t only mean the mom and pop shops or locally owned businesses, but rather at all stores that have a presence in our market.”

Two urban renewal projects take big step forward in downtown Colorado Springs

Olive Real Estate Group, Inc. is pleased to see Director Jim DiBiase’s Marriott project moving forward!

Two urban renewal projects that developers say would transform blighted portions of south and southwest downtown Colorado Springs into hotels, apartments, restaurants and the like have taken critical steps forward.

The Colorado Springs Urban Renewal Authority on Wednesday recommended that the City Council declare 1.5-acres southwest of Tejon and Costilla streets as an urban renewal site. That recommendation was based, in part, on a consultant’s report that found deteriorated buildings, unsafe conditions and other evidence of blight on the property.

The authority also recommended the City Council approve an urban renewal plan for the South Tejon site, which spells out the goals and details of the redevelopment project.

A local development group — composed of commercial broker Jim DiBiase of Olive Real Estate Group in Colorado Springs, Kevin Engelhardt of Hotel Operation Services in Monument and Springs general contractor Vince Colarelli — has proposed construction of a Marriott-branded hotel on South Tejon. The site is a vacant lot and three buildings that would be razed.

Also Wednesday, the Urban Renewal Authority made the same recommendations to the City Council for nearly 82 acres in southwest downtown. The area is bounded roughly by Colorado Avenue and Cucharras Street on the north, Cimarron Street on the south, Cascade Avenue and Sahwatch Street on the east and Interstate 25 on the west. Blighted conditions also were found in the area, according to a consultant.

The U.S. Olympic Museum is under construction in the area, where Springs real estate company and majority land owner Nor’wood Development Group envisions a mixed-use development that could include apartments, restaurants and offices. The area includes America the Beautiful Park, but excludes most of the Denver & Rio Grande Western rail yard right of way.

The City Council declared a larger, 100-acre portion of southwest downtown as an urban renewal site in 2001, but little, if any, redevelopment has taken place in the area since. Nor’wood and the Urban Renewal Authority want the City Council to amend the 2001 urban renewal plan — removing the 82-acre section and establishing it as a new, standalone redevelopment project.

Creating the new southwest downtown urban renewal site is another key for the area’s redevelopment. As part of urban renewal projects, bonds typically are issued to finance road and utility work, sidewalk upgrades and other public improvements in the redevelopment area.

Those bonds are repaid over 25 years using increased property and sales tax revenues generated by new development in an urban renewal area. But 17 years have gone by without any redevelopment in southwest downtown, and backers of the new project want to restart the 25-year clock to make full use of their ability to borrow and collect revenue to fund public improvements.

The South Tejon and southwest downtown urban renewal proposals are slated to go to the City Council for review during the council’s workshop session Nov. 13.

The council then would formally consider the urban renewal designations at its Nov. 26 meeting.

At that time, the City Council must make another important decision regarding the fate of the projects — determining how much of the city’s 2 percent sales tax to set aside to fund public improvements in the urban renewal areas.

Under the state’s urban renewal law, similar revenue-sharing agreements — as they’re called — also must be finalized before Nov. 27 with other taxing authorities whose jurisdictions extend into the urban renewal areas, said Jariah Walker, the authority’s executive director. Those taxing authorities include El Paso County, Colorado Springs School District 11 and the Pikes Peak Library District.

For now, developers welcomed the authority’s decision to move the projects forward.

DiBiase said the eight-story, Marriott-branded hotel now is envisioned with 262 rooms, 4,000 square feet of meeting space, large suites to accommodate families or other groups and a two-level, underground parking garage with 224 spaces that will be open to the public as well as hotel guests. Other amenities include a restaurant and possible retail space.

In a best-case scenario, DiBiase said, the hotel would break ground around March 1 and open in January 2021.

Nor’wood Development Group has made presentations to the City Council in the past showing a multistory hotel, and a residential tower in southwest downtown, east of the Olympic Museum site. The museum — a tribute to the nation’s Olympic and Paralympic movements — is under construction and targeted to open to the public in 2020. It’s expected to help anchor the area’s redevelopment.

