Colorado Springs is about to get a new tallest building, and it’s an apartment tower. OneVela, a $225 million high-rise at the corner of Sahwatch and West Costilla streets, cleared a drawn-out approval fight and is under construction, with an opening planned for 2028.
Project Scope
The 27-story tower packs 400 apartments across a wide unit mix: 160 studios, 106 one-bedrooms, 132 two-bedrooms and six three-bedroom or duplex homes. VeLa Development Partners, founded by Nick Benjamin and Taylor Gray, is developing it with The O’Neil Group. The project rides an urban-renewal designation the city council approved for the site, part of a broader downtown investment push.
Why It Matters
Mid-size cities rarely build 27-story residential towers, and OneVela is a test of whether downtown Colorado Springs can support that kind of density and rent. The project drew appeals from neighbors worried about scale, a familiar fight as second-tier downtowns try to add housing and height at once. If it leases well, expect more vertical residential to follow along the Front Range.
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Project Team & Details
| Developer | VeLa Development Partners |
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| Owner / Client | VeLa Development Partners / The O'Neil Group |
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| Status | Under Construction |
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| Funding Source | Private |
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