READY, SET, DIG

The drawing boards of real estate developers are cluttered with projects that never make it to groundbreaking, let alone ribbon-cutting.

After years of fits and starts, however, two developments that could change the landscape of northern Colorado Springs and the city’s downtown are poised to get under way.

Really.

Site work has started for a 10-story, 306-room Renaissance Hotel and conference center that will be part of Inter-Quest Marketplace, a mixeduse development east of Interstate 25 and InterQuest Parkway.

Redevelopment of southwest downtown, targeted for a makeover by city officials nearly six years ago, also is getting closer.

Here’s the latest on the two projects:

INTERQUEST MARKETPLACE

Today’s news: Missouri hotel developer John Q. Hammons says he hopes to start construction by Aug. 1 of his proposed hotel and conference center, with completion 20 months later.

Background: Nor’wood Development Group, one of Colorado Springs’ largest real estate companies, announced plans in 2003 for a 76-acre shopping center — later expanded to 114 acres — northwest of State Highway 83 and InterQuest Parkway and east of Interstate 25 and the Air Force Academy. Later that year, Classic Cos. of the Springs, an occasional Nor’wood partner, bought 475 acres just north of the site, and the Nor’wood and Classic properties now make up the project’s major pieces. Texas-based movie theater chain Cinemark said in 2004 it would build a 14-screen complex as part of InterQuest Marketplace. A year later, the Springs-based U.S. Olympic Committee said it was listening to offers from Classic and Nor’wood to move its central Springs offices to InterQuest Marketplace. Last year, Hammons said he’d build his 10-story hotel as part of the project.

What’s happening: Hammons, who’s developed nearly 200 hotels nationwide in a 49-year career, was in town Wednesday to visit the hotel site. The hotel will have nearly 90,000 square feet of meeting space, Hammons said, including a single 35,000-square-foot exhibition hall and 21 meeting rooms and ballrooms.

The U.S. Olympic Committee remains open to moving to the area from its aging, cramped Boulder Street offices, although a spokesman and Classic Cos. Chairman Jeff Smith wouldn’t discuss what’s being negotiated.

Even if the USOC doesn’t move, Hammons said he’s going ahead with his hotel.

“I’m going to build the hotel if it’s just you and me,” he said. “I’m building anyway. The market is here. There’s three things I follow. You never build unless the market’s here. Number two, you never build unless you’ve got the best site. Number three, you never build unless you have the experience to size up and build the product that meets the market’s demands in the first place. So, we do that, very carefully.”

Cinemark remains mum about its future at InterQuest Marketplace. This year, it filed plans to become a publicly held company and won’t comment on expansion or anything else until later this month, a spokeswoman said Wednesday.

What’s next: Plans for Hammons’ hotel have been submitted to Colorado Springs officials for review. Nor’wood continues to pursue shopping center anchors and other users, but it has no names to announce for at least 90 days, said Fred Veitch, Nor’wood’s vice president for commercial development.

Smith, of Classic Cos., said his company is leaning toward development of a 55-and-older, single-family home community that would be built on its 475 acres. About 1,000 homes, priced from $250,000 to $350,000 and ranging from 1,200 to 1,800 square feet, would be built along with a 17,000-square-foot clubhouse. Construction could begin in a year, Smith said.

SOUTHWEST DOWNTOWN

Today’s news: A redevelopment contract has been signed between a city agency and two local real estate companies that want to redevelop southwest downtown with offices, housing, restaurants and other improvements; completion of the contract is expected to clear the way for redevelopment to move forward.

Background: A 100-acre, light industrial area southwest of Colorado and Cascade avenues was designated as an urban renewal site by the Colorado Springs City Council in August 2001. But little redevelopment has taken place, although the city has completed its 30-acre America the Beautiful Park. The city’s Urban Renewal Authority chose Classic Cos. and Nor’wood Development Group of Colorado Springs to redevelop most of the area. The two companies have proposed Palmer Village — a mixed-use project with offices, stores and other uses. The companies, along with business and civic leaders, wanted a publicly financed convention center and private hotel to anchor the area. But in 2005, voters restricted city government’s ability to plan and finance a conven- tion center, and that portion of the larger redevelopment project was shelved. Since then, Classic and Nor’wood have looked to bring other uses to the area. Last year, Missouri hotelier John Q. Hammons said he would build a hotel — he says it will be 220 to 240 rooms — in the area.

What’s happening: The Urban Renewal Authority, Classic and Nor’wood last month inked a redevelopment agreement that spells out what will happen in the area and the responsibilities of each side.

Among the highlights:

- The authority has agreed to pay $4.1 million to buy land and buildings formerly owned by Colorado Springs Utilities and occupied by its gas department. In turn, the authority will sell the property to Classic and Nor’wood for $2.9 million. Classic and Nor’wood will foot the bill to remodel the former gas department operations building into office space; probably 80 percent of the space will be donated for use by Olympic Committee national governing bodies. Another 20 percent will be leased to local arts groups. The remodeling could be finished next year, said Classic Cos. Chairman Jeff Smith.

- Hammons hopes to start work on his southwest downtown hotel — an Embassy Suites — in spring 2008 and finish in 16 to 18 months.

- Classic and Nor’wood will construct a 120,000- to 150,000-squarefoot office building, where Classic will relocate its headquarters, Smith said. A 600-space parking garage will be built by the developers and then purchased by the Urban Renewal Authority; portions of the garage will be made available for use by the hotel and office building tenants.

What’s next: The Urban Renewal Authority’s purchase of the utilities land will be presented to the City Council for approval May 22. Assuming it’s approved, an environmental study of the site will be conducted. Barring any major problems, the authority will resell the property to Classic and Nor’wood on July 1. Environmental problems could require the authority and developers to determine who pays the bill for a cleanup, said authority consultant Chuck Miller.