During the legal proceedings, residents of north Colorado Springs increasingly viewed the development as an eyesore and safety concern, and the City identified the property’s redevelopment as a policy goal for providing a true mixed-use development in the Interquest Boulevard corridor.
Other development groups looking at the property at the time primarily viewed the previously completed improvements as an albatross, and most contemplated the demolition of the existing improvements to start fresh at the development. Westside was able to correctly determine that the existing structures were a head start to completing the development rather than an impediment.
Shortly following closing, Westside was able to finish the parking garage and sell the theater complex to a regional operator of VIP-style cinemas, eliminating a safety concern and getting the public back onto the site. Since that time, the office building has also been sold, reskinned with a modern façade, and now is the first Class A+ multi-tenant office building completed in north Colorado Springs since 2008.
Other complementary uses continue to move to Victory Ridge, including the first In-N-Out restaurant in Colorado and their regional distribution facility and planned regional headquarters, bringing significant jobs to the area. Entry-level townhomes continue to sell well at the site, and other restaurants, hotels, and retail uses are under construction or in planning stages.
Victory Ridge was a 155-acre master-planned mixed-use community originally conceived in the mid-2000s as a new hub to be developed in north Colorado Springs. Construction commenced shortly before the Great Recession, and the 140,000 square foot office building, 1,050 space parking garage, and 14-screen cineplex under development at the time sat in various states of completion for the next six years while the property went through a bankruptcy proceeding and lienholder foreclosure.