COLORADO SPRINGS, Colo. (KRDO) – A possible solution to a decades-old problem is in the hands of state lawmakers.
The building of condominiums, one of the most affordable housing options, has come to a halt in the Pikes Peak Region.
“There’s no cost benefit to go to a condo because they’re so first risky to build and the cost is so astronomical,” said Doug Woody, Vice President of Bryan Construction.
If you take a quick drive around Colorado Springs you’ll run across construction crews, hard at work building new apartment complexes across the city. Something you’re unlikely to see are construction projects involving condos.
“Because of class action lawsuits brought against the condo market, some of it justified, certainly, but certainly getting taken advantage of in certain situations. In these class action lawsuits it makes it very cost prohibitive and very difficult for developers and contractors, for that matter, to engage in those opportunities to build them cost-effectively,” said Woody.