Thursday, November 13, 2014

UPDATE: Nor'wood buys Banning Lewis Ranch

Posted By on Thu, Nov 13, 2014 at 11:52 AM

click to enlarge The biggest section of the Banning Lewis Ranch is now in the hands of the region's biggest developer, Nor'wood Development Group. - PAM ZUBECK
  • Pam Zubeck
  • The biggest section of the Banning Lewis Ranch is now in the hands of the region's biggest developer, Nor'wood Development Group.

The sales price we reported earlier is wrong: Instead of $15 million, the sales price is $28 million. The county Clerk and Recorder's Office provided the cost to us based on only one deed, instead of the three deeds that transferred ownership to Nor'wood. Also, the deeds indicate that Ultra retained the mineral rights in the deal.

——————————ORIGINAL POST WEDNESDAY, NOV. 12, 2014, 4:27 P.M.——————————————— 

We've heard from Chris Jenkins, president of Nor'wood, who adds clarification about the firm's decisions regarding conservation of land in Banning Lewis Ranch.
It is our intention to assess the entire property, its relationship with adjacent uses, infrastructure, the unique natural assets - its relationship with the entire city and region. Taking the next 18 to 24 months to study this with the best local and national planning firms and coalition of community stakeholders is needed before we are in a position to quantify conservation, recreation and development spaces.
Also, according to land records, the sales price appears to be $15 million.

—————————————ORIGINAL POST WEDNESDAY, NOV. 12, 2014, 4:27 P.M. —————————————————-

In a news release just in, Nor'wood Development Group announced it has purchased the Banning Lewis Ranch from Ultra Petroleum, Houston.

Here's the release:
Nor’wood Development Group is pleased to announce that after careful consideration and much due diligence, the purchase of the Banning Lewis Ranch has been finalized. As a locally owned multi-generational business operating in the Pikes Peak Region for more than 40 years, we consider it a privilege to be the stewards of this great community asset and will ensure that the property’s long term potential is discovered and achieved. Responsible development, recreation and conservation will be foundational principles of the vision for Banning Lewis Ranch, which will take decades to fully realize.

We have previously outlined and restate our commitment to promote the stewardship of environmental resources, quality neighborhood and commercial design, support efficient public services and facilities, leverage opportunities for the long-term viability of our local Air Force installations, protect the property’s world-renown natural formations with a signature conservation effort, and encourage meaningful outdoor educational and recreational opportunities.

We will continue and expand our work with a knowledgeable and experienced team of local and national professionals, municipal leaders, conservationist, community stakeholders and citizens to develop land use and development strategies for the property. We look forward to sharing periodic updates, timelines and additional details when appropriate.  
As we reported this summer, the Jenkins family could decide to set aside two thirds of the 18,500 acres purchased from Ultra for public use.

No purchase price was disclosed, but we're trying to find out. Ultra paid $20 million when it bought the property out of bankruptcy in 2011.

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