Velocity parse Error parsing archetype value with default value

I'm attempting to create a new project using an archetype that has a defaulted variable.

This issue does not occur when using eclipse STS.

The archetype has a variable like:

    <requiredProperty key="properties-config-service-uri">

      <defaultValue>${SPRING_CONFIG_URI:http://localhost:8888}</defaultValue>

    </requiredProperty>

The console shows:

SEVERE: Parser Exception: properties-config-service-uri
org.apache.velocity.runtime.parser.ParseException: Encountered ":http://localhost:8888}" at line 1, column 20.
Was expecting one of:
"}" ...
<DOT> ...

at org.apache.velocity.runtime.parser.Parser.generateParseException(Parser.java:3360)

As a result, the properties in the archetype are not displayed in the dialog for update, etc.

Any thoughts on how to work around this?