Crown Jewel" to Boost Multifamily Market

COLORADO SPRINGS, CO-The second largest city in Colorado will serve as headquarters for the Northern Command, which will be responsible for defending the US. The post creates the ”crown jewel” for the ”already prestigious military community” in the Springs and will provide a huge boost to the local economy and apartment market, according to a Colorado Multi-Housing Properties Team report by Grubb & Ellis.

Brokers on the team include Doug Andrews, Jeff Hawks, Grant Wimbush, Terrance Hunt, Ken Greene and Steve O’Dell.

The new command, pending environmental studies, is scheduled to take place Oct. 1.

The proposed $383-billion military spending plan calls for more than $15 billion to add security and anti-terrorism protection at the Springs-based Schriever Air Force Base, the Air Force Academy and Peterson Air Force Base.

Northern Command, or NORTHCOM, is expected to initially create up to 1,000 civilian and military jobs, but its impact to the economy could go far beyond that, according to Grubb & Ellis.

”Landing the new command will further solidify Colorado Springs’ role as a nerve center of military headquarters and operations,” Grubb & Ellis notes. ”The Northern Command could pave the way for more local defense contracts and increase the military’s economic impact on Colorado Springs.”