Nor’wood President Chris Jenkins said he had no imminent announcements about uses coming to southwest downtown; news might come in early 2019. But he said he’s encouraged by interest shown in southwest downtown and the rest of the city.

The Olympic Museum, along with America the Beautiful Park, a rebuilt I-25/Cimarron Street interchange, downtown trails and a bridge that will link the museum and park are helping to spur interest in the area, he said.

”All of those things, including knowing there is Urban Renewal endorsement and support and there’s a plan, these layering effects make that appetizing to others who are looking to invest in our community,” Jenkins said.


Old Colorado City food and wine bar transformed into steak, seafood and fondue restaurant

Congratulations to Dennis and JoAnne Trujillo on the opening of Templeton’s Steak, Seafood and Fondue! Broker Jeremy Shirley was so pleased to have been involved in the Trujillo’s acquiring the beautiful historic building at 2 S. 25th Street. We wish them the best of luck in their new endeavor!

The cozy Victorian house at 2 S. 25th St. in Colorado Springs has been shown some love, with a newly painted interior, upholstered dining chairs, fondue burners on lower-level tables and a swanky-looking bar back.

The former 2South Food and Wine Bar has been transformed into Templeton’s Steak, Seafood and Fondue by new owners Dennis and JoAnn Trujillo, who also own Dat’s Italian, 2514 W. Colorado Ave.

The steakhouse is in the former home of Henry Templeton, who owned a flour mill and lumber-hauling business and helped build Old Colorado City. Dat’s Italian is next door to The Templeton Building.

The upscale steak and seafood restaurant is upstairs in the old home, with food prepared by executive chef Terry Shampoe. Fondue is served downstairs, created by chef Andrew Barkas. Hours are 5 to 10 p.m. daily. Details: 635-0261, tinyurl.com/ydyzl29r.

Ooh la la

Need an excuse to drink wine? Didn’t think so, but just so you know, the third Thursday in November is the day for you. Beaujolais Nouveau Day falls on Nov. 15 this year. Here are a couple of options for celebrating:

• The French Kitchen, 4771 N. Academy Blvd., offers Beaujolais & Feast from 5:30 to 9 p.m. Nov. 14 and 17. For $119, enjoy an evening of wine, cheese, cooking and indulging in a four-course meal. Price includes one bottle of wine. Details: 528-6295,tfkcc.com.

• La Baguette French Bistro, 4440 N. Chestnut St., offers a Georges Duboeuf Beaujolais Nouveau Dinner on Nov. 15. For $45, you get a four-course meal with two glassesof Beaujolais Nouveau. Or try the specials for breakfast ($18.50) and lunch ($25), which includes a glass of Beaujolais Nouveau. Details: 599-0686, labaguette frenchbistro.com.

‘KRDO Table Talk’

Guests on the “KRDO Table Talk” radio show on 105.5 FM, 1240 AM and 92.5 FM at 1 p.m. Saturday:

• Steve Trivelli, owner and operator of Trivelli’s Hoagies, 6827 Space Village Ave., talks about his new location, the history of his family-owned business, what it takes to make award-winning sandwiches since 1976 and a new grab-and-go option. Details: 471-7733, trivellis.net.

• Diane Price, president and chief executive officer of Early Connections Learning Centers, talks about the Historic Day Nursery, founded in 1897, the oldest nonprofit child-care organization in Colorado. She will talk about the Gingerbread & Jazz benefit at the day nursery, 104 E. Rio Grande St., from 6 to 10 p.m. Nov. 10. For $150, you enjoy live jazz, signature cocktails, elegant buffets, desserts, dancing and the crowd-pleasing Gingerbread Masterpiece Challenge, a two-hour live “battle of the chefs” for the most incredible giant gingerbread house. The spectacular houses are offered at live auction immediately after the contest. Competitors include The Sugarplum Cake Shoppe, Icing on the Cake, Picnic Basket and Phantom Canyon Brewing Co. Details: 632-1754, ext. 1005, earlyconnections.org.

