May 9—A developer's plans to build nearly 500 additional homes and more business space in an existing undeveloped subdivision near Peterson Space Force Base on Colorado Springs' east side earned unanimous approval on Tuesday from the City Council.
The council approved five proposals from property owner Pikes Peak Investments to add a 21.86-acre parcel to the existing 240 acres of the undeveloped Reagan Ranch subdivision within Banning Lewis Ranch. The proposed amendments also included new land designations that authorize developers to build more single-family, multifamily and commercial space in the subdivision.
"I think this is a very good project," said Councilman Brian Risley, an architect who previously chaired the El Paso County Planning Commission. "... When I look at the need in this community for affordable housing, attainable housing, workforce housing close to major centers of employment, I see all of those things here. I see not only residential development but commercial development, which is also sorely needed in that part of our community."
The subdivision is located south of Colorado 94 at Marksheffel Road, with Schriever and Peterson Space Force bases and the Colorado Springs Airport close by, city planners said during a staff presentation Tuesday. The subdivision is split down its center, with commercial and office space planned for the western side and residential space planned on the eastern side, planning documents show.
The council's approval on Tuesday means the subdivision could potentially have more than 2,100 homes and more than 90 acres of commercial space when it is built out, according to planning documents. That includes 1,328 single-family homes and 784 multifamily homes. The council in March 2021 originally approved plans to build more than 1,600 single-family and multifamily homes in the development.
Developers now have authority to add nearly 22 acres of land to the southern portion of the site and rezone an existing approximately 38-acre parcel at the northeast corner to allow for single-family and now multifamily homes.
No residents spoke for or against the project Tuesday.
In the newly added 21.86-acre parcel at the southern end of the subdivision, the council approved the request to zone about 4.5 acres as commercial and office space and the remaining approximately 17.3 acres as single-family residential space that will allow a housing density of between 3.5 to 11.99 units per acre. Building heights would be capped at 45 feet.
The existing approximately 38-acre northeastern parcel that currently allows for only single-family residential buildings would also be split, planning documents show. Single-family homes would be permitted on 21.97 acres at a density of between 3.5 to 11.99 units per acre. Multifamily homes with a density of between 12 to 24.99 units per acre would now be allowed on the remaining 16.09 acres. Building heights in this area would also be capped at 45 feet, according to planning documents.