Wednesday, September 19, 2007

CONDOS: The Durango City Council voted 4 - 1 Tuesday to approve the preliminary plan for North Animas Village, which would replace the existing Iron Horse Inn with 203 residential condominiums.

The council approved the preliminary plan with the condition that developers I.H. Management negotiate with the city and the Regional Housing Authority to provide money for affordable housing by charging developers and future sellers a percentage of each unit's sale price. The developer's attorney estimated that the transfer fees would raise $300,000 in the initial construction phase and as much as $1 million in the future from the resale of units. Of course, the actual amount of revenue raised would depend on market conditions.

http://HomesInDurango.com
http://DurangoRealEstate.biz

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