Downtown property sells for $8.4 million

For Immediate Release On: 7/13/2008

For Further Information, Please Contact:
John Rebchook - Rocky Mountain News at

Relevant Info on the Web: http://www.rockymountainnews.com/news/2008/jun/13/downtown-property-sells-for-84-million/

The Canadian-based developer that scuttled plans for a 51-story, $165 million condo tower in downtown, has sold the land at 1401 Lawrence St. for $8.4 million - 32 percent less than the $12.5 million it paid in 2006.

A spokeswoman for the Toronto-based developer, Great Gulf Group Ltd., confirmed the sale to Renshan LP, but had no other information on its plans.

Great Gulf pulled the plug on the project June 5, saying it had not attracted enough presales to go forward.

At the time, some Denver developers privately said they thought that Great Gulf had already lined up a buyer for the land.

Great Gulf also invested about $1.5 million in a lavish sales center on the property.

About Trenka & Associates: Trenka & Associates is one of Downtown Denver's leading Real Estate Companies. http://www.condosandlofts.com

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