An artist's rendering of a new power substation to be built on Austin Bluffs Parkway. (Photo courtesy Springs Utilities)
Colorado Springs Utilities has spent just over $6 million so far on property in the path of its proposed central electric substation on Austin Bluffs Parkway between Academy and Union boulevards.
As we previously reported, Utilities has decided the site is the only place where it makes sense to locate the substation, a $40 million project, which would enable the utility to retire two older substations in the vicinity and modernize the grid for “sustainability, system resiliency and reliability.”
City Council approved two commercial acquisitions on March 14.
• 2914 Austin Bluffs from Grant Invest LLC for $1,111,885. (Grant Invest bought the property in March 2022 for $875,000, according to El Paso County assessor records.)
• 2930 Austin Bluffs from Parkway Plaza LLC for $2,211,885. (ParkWay Plaza bought the property in November 1992 for $265,000.)
Another commercial property sale was completed earlier of 2918 Austin Bluffs for $1,312,822 from Austin Bluffs Parkway LLC. This property was purchased by the LLC in June 2007 for $650,000.
Utilities also already bought two homes on Goldenrod Street, at a total cost of $956,900.
When other costs are added, including relocation costs, the total spent so far is $6,008,551.
Two other properties’ acquisitions are “in progress.” Those are:
• 2910 Austin Bluffs, owned by JCJK Real Estate LLC for which the Assessor’s Office doesn’t report a prior sales figure and date.
• 2922 Austin Bluffs. ReinhardHolland Partnership paid $30,000 for the property in June 1993 and then deeded the property to Richard Holland in May 1999.
Utilities spokesperson Steve Berry says via email, “The whole process followed the requirements of the Real Estate Services Manual.”
Construction is slated to start in April 2024. The station should be completed sometime in 2026.