realestate

Local Property Market Trends and Developments

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T
he El Paso County Board of County Commissioners (BOCC) has approved several development projects in the area.

    At Meridian Ranch, the BOCC released $712,222 for Rolling Hills Ranch Filing No. 1 with no public improvements to hold for a defect warranty. Additionally, they approved $491,232.98 for The Estates at Rolling Hills Ranch Filing No. 2, which has completed all improvements and inspections.

    In Falcon Ranchettes, the BOCC unanimously approved a request by Galloway & Company Inc. to vacate and replat 9.604 acres into two commercial lots and one tract. Located on Owl Place, the property is zoned for commercial use.

    The Commons at Falcon Field was also approved, with the BOCC giving preliminary plan approval for 169 single-family residential lots, eight commercial lots, and seven open space tracts. The 57.67-acre property is located near Highway 24 and Woodmen Road.

    Other developments include The Estates at Cathedral Pines, where Villagree Development LLC will rezone 35.09 acres from rural-5 to planned unit development with a preliminary plan for eight single-family residential lots and two open space tracts.

    The BOCC also approved a grant application for the Fox Run Canopy Walk, an educational hub featuring an observation tower, externally wrapped staircase, and elevated ADA-compliant canopy walk. Construction is expected to start in 2025 at an estimated cost of $3 million.

    Additionally, the BOCC approved several single-family residential lot creations: three lots on Double Spur Ranch, seven lots on Peerless Farms, and a commercial vehicle repair garage on Cessna Drive within the Meadow Lake Airport.

    Finally, the county commissioners approved a Colorado Revised Statute Title 32 Special District Service Plan for Prairie Ridge Metropolitan District Nos. 1-3, which includes a maximum debt authorization of $50 million and various services such as street improvements and recreation facilities.

Real estate market trends in a local city with rising property values.