The latest gigantic downtown high-rise apartment building scheme debuted a few days ago, and was duly saluted by a front-page headline in our daily newspaper. It’s a fascinating read — both in size, amenities and cost, the 36-story building is a big city project.
In effect, the builders are bidding a not-so-fond farewell to what remains of downtown’s small-town feel, setting the stage for a new era.
According to Rich Laden’s story, “VeLa Pikeview would have a mix of 204 studio, 174 one-bedroom and 115 two-bedroom apartments. Rents would range from $1,817 a month for a studio to $5,241 for a two-bedroom duplex. Four three-bedroom penthouse units would rent for $9,810 a month.”
The structure would include every amenity imaginable, including an infinity pool, dog runs, dog washes, bar, party room, spa, hot tubs and 489 five-level parking spaces.
It sounds great — or does it? Wouldn’t it make more sense to build condos, and thereby encourage people to be long-term downtown residents, anchored in the community and downtown? Sure, it would, except for what is known as the “Construction Defects law,” which puts developers and builders at permanent risk of costly lawsuits over alleged defects large and small.
That law scares the hell out of insurers, and is the reason that virtually no condos have been built in Colorado for the past 15 years. Downtown is home to thousands of recently constructed apartment buildings, but no developer has risked building condos. Developers and builders want to create worthwhile, profitable and reasonably risk-free projects, not deals that might bite them in the butt 10 years later.
The law was supposed to level the playing field between the big, bad developers and the poor unsophisticated buyers, but instead it took the least expensive path to home ownership off the table. It needs to be stricken from the books.
It sound great, or does it?
Regardless of VeLa’s fate, getting rid of the Construction Defects law might benefit Old Colorado City. Smaller-scale condos might find a ready market, especially given the amenities of our neighborhood. Living on the Westside is a lot easier and less expensive than downtown.
Yet VeLa’s supersized project is still pretty amazing. C’mon — $9,810 per month for a damned apartment??!! That’s for rich people, not for we ragged commoners.
We just have these medieval notions of scrimping, saving, buying a house, paying it off and living happily and modestly at the foot of Pikes Peak. Given the cost of housing on the Westside these days, there would probably be a lively market for studios and one-bedrooms in a low-cost building without fancy amenities.
On the other hand, I bet the views from the 36th floor would be pretty spectacular. Maybe I’ll buy a lottery ticket. Win, and $9,810 a month is chicken feed!! It would just be our weekend hideaway …