COLORADO SPRINGS— New businesses and apartments are popping up downtown but at a slower rate than previous years, according to the 2023 State of Downtown Report.
The downtown partnership said some projects have been delayed because of financial challenges with interest rates.
"There's no denying things are getting tougher too," said the downtown partnership president and CEO Susan Edmondson. "It's a little harder to accomplish some of these projects."
One business expanded in downtown without the construction and labor costs. Humble Coffee's second location is inside the Antlers Hotel.
One owner, Ben Campeau, said they did run into delays getting new signs because of supply chain issues. He said they got signed in January, three months from opening in October.
"[We had] been operating without exterior signage awhile, so now that we got that, that's been a huge help for finding us in here," said Campeau.
The cafe expansion was up and running within two months. Since October, Campeau said they already broke even with rent, utilities and inventory costs.
"We had targeted that it would be about a full year to get there; we were surprised at how quickly we reached that spot," said Campeau.
The report said downtown revenue is up 25 percent compared to 2019. Campeau said Humble Coffee did well even during the pandemic.
"With a drive-through, we became one a few escapes where you can still feel like you could go somewhere," said Campeau.
200 downtown businesses brought in almost $120 million dollars in sales last year.
Nearly 2,000 housing units are on track to open downtown in two years. Edmondson said more residents could bring in even more revenue, which goes back into investments.
"Paying for police and fire and our roads and all those things, so I just encourage everyone to think about that when they support a small business," said Edmondson.
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