Wednesday, September 14, 2016

3 ways Nor'wood is locking up lower downtown

Posted By on Wed, Sep 14, 2016 at 10:49 AM

click to enlarge This building at 101 Costilla St. would be placed in a new entity with controlling interest held by Nor'wood Development Group under a deal given preliminary approval last month. - PAM ZUBECK
  • Pam Zubeck
  • This building at 101 Costilla St. would be placed in a new entity with controlling interest held by Nor'wood Development Group under a deal given preliminary approval last month.
Wednesday, the Independent reports on the latest maneuver by Nor'wood Development Group to control property in the lower downtown area known as the Southwest Downtown Urban Renewal Area.

Our story explains a "participation agreement," which won preliminary approval from the Pikes Peak Regional Building Department, would allow Nor'wood to take charge of the agency's two properties located in the URA. (Note the sidebar on how the agenda item was handled.)

This would add to the amount of property Nor'wood, headed by long-time developer David Jenkins ("Building an empire," Nov. 19, 2014) controls in the roughly 100-acre URA and enable the developer to advance plans to convert the largely dormant area into a mixed use urban setting.

The other two ways are:

• Persuade the city to build an underground parking garage beneath a city block owned by Nor'wood interests. ("Going underground," July 6, 2016)

• Enable the U.S. Olympic Museum and Hall of Fame to be built on 1.7 acres Nor'wood has pledged to donate in the immediate vicinity of the garage and the Regional Building property. Nor'wood also has made a play for city-owned property next door.





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