Condos have been out of the picture in Colorado for a while, but one Florida developer, Renzi Development, plans to revive condo development in a big way here: 800 units in two 40-story towers at 1091 Arapahoe St. The plans are still preliminary. Miami-based Renzi just put the site under contract for $22M last week, the Colorado Real Estate Journal reports.
According to Renzi Development principal Renzo Renzi, construction will begin when 200 units are pre-sold, or half of one tower. An unnamed source of private equity is in place, and he anticipates bank financing once those units are pre-sold. He further anticipates strong demand for the units, considering the dearth of new condos in recent years.
That shortage of condo product has been because of Colorado's construction defects law, which has proven notoriously hard to reform in the state legislature. Renzi said he is concerned about the laws, but believes construction defects will not be an issue for his development.
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