Colorado Springs will obtain an independent review of disputed appraisals for properties it proposes trading with The Broadmoor, a luxury resort in the city. Appraisals released earlier valued the city’s 189 acres of Strawberry Hill parkland at $1.58 million, while The Broadmoor put a $1.4 million price tag on its 8.6 acres at Bear Creek.
In all, the two sets of appraisals valued the city’s 190 acres at about $2.1 million, while The Broadmoor’s 371.21 acres of park land, plus 115.4 acres of easements, appraised for $3.3 million.
“We had a firm offer of $3 million once for that (Bear Creek) land. We turned it down,” Broadmoor CEO and President Jack Damioli told The Colorado Springs Gazette.
Both sides put forth their arguments before City Council.
“Once the review is done, the appraisals will be shared with the public,” City Parks and Recreation/Cultural Director Karen Palus said.
The Bear Creek-Strawberry Hill comparison raised the most criticism from swap opponents because the Bear Creek site was appraised for its value after development, while the Strawberry Hill was valued as open space.
“Strawberry Fields, if you value the development part, would be worth $10 million to $12 million,” one swap opponent, Kent Obee said. “Even the 8.5-acre window bumps it up to $3 million.”