In a relief for many Denver residents who want to keep their mountain views intact, the Manhattan, New York-based developer who wanted to build an 81-story skyscraper in the heart of