Vail, Colorado — In Park Place, condos and apartments are popping up, but many residents fear the trend could be hurting the local economy.
“I’m really concerned that this condo boom is going to be hurting our town because it will take our jobs,” said Park Place resident Amanda DeSouza.
Her condo has a pool, but no spa.
“It’s very scary,” she said.
“The condo community, which is the biggest in the city, has been going through this downturn for years and years.
People don’t want to stay in the area anymore.”
Park Place was once the largest community in the Denver metro area, with more than 4,000 residents.
It is now the fourth largest city in Colorado, and is home to more than 40,000 people.
It was built in 1872.
The city of Denver, which has about 675,000 inhabitants, is trying to keep up with a growing condo market, which was valued at more than $15 billion in 2016.
But some are afraid the trend will make the city less appealing to buyers.
“We’ve heard from a number of people who are worried that this trend is going back to being condos, that it’s not going to help us, that we’ll be a city that no longer exists,” said John Koval, director of Denver’s Office of Economic Development.
But Koval says he hopes the city can help by doing more to help the condo market.
“What we have to do is to help local governments in this city grow, create jobs, create economic opportunity, and create some housing,” he said.
But some homeowners in Park Point say they don’t understand why the city has banned the condo boom.
“There’s a lot of condos, but they’re not helping our town,” said neighbor Susan Riggs.
Riggs has lived in Park for years.
She says the condo industry has been a major contributor to her neighborhood’s revitalization.
“You can see the work they’re doing in Park, but there’s a little bit of a disconnect here,” she told ABC News.
“People who are building these homes are actually paying taxes into the city budget, and they’re paying to the local government.
They’re not paying taxes to themselves.
They pay taxes to the city.”
Koval says the city needs to focus on helping the condo owners get their homes built, and not discouraging people from staying put.
“As a city, we should be focusing on the development of our city and the development and development of neighborhoods,” he added.