• Mike and Si Niswonger, brothers and owners of Patsy’s Candies, 1540 S. 21st St., talk about the family-owned business that began more than 100 years ago. In 1956, the Niswonger family bought the business from the Osborn family on condition that the new owners keep Patsy’s time-honored tradition of making high-quality, handcrafted confections. They will tell us about factory tours, new candies and holiday specials. Details: 633-7215, patsyscandies.com.

• Hector and Dani Gonzalez, creators of A Couple with Munchies blog, talk about their love food and love of going out to eat. Their goal is to bring more exposure to the local foodie community and connect with people through food. They write reviews of their dining experiences. Visit acouplewith munchies.com to follow them.

Colorado Springs Business Journal – People on the Move

Colorado Springs Business Journal announces our new Property Management Executive Managing Director, David Hewett, in the People on the Move Sept. 28th, 2018 edition.

In an age of big-box stores, small retail projects thrive in Colorado Springs

Small retail projects are becoming a big part of Colorado Springs’ shopping scene.

At prominent intersections and along some high-profile corridors, developers have opted against large-scale shopping centers anchored by department stores, groceries and other big boxes and instead are thinking small.

Big-box anchored projects remain popular with shoppers and aren’t going away. Among the area’s more recent large-scale developments, a King Soopers shopping center opened a year ago at Constitution Avenue and Marksheffel Road on the Springs’ east edge, and a Walmart Supercenter and Sam’s Club in Fountain debuted in 2015.

Likewise, smaller strip centers always have been part of the retail landscape, lining Academy Boulevard, Fillmore Street, Austin Bluffs Parkway and other major Colorado Springs roadways.

But as large national retailers shutter brick-and-mortar stores and even go out of business, small projects that don’t rely on big-box anchors are becoming popular alternatives for developers and consumers. And because small retail projects are being developed near fast-growing neighborhoods, they typically include restaurants and service providers — tax preparers, fitness facilities, physical therapy centers and the like — that appeal to homeowners and families who are just a walk or bike ride away.

“A lot of these smaller retailers are finding they want to be very visible to an existing neighborhood and traffic and very convenient to that,” said John Winsor, a commercial broker with Olive Real Estate Group. “If people are going home or going to work, it’s an easy stop, it’s an easy decision to go in and out.”

Winsor co-developed the already opened Dublin Commons II and the still-under-construction Dublin Commons III. They followed the first Dublin Commons building, which was developed by a separate group; the three projects are southeast of Powers and Dublin boulevards on the Springs’ northeast side.

Combined, the three buildings are smaller than a single Safeway grocery. Still, they have a variety of fast-casual and sit-down restaurants to go with services such as a beauty salon, massage therapy and Pilates.

A mix of offerings in small retail buildings is especially attractive to homeowners who want to avoid the hassle of driving to large commercial centers, said John Egan, a broker with NAI Highland in the Springs. He’s also developing Dublin Heights Plaza, a 10,000-square-foot, multitenant building under construction at Dublin and Marksheffel Road. His project is full, and if he had another 6,000 square feet, he could fill it, Egan said.

“We’re going back to the neighborhood,” Egan said. “Instead of going to this big central mall, we’re coming back to these little, almost, suburbs or these little boroughs, in a way. Which I think is cool.”

Nothing Bundt Cakes is a specialty bakery that’s enjoyed strong sales since it opened five years ago in University Village Colorado, said Alyssa Cihak Lopez, who owns the local franchise with her parents, Rick and Regina Cihak. University Village is a sprawling, 650,000-square-foot retail center on North Nevada Avenue, where anchors Lowe’s Home Improvement Warehouse, Kohl’s and Costco Wholesale Club help drive customer traffic.

Nothing Bundt Cakes is in a stand-alone building at University Village and the storefront is hard to miss, Cihak Lopez said. Yet she’s heard from customers who’ve been to University Village multiple times and didn’t know her store was there, she said.

When Nothing Bundt Cakes’ owners opened a second location a year ago on the northeast side, they bypassed the King Soopers-anchored Ridgeview Marketplace and First & Main Town Center, where big boxes include J.C. Penney and SuperTarget. Instead, Nothing Bundt Cakes chose a storefront at Dublin Commons II.

