Market Opportunity Analysis | Adaptive Reuse | Financial Analysis
Mixed-Use District | Institutional Redevelopment
Urban | Institutional
The Challenge
The Union Printers Home is a 25-acre property in Colorado Springs, CO that was home to a hospital for National Typological Union workers in the 1800s, and most recently operated as a nursing home before being abandoned in 2018. The site contains several historical buildings with strong character. While they are severely degraded, there is potential that at least one building can be renovated and preserved. In 2021, a consortium of several local families purchased the property for $18M with the intention of revitalizing it with the goal of maintaining its historical character and significance, while also creating long-term community benefit. The ownership consortium hired Sasaki Design to help assemble a team of consultants for the project that would guide the master planning effort. Sasaki, knowing RCLCO’s past work experience with other long-term, stewardship-oriented owners, reached out to RCLCO hoping that the firm’s expertise could help advance the project’s development objectives.
Solution
RCLCO devised a multi-phase process to determine the market opportunity, financial implications, and economic impact considerations of various future development concepts. This process began with a high-level opportunity analysis to identify the most viable concepts, given the many directions available for the site, and then a more detailed analysis of the most promising land uses. The report found very strong demand for rental and hospitality development, an opportunity for a contemporary retail and entertainment district, and an unmet need for a strong institutional anchor, such as a library or other cultural asset.
Impact
RCLCO’s findings informed and supported Sasaki’s broad master plan for the site—which envisions the Union Printers Home as the center of a new kind of neighborhood in Colorado Springs: a holistic, modern, and urban community. RCLCO’s market research helped solidify and validate these plans, showing that sufficient demand existed for the reimagined gathering space and mixed-use district, which will provide rich and diverse experiences for residents and visitors to Colorado Springs alike.