City Plans To Partner With Developers For TOD Condos
Can condo development make any kind of progress in Colorado, without the legislature acting to reform the construction defects law? This week Mayor Michael Hancock told attendees of a Denver Metro Chamber of Commerce luncheon the city wants to put together partnerships with private developers to build condos near three Denver rail stations to serve a mix of income levels, reports the Denver Post.
"The Office of Economic Development has begun to forge partnerships that will bring a P-3 model (for private-public partnerships) to create new affordable condos at three TOD sites across the city,” the mayor said. The initiative, which hasn't been spelled out in detail yet, would help ameliorate some of the risk condo developers take on under the current law. The mayor also didn't identify which of the city's light rail stations would be part of the plan. [DP]