The building is highly visible, Cihak Lopez said; it faces Powers Boulevard and can be seen easily by the thousands of cars that pass by daily. Its tenants include restaurants Over Easy, Salsa Brava and Mod Pizza, who attract diners that come by Nothing Bundt Cake for dessert, she said.

Sales at the two Nothing Bundt Cake locations have been comparable, but customer demographics are somewhat different, Cihak Lopez said.

The University Village location gets plenty of attention from business people who might come to the regional center and its dozens of stores and restaurants on their lunch hour, she said. But the Dublin Commons II store draws many customers who come from nearby neighborhoods that line the Powers corridor, and they buy items for birthday parties, family gatherings and other special events.

“At the Dublin Commons location it’s not uncommon to see people walking over from the neighborhood just east of us, because it’s a bike ride or a stone’s throw away, especially during the summer,” Cihak Lopez said. “People are just on foot versus kind of trying to fight parking or something like that.”

At the same time, the dining and service choices at small retail buildings are popular because they can’t be purchased online, Winsor said.

“A lot of these smaller strip centers are internet competitive,” he said. “You’re seeing more restaurant types of uses, which they can’t get on the internet. You’re getting exercise facilities. You’re seeing those kinds of services that benefit both from heavy traffic that’s driving by day to day, as well as that immediate neighborhood.”

While smaller centers don’t have big-box or even junior- box stores, they still might have people generators that take the place of traditional anchors, said Mark Useman of brokerage Colorado Springs Commercial. He markets the InterQuest Commons retail development southwest of InterQuest and Voyager parkways on the Springs’ far north side.

Apartment complexes feed customers to smaller retail projects, Useman said. And at InterQuest Commons, three hotels are planned that will generate customers for the restaurants, stores and service providers in the project’s smaller multitenant and free-standing buildings, he said.

“They serve kind of as a minianchor, in the sense they bring people in all the time,” Useman said of the hotels. “Those people need services and they need food. And so, the retailers like hotels, which is what you’re seeing. You’re seeing high density and multifamily and hotels taking the place of some of the traditional retail anchor activity.”

Despite rocky times for retailers, traditional shopping center anchors haven’t disappeared.

“We will see them again,” Useman said. “We still have to have grocery stores, right? People can buy some stuff online, but most people go physically to a grocery store. But there’s not a big need yet in certain areas of Colorado Springs to place new grocery stores.”

And with competition from Amazon and other online retailers, and after taking financial hits during the Great Recession, fewer department and discount store retailers are looking to add buildings with large footprints, said Springs real estate developer John Gatto. He recently opened a Best Western Plus Fillmore Inn west of Interstate 25 and Fillmore Street as part of his small retail project at the site.

“There are only so many locations for those anchors,” Gatto said. “They’re more regionally driven, so that they serve a larger, geographical area. Whereas, the smaller retail buildings, as the neighborhoods grow, they serve the immediate needs of those neighborhoods.”

Large retailers also have shifted strategies, Egan said. They don’t necessarily build stores near their rivals just to compete, and they hesitate to overbuild in a market that leads to one of their stores cannibalizing another, he said.

“That’s the change — the tenants themselves saying, ‘I don’t know if I want to go in and split our market anymore when it’s already been split,’” Egan said. “That’s why I don’t see a lot these large-box developments happening anymore like they did in the early 2000s.”

Retail boom hits area northeast of Colorado Springs

David Largent used to roar around on his dirt bike on empty land where the Falcon Walmart is now. He has watched as prairie has given way to concrete pads, as homes have sprouted on former farmland and shops and businesses have followed.

Now he’s looking forward to being part of that retail boom.

A longtime employee of Big O Tires, he’s planning to open a Big O franchise in Falcon with his partner, Dustin Roberts. Work began this summer on the site at U.S. 24 and Meridian Road, and Largent anticipates a February opening for the tire and auto-repair business.

“It’s come a long ways,” he said of the Falcon area, “and we’re excited to be part of the growth.”

