What's Being Built in Colorado Springs Right Now — New Developments Reshaping the City
From a 27-story tower downtown to 5,000 new homes near Schriever Space Force Base — Colorado Springs is transforming faster than most people realize. Here's what's actually under construction and what it means for buyers and sellers.
If you've driven through Colorado Springs lately, you've probably noticed the skyline is changing — and it's not just a few new rooftops. There are major projects moving forward across the city right now, from a landmark tower downtown to thousands of new homes on the eastern edge of the county. Here's a rundown of what's actually happening, in plain language.
The New Tallest Building Is Coming Downtown
Approved by City Council this spring, ONE VeLa will be a 27-story mixed-use tower — the tallest building the city has ever seen. It will bring 404 apartment units, ground-floor retail space, a fitness center, and a rooftop bar to the downtown core. Construction is expected to begin by late 2026. For anyone watching the Springs urbanize, this is a significant milestone — it signals that developers see enough momentum downtown to invest at this scale.
Up to 5,000 New Homes Near Schriever Space Force Base
Flying Horse East was approved by El Paso County in August 2025 — a sprawling master-planned community on the north edge of Schriever Space Force Base, developed by the same team behind the existing Flying Horse community. This one could add up to 5,000 homes in the coming years, which is a major deal for anyone watching the northeast corridor. More inventory in that direction means more options for buyers who need easy access to the base or work on the eastern side of town.
Nearly 500 Affordable and Workforce Units Downtown
The Draper Commons / Bristow House development is bringing roughly 500 apartments to the downtown area, aimed at middle-class and workforce households — the kind of housing the city has been short on. Bristow House alone received $12.8 million in state funding. Phase Three (Draper Commons at Lowell) is expected to begin construction in spring 2026. If you've been wondering where all the cranes are downtown, this is a big part of the answer.
Apartment Construction More Than Doubled
Here's a number that tells you a lot about where the market is headed: building permits for apartment projects more than doubled in 2025 compared to the year before. In total, roughly 4,100 apartment units were completed with another 4,500 under construction across the Pikes Peak region. That's a real shift — the rental market is getting serious attention from developers, which could ease pressure on rents over time. Overall, commercial permits jumped 31% in 2025, with total construction value reaching about $3.7 billion — up 8% over 2024.
"A lot of people see cranes and construction and assume the market is overheated. In reality, this is a city catching up to demand that's been building for years. More housing — at every price point — is ultimately good news for buyers and renters."
— Jeff Morrell
What This Means for Buyers
More construction means more options — but it also means the market isn't standing still. New communities like Flying Horse East will add thousands of homes over time, but they won't all appear at once. If you're looking to buy, now is a good time to understand what's coming online and where — because the neighborhood that looks quiet today could look very different in two years.
New construction also comes with builder incentives that resale sellers can't always match. If you haven't explored what's available in the newer corridors, it's worth a conversation. We can walk you through which communities are actively building and what kind of deals are on the table right now.
What This Means for Sellers
The flip side: all this new inventory competes with your home. If you're planning to sell, understanding how your property compares to new builds — in terms of price per square foot, finishes, and location — is essential. The good news is that new construction tends to cluster in specific corridors, so if you're in an established neighborhood with mature trees and close-in access to amenities, your home still has advantages that new builds can't touch.
The Bottom Line
Colorado Springs is in a building cycle unlike anything we've seen in the last decade. The city is growing up — literally — and for buyers, renters, and sellers, understanding what's coming matters. Whether you want to get ahead of a new development or just want to know how your home fits into the bigger picture, we're happy to sit down and talk through it.