Update: Regional Building takes second look at questionable deal

Update: Regional Building takes second look at questionable deal

Pam Zubeck (Colorado Springs Independent)- A deal reported in this week’s edition of the Independent, “Partnering up,” that would give Nor’wood Development Group control of $2.1 million worth of property in the lower downtown area is undergoing further examination for its legality.

The Pikes Peak Regional Building Department had agreed to pursue a “participation agreement” in which it would place two properties it owns near the Olympic Museum site into a new entity with Nor’wood properties. The new entity, with Nor’wood having a 63-percent stake, would then develop the property and have first right to buy the Regional Building land.

Now, Regional Building Official Roger Lovell tells the Indy the deal is on hold.

Click here to read the full story in the Colorado Springs Independent.

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