Retail follows rooftops, as the saying goes, and the unincorporated area northeast of Colorado Springs is evidence of that. Thousands of homes have been built since development of Woodmen Hills, Meridian Ranch and other neighborhoods took off in the 1990s and early 2000s. And national retailers took note.

The Walmart Supercenter opened in 2007. A key catalyst came earlier, with the opening of the Safeway-anchored Falcon Town Center in 2000, followed by Walgreens a few years later. Falcon’s first chain fast-food restaurant, a combined KFC-A&W Root Beer, opened in late 2002; now Falcon is home to McDonald’s, Sonic and more.

The next big development looks to be Falcon Marketplace at the northwest corner of Meridian and Woodmen Road, a project that had been stalled by access issues.

“Proposed tenants” for Falcon Marketplace include King Soopers Marketplace, Panda Express, Starbucks and others. Development hit a snag when El Paso County commissioners in late 2016 rejected plans for a right turn-in access point off westbound Woodmen Road — an access point that Dallas-based Hummel Investments, owner of the property, said was essential to keep King Soopers on board. In May, though, county commissioners approved a modified plan for a right-in driveway. This month, the project passed a hurdle with the El Paso County Planning Commission and, according to the project’s website, work on the site is likely to begin in early November.

In the meantime, “we kind of had to disengage with the King Soopers folks for quite a while because we couldn’t evidence the driveway permit,” said Ben Hummel, owner of Hummel Investments. After the commissioners’ action in May, Hummel re-engaged with King Soopers “and they’re going through their different channels to get the deal approved.” Other potential tenants, he said, are waiting to make sure King Soopers is secured.

Public support has been strong, Hummel said.

The board of directors of the Woodmen Hills Metropolitan District wrote a letter to county commissioners in January in support of the development, citing in part the jobs it would bring.

“New jobs are always a benefit, but they would be especially beneficial here in Falcon, a residential area where so many people commute to Colorado Springs or elsewhere in the region for work,” the letter stated.

The letter also touted the benefit to consumers and especially embraced the idea of a King Soopers.

“The general consensus in Falcon is that another supermarket would significantly improve our quality of life,” the letter said.

About 2 miles north of the proposed Falcon Marketplace is the Shops at Meridian Ranch, a new retail center whose tenants include Nana’s Kitchen, the Purple Toad, Meridian Ranch Liquor, Just for Grins Dental and others. Olive Real Estate Group is now handling leasing for the second phase of the project. Final approvals are being awaited, but construction of the first building in phase two could begin fairly soon, said Jim Justus, president of Olive Real Estate Group.

Current tenants, he said, all seem happy and busy. “There are times during the day,” he said, “when you’re out here that you can’t find a parking place in the parking lot.”

JAKs Brewing moved to the Shops at Meridian Ranch in early 2017 after opening two years earlier across from Falcon Town Center.

Antonio Lee, co-founder of JAKs, lives in Falcon, as do his two fellow founders.

He cites a passion for suds and community in starting the business.

“We all live out here,” he said. “We saw a need. We love beer, we like to brew beer and we love our community. So it’s something we really wanted to do.”

A need for more space, meanwhile, was the impetus for the move to the Shops at Meridian Ranch, Lee said.

“That was the biggest complaint when people would come in is they wouldn’t have enough space — no place to sit or even stand. … Falcon is growing, so we wanted to grow with it.”

With that growth, Falcon has been “a very vibrant market,” Justus said. “There is very little retail space available in any of the centers.”

That was the case when Jeremy Kniffen and his wife, Beth, opened their Liberty Tax franchise in Falcon Town Center three years ago.

“That was the biggest struggle we found,” he said. “We were fairly limited on where we could find a spot just because there wasn’t anything out there.”

Business is going well, says Kniffen, who also is chairman of the board of the Eastern Plains Chamber of Commerce. “The growth has been very helpful,” he said. “There are more and more people, and everybody has to do taxes.”

He sees evidence of that growth every day as a resident of Meridian Ranch. “They’re building things very quickly out here still,” he said.

