The wide, wild stretch of prairie east of Colorado Springs’ Mark Sheffel Road will soon offer a plethora of investment opportunities. Construction in the Banning Lewis Ranch area is well underway, and both the residential and commercial real estate markets will benefit.
You may have heard of Banning Lewis Ranch, but not paid attention since it hasn’t offered investment opportunities until now. The Ranch is a 24,000 acre plot of land which was annexed to Colorado Springs in 1988.
Back then it was miles away from city limits and the original annexation agreement included a rigid, ambitious zoning plan designed to encourage a master community. Development was restricted, so while the land has been available for many years, it was virtually undevelopable.
The status of Banning Lewis Ranch changed in April this year when the city passed a revised annexation agreement. This updated plan brings the requirements for the community up to current city code and allows for flexibility and growth in small parcels as needs arise, making it more accessible to developers and investors alike.
The new agreement creates a lot of potential for the city, especially since Colorado Springs is growing and demand for housing and commercial space is consistent. Growth to the tune of 62,000 residents is projected, and both residential and commercial real estate opportunities are vast.
Blue Mountain Real Estate is keeping an eye on the changes as Banning Lewis Ranch is built, and you should too if the development prospects interest you. We can assist you in finding the right property for your next investment where Colorado Springs is booming. And when your commercial or residential property is ready, we will be here to help you manage it.