COLORADO SPRINGS—NRC Realty & Capital Advisors has been retained by the US Bankruptcy Court of Colorado to auction Colorado Crossing, a 151-acre mixed use development here.

The property will be sold through a 363 sale, 'free and clear of all liens'.

Prior to the bankruptcy filing, the developer in bankruptcy filings has stated that over $50 million was invested in acquisition and construction costs. Colorado Crossing is being offered in two parcels; one with the partially completed commercial buildings and the second with the remaining unimproved 134-acres of vacant land.

Bidders can purchase one or both. The improved property consists of five buildings on 9.8 acres and was designed as a "town-center" concept with three office buildings containing first floor retail space, a fourteen-screen movie theater and a parking structure with spaces for 1,050 cars. The improvements are between 60% and 85% completed and with a total of 190,000 square feet under roof.

The second parcel is comprised of the 134 acres surrounding the improvements. The property is one of the largest remaining undeveloped parcels in Colorado Springs and is suitable for multi-family apartments, data center or corporate campus as well as retail and office uses. Colorado Crossing has several hard corners suitable for retail development.
The property is located in North Colorado Springs just east of Interstate 25 and near the US Air force Academy. The development is surrounded by residential neighborhoods, multi-family apartments, office buildings, hotels servicing the Air Force Academy and light industrial. The property is on InterQuest Parkway and Voyager Parkway approximately one mile east of the InterQuest Parkway interchange at I-25.
"Colorado Crossing is a very exciting development opportunity" according to Evan Gladstone, NRC's executive managing director. "A buyer can finish the partially completed movie theatre and retail/office buildings for immediate investment income and develop the remainder of the land over time in phases." The auction will be conducted using NRC's proven sealed bid sale process. Extensive property specific information will be available in mid-June, with a bid deadline of August 12th.