Property Description
Urban Infill Redevelopment Opportunity – 824 E. Costilla Street, Colorado Springs. Build your home in the heart of Colorado Springs! This residential lot offers an outstanding in-town location just minutes from vibrant downtown Colorado Springs, where you’ll enjoy popular dining, local breweries, shopping, entertainment, and year-round events. Nearby Memorial Park provides endless recreation opportunities with Prospect Lake, trails, sports fields, tennis courts, and open green space, all set against the stunning backdrop of Pikes Peak. Enjoy concerts, Broadway performances, and community events at Pikes Peak Center, while still having quick access west to the mountains for hiking, fishing, skiing, and weekend adventures. Rare opportunity to own a residential homesite close to urban amenities while embracing the Colorado lifestyle. All city utilities are available to make this fully functional and ready to go for a new build. The surrounding neighborhood is experiencing significant urban revitalization and rehabilitation, making this an exciting opportunity to invest in a rapidly improving area. A structure previously existed on the property and has already been demolished, potentially simplifying future development plans. Don’t miss this exceptional opportunity to acquire a strategically located infill parcel in the heart of Colorado Springs. Zoned R-2, this vacant lot offers excellent potential for duplex, paired-home, ADUs, or other residential redevelopment, subject to City approval. Situated within a designated Opportunity Zone and located in Qualified Census Tract 22, the property may appeal to developers seeking projects in areas targeted for community reinvestment. These designations can provide meaningful advantages such as Low Income Housing Tax credits, depending on a buyer’s investment strategy and should be independently verified.The lot is surrounded by established neighborhoods, existing utilities, employment centers, schools, parks, and convenient access to downtown Colorado Springs, making it an ideal candidate for urban infill development. As available buildable land within the city continues to become increasingly scarce, opportunities like this are attracting builders, investors, and organizations focused on neighborhood revitalization. Whether your vision is market-rate housing or a thoughtfully designed redevelopment project, this property offers the location, zoning, and redevelopment potential to bring that vision to life. Buyers are encouraged to verify all zoning regulations, allowable uses, development standards, utility availability, Opportunity Zone status, Qualified Census Tract eligibility, and any applicable local, state, or federal incentive programs.
