Century Communities is re-launching a condominium community it put on hold when the real estate market collapsed in 2008.
The Greenwood Village-based builder has pulled building permits for a 22-unit condo building at the Vistas at Nor’Wood, which was master-planned to include a 110-unit condominium complex.
The builder finished its first 22-unit building near the intersection of Rangewood Drive and Austin Bluffs Parkway in 2008 and sold those units in the mid $100,000 price-range before halting development.
There have been few condominium projects announced since the real estate market collapsed, because of both lending problems and Federal Housing Authority certification issues with existing projects.
But Mike Fenton, vice president of operations for Century Communities in Colorado Springs, said he believes there is a strong market for the new development.
“We’re currently set to try to sell those in the $125,000 to $135,000 range,” Fenton said. “That’s a part of the market nobody is in right now.”
The smallest unites will be two bedrooms and two bathrooms in about 1,100 square feet. The largest ones will be three bedrooms in about 1,400 square feet.
When the community is complete, it will include a club house and a swimming pool, Fenton said.
Century Communities has been building in the Vistas at Nor’Wood development since 2006 and has continued construction of some townhomes in the area during the recession.
Fenton expects to break ground on the project this summer and complete it by late fall.