STAND FOR TRUTH & LOCAL NEWS

Accurate information has never been more essential. Your contributions, no matter the size, can help the Colorado Springs Indy continue to provide local journalism.

Help support our mission: TRUTH MATTERS.

Wednesday, February 19, 2020

Lower downtown gets a shot in the arm

Posted By on Wed, Feb 19, 2020 at 1:00 AM

click to enlarge SHUTTERSTOCK.COM
  • Shutterstock.com

Boosting the long-blighted southwest downtown area, City Council voted unanimously Feb. 11 to approve a “cooperation agreement” with developer Nor’wood Development Group that pledges at least $20 million in public spending and allows a newly formed business improvement district to issue $50 million in debt.

The public money would be spent on parking, drainage, utilities and street upgrades, including an overhaul of Vermijo Avenue from the U.S. Olympic & Paralympic Museum to Wahsatch Avenue. Nor’wood’s 20-year plan calls for construction of 4,500 residential units, 750,000 square feet of office space, 150,000 square feet of retail and restaurant space and 500 hotel rooms.

Unresolved is a land swap involving a city tract on Cimino Drive, polluted by a former coal gasification plant, that’s to be transferred to Nor’wood under a 2017 agreement that requires the developer to mitigate the contamination. The property, across from America the Beautiful Park, remains in city hands.

Tags: , , , ,

Favorite

Comments

Subscribe to this thread:

Add a comment

Top Topics in The Wire

Health (16)


Local Government (9)


Politics (8)


Nonprofits (3)


Education (2)


All content © Copyright 2020, The Colorado Springs Independent

Website powered by Foundation