As retail development continues in Falcon, Kniffen would like to see a home-improvement or hardware store in the mix. Plans for a Lowe’s Home Improvement Warehouse in Falcon fell through several years ago.

“The only other thing would be some sort of entertainment, whether that’s a movie theater or some kind of family entertainment,” Kniffen said. Other than trips to Home Depot or Sam’s Club, he said, “the only reason we ever go into Colorado Springs is to go see movies.”

Eastern Plains Chamber of Commerce President Dave Ahrens, who lives farther east, in Calhan, also is a proponent of a home-improvement store in Falcon, along with a coffee shop.

“We don’t have any coffee shops in town where you can meet and greet people,” he said. “There’s no place for business owners to gather. We struggle with finding venues to have our business after-hour events.”

Largent, who is bringing the Big O Tires store to Falcon, said he would like to see a Dunkin’ Donuts in town. And Lee, of JAKs, would welcome more restaurants. “The more restaurants that come here, the better,” he said.

He’d also like to see at least one addition to Falcon’s fast-food scene.

“A Taco Bell would be wonderful,” he said.

CoStar Power Broker – Top Sales Firm





Local Firm Selected by Commercial Real Estate’s Largest Research Organization as One of the Top Leasing and Sales Firms in the Market

Colorado Springs – May 31, 2018.  Olive Real Estate Group, Inc. has been selected by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, to receive a CoStar Power Broker TM Award.  This annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2017 within their respective markets.

With the largest independently researched database of commercial real estate property information available online, CoStar can easily identify the top firms and brokers in each market throughout the U.S. and Canada.  All awards are based on transaction data maintained in CoStar’s commercial real estate database.

Olive Real Estate Group, Inc. qualified as one of the top commercial brokerage firms in commercial real estate based on total leasing and sale transactions closed during the year.  In order to be selected for this honor, Olive Real Estate Group, Inc.’s overall transaction volumes were evaluated by CoStar against other commercial real estate brokerage firms active in its region, and subsequently ranked among the top firms in the market.

The complete list of 2017 CoStar Power Broker Awards winners can be found at: CoStarPowerBrokers.com.

About CoStar Group

CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. LoopNet is the most heavily trafficked commercial real estate marketplace online with more than 10 million registered members. Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, and Westside Rentals form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Through an exclusive partnership with Move, a subsidiary of News Corporation, Apartments.com is the exclusive provider of apartment community listings across Move’s family of websites, which include realtor.com®, doorsteps.com and move.com.  CoStar Group’s websites attracted an average of nearly 24 million unique monthly visitors in aggregate in 2016. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of over 3,000 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.

About Olive Real Estate Group, Inc.

Olive Real Estate Group, Inc. is a recognized leader in the Southern Colorado commercial real estate marketplace. Serving clients as they expand, relocate, develop, and invest to reap business and financial gain in this area so ripe with opportunity. We know the Southern Colorado commercial real estate market inside and out. We’ve experienced its highs and lows—successfully. We’ve been serving this market since 1976. Our Southern Colorado roots are deep and our experience is firsthand.

CoStar Power Broker – Top Brokers







Commercial Real Estate’s Leading Independent Information Provider Recognizes Market’s Top Leasing and Sales Brokers


Marriott-branded hotel planned for downtown Colorado Springs

A local development group plans a $50 million, 230-room Marriott-branded hotel for downtown Colorado Springs, part of a series of hotel projects taking shape in the city’s core and outlying areas. (more…)

2017 Best in Business


Founded in 1976, Olive Real Estate Group is a staple in Colorado Springs and throughout the state. The company offers a variety of services to tenants and landlords — providing advice about occupancy, disposition of real estate and financing, as well as leasing, sales and purchasing.

With 14 brokers, the group specializes in retail, office, industrial, land and real estate investments.

“Commercial real estate is, and will continue to be, a preferred long-term investment,” the group’s website explained. “Opportunities to invest in improved property and vacant land in Colorado Springs and throughout southern Colorado abound, and Olive Real Estate Group provides ‘insider’ knowledge, expertise and the best prospects based on our understanding of the goals and investment style of our clients.”

Olive Real Estate Group has also received accolades from CoStar Group,  a provider of commercial real estate information, analytics and online marketplaces. The group won the CoStar Power Broker Award, which recognizes commercial real estate brokers who closed the highest transaction volumes in sales or leases in 2016 in their markets.

Web: olivereg.com | Phone: 719-598-3000


Web: ourkwteam.com | Phone: 719-535-0355


Web: hoffleigh.com | Phone: 719-955-0527

City for Champions project hitting stride

In just the past several weeks, two City for Champions projects have reached significant milestones: Officials and community stakeholders broke ground at the site of the planned U.S. Olympic Museum and Hall of Fame, and the University of Colorado Board of Regents awarded $61.4 million to go toward the William J. Hybl Sports Medicine and Performance Center at UCCS.

Three of the four projects initially proposed (only a downtown stadium has lost traction, but is not yet dead) seem to be a sure thing.

So where do these ambitious projects stand today? (more…)

Winsor continues real estate legacy in hometown

Alex Winsor knew at an early age what he wanted to do for a living. As a child, the Colorado Springs native followed his father, John Winsor, a commercial real estate broker, as he conducted business with clients and colleagues.

Today, Winsor is an agent in Olive Real Estate’s Retail Group, where he works with his dad and where the brokers he knew as a child are now his colleagues.

Winsor spoke with the Business Journal this week about what’s hot in restaurant and retail real estate, as well as what it’s like to witness explosive growth in his home state. (more…)

CoStar Power Broker – Top Sales Firm


Local Firm Selected by Commercial Real Estate’s Largest Research Organization as One of the Top Leasing and Sales Firms in the Market

 Olive Real Estate Group, Inc. has been selected by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, to receive a CoStar Power Broker TM Award.  This annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2016 within their respective markets. (more…)

CoStar Power Broker – Top Sales Broker


 Commercial Real Estate’s Leading Independent Information Provider Recognizes Market’s Top Leasing and Sales Brokers

 Olive Real Estate Group, Inc. is pleased to announce that Stuart Sloat has been named a 2016 CoStar Power Broker TM by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces.  This annual industry award recognizes distinguished professionals in commercial real estate brokerage by highlighting the achievements of the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2016 within their respective markets. (more…)

New realtor group awards achievements

Heavy-hitters in the Colorado Springs commercial real estate community gathered Wednesday night to celebrate their successes selling and leasing commercial property in the region.


Best in Business: Celebrating the successes

Colorado Springs takes a lot of heat: We’re too conservative, too old, too military.

But there are other adjectives that describe the city and the wildly varied people who keep the wheels turning and the economy pumping. Words like successful, innovative, creative and yes, even fun. On a good day, Colorado Springs is sometimes very cool – full of quirky boutiques, great restaurants, exciting venues, great views and wonderful hidden gems.

It’s time we recognize that Colorado Springs really is a great place to live and work and play – stop accepting all those negatives and embrace the positives. We’re a bustling metropolis full of smart, energetic people who are making things happen on a grand scale – college students working together on new businesses, software and engineering firms working on the latest apps, startups so innovative they’re finally attracting the notice of the deep pockets to the north. (more…)

Kudos! – April 3, 2015

Realtors win industry award

Olive Real Estate Group, Inc. announced Stanton Kensinger and C. Stuart Sloat have been named 2014 CoStar Power Broker by CoStar Group, Inc. The annual industry award recognizes professionals in commercial real estate brokerage by highlighting the achievements of the U.S. firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2014 within their respective markets. Kensinger and Sloat qualified as two of the top commercial brokers in Colorado Springs based on the total sales they closed during the year. To be selected for the honor, Kensinger’s and Sloat’s overall transaction volumes were evaluated against other commercial real estate brokers active in the region by CoStar Group, and subsequently ranked among the top brokers in the market.

University Village: prosperous property

Five years have passed since part of a fledgling urban renewal project in north-central Colorado Springs began a journey to become a shopping and dining mecca.

In those five years, University Village Colorado — an 80-acre property once peppered with derelict motels and blight — has become a major source of both employment and tax revenue.


Slow to start, development near Colorado Springs now thrives

In 1984, GTL Development, a Southern California real estate company that was looking to diversify its portfolio, bought 2,600 acres in the middle of nowhere northeast of Colorado Springs – and promptly sat on the property for almost two decades.


Kensinger sees big year coming for Colorado Springs

From his position as a Colorado Springs commercial real estate broker, Stanton Kensinger says 2015 looks to be a good year. Kensinger, 31, has been a broker for Olive Real Estate Group for three years and specializes in tenant representation. He said he is hopeful that as industry and commerce continue to boom in Denver and northern Colorado, the “wave of momentum” will travel this way. Kensinger spoke about that, his family, his career and why he chose to settle down in his hometown of Colorado Springs after years of travel.



John Winsor and Paul Rubley of Olive Real Estate Group have been named 2013 CoStar Power Brokers by CoStar Group Inc., an Internet provider of information, analytics and marketplaces for commercial real estate. The annual industry award recognizes brokers who closed the highest transaction volumes in commercial property sales or leases in 2013 within their respective markets. Winsor and Rubley qualified as two of the top commercial brokers in retail based on the total retail leasing transactions they closed during the year.

California firm buys Colorado Springs apartment complex for $25 million

A Los Angeles-based real estate company that owns four apartment complexes in Colorado Springs has paid 
$25 million to buy a fifth. (more…)

UCCS arts center on track for 2017

Talk of the UCCS Visual and Performing Arts Center has been relatively quiet since last year, when the university announced plans to build the sprawling cultural complex.


Best of Business 2014

Best of Business 2014
Best Of Business — Still significant

Last year, we at the Business Journal decided to bring back the Best Of Business honors, which the previous owners had stopped after 2010. In our view, the annual voting and recognition was one of CSBJ’s best and most popular attributes. (more…)

Trader Joe’s to open Springs store Oct. 10

Colorado Springs won’t have to wait until 2015 for its new Trader Joe’s to open, after all.

After months of insisting its target was early next year, the California-based specialty grocer announced this week its first Colorado Springs location at University Village Colorado will open Oct. 10.


Upscale steakhouse coming to University Village Colorado in Colorado Springs

Cowboy Star Restaurant and Butcher Shop, an upscale San Diego steakhouse that mixes fine dining with western themes, will open its first location outside California when it comes to the University Village Colorado retail center in Colorado Springs later this year.

COPT looking to sell most of its Springs properties

Maryland-based Corporate Office Properties Trust, which invested more than $100 million in Colorado Springs commercial real estate after its 2005 arrival and became the city’s largest office landlord, is selling the majority of its local properties.

Rehab center group building another facility in Colorado Springs, adding 150 jobs

A partnership headed by many of the same physicians and other investors who built an 80-bed rehabilitation center in northwest Colorado Springs is building a second facility in northern Colorado Springs that will open in late 2014 with about 150 employees.

Colorado Springs Health Partners expanding throughout region

Colorado Springs Health Partners, the largest medical practice in Colorado Springs, is expanding by more than doubling the size of its west side and Woodland Park offices, enlarging its Monument office and opening a location in the Falcon.


Long-quiet Briargate Crossing picks up new momentum

After a few quiet years, the earth is starting to move again at Briargate Crossing.

The shopping center north of the intersection of Briargate and Powers boulevards started strong in 2007 with a Super Target, Chili’s and other national brands. But as the economy slowed, the development went into hibernation. Chili’s closed and nothing new opened for a couple years.


New shops, restaurants coming to University Village

Several new stores and restaurants are on their way to University Village Colorado on North Nevada Avenue, one of the bigger flurries of retail activity at the Colorado Springs shopping center since its October 2009 opening.

County finalizes $25 million deal on Intel buildings

El Paso County completed its $25 million purchase Thursday of several buildings and a parking garage on the former Intel Corp. complex on Garden of the Gods Road that will trigger a series of moves involving county agencies.