Jenkins buys RBD downtown properties

by

2 comments
This building at 101 W. Costilla St. recently sold to an entity controlled by developer David Jenkins, who's redeveloping the lower downtown area. - PAM ZUBECK
  • Pam Zubeck
  • This building at 101 W. Costilla St. recently sold to an entity controlled by developer David Jenkins, who's redeveloping the lower downtown area.

Pikes Peak Regional Building Department, as previously planned, has sold three parcels in the lower downtown area to an entity controlled by David Jenkins.

The Aug. 23 sale, recorded on Sept. 28, included RBD's former headquarters building at 101 W. Costilla St., a parking lot at 111 W. Costilla St., and a vacant lot at 435 Sahwatch St.

Purchase price was $3,069,100. The appraised value, according to an appraiser hired by RBD, was $3,265,000, but that figure was reduced by 6 percent, which would have gone toward a real estate commission had either party used a Realtor, which they did not, according to minutes of the RBD commission's May 24 meeting.

It's worth noting the purchase price is 54 percent higher than the market value as stated in assessor records for the three parcels.

The tracts, purchased by BLH No. 2 LLC, an entity formed by Jenkins in 2014, are within the boundaries of two metro districts and a business improvement district Jenkins is forming. A court hearing on a petition to create the metro districts will be held Oct. 20.

Jenkins' company, Nor'wood Development Group, initially tried to form a partnership with Regional Building to develop the properties, but that fell through when the Independent raised questions about such a partnership's legality (News, March 29, 2017).

The transaction was recorded two days after City Council approved debt authority for the special districts up to $325 million on Sept. 26. It's the highest figure ever granted for special districts locally (News, Sept. 26, 2017).

The Regional Building Department's board of commissioners is comprised of Chair Tyler Stevens, the Green Mountain Falls Mayor Pro Tem; El Paso County Commissioner Mark Waller, and Colorado Springs City Councilor Tom Strand.

The board decided not to put the properties up for competitive bid, says Regional Building Official Roger Lovell, because the Jenkins family offered a "community benefit."

"They are the master developer of that region downtown," Lovell tells the Indy in an interview. "They already owned 75 percent of the block [of Costilla] as well as a number of adjoining properties, and it made sense to proceed in that direction. Their offer was the appraised price."

Chris Jenkins, president of Nor'wood and David's son, couldn't be reached to comment about the company's plans for the land. The two properties are two to three blocks from the Olympic Museum and Hall of Fame, which is under construction at Vermijo Avenue and Sierra Madre Street.

Here's a map of the metro districts and business improvement district.
The properties acquired by David Jenkins from RBD are indicated with stars, while the oval represents the Olympic Museum. - COURTESY CITY OF COLORADO SPRINGS
  • Courtesy city of Colorado Springs
  • The properties acquired by David Jenkins from RBD are indicated with stars, while the oval represents the Olympic Museum.


RBD serves Colorado Springs, El Paso County, Fountain, Manitou Springs, Green Mountain Falls, Monument and Palmer Lake. It's mission, as described on the website, is to "safeguard life and limb, health, property and public welfare by regulating and controlling the design, construction, quality of materials, use and occupancy of all buildings and structures within all zoned areas of El Paso County through the enforcement of minimum building code standards." RBD also inspects new construction, alterations and additions and licenses building contractors and registers state-licensed plumbing and electrical contractors working within its jurisdiction.

Comments (2)

Showing 1-2 of 2

Add a comment
 

Add a comment

Clicky Quantcast