People might complain about development costs in the Kootenays, but check out these fees for a current project in the City of Aspen…
“But what took my breath away most,” Koste said, were the soft costs and financing costs and fees. “I have never seen a fee category like this. You have won the award,” he told the Aspenites.Building permit fees alone will cost the two developers $9.5 million, he noted. A right-of-way fee will cost them $4 million. And in total, the two developers will be expected to pay just over $28 million in public fees alone for the project.
Chris Bendon, director of community development for the city of Aspen, said the numbers surprised even him.
For a project that is designed to encourage affordable housing, this seems like something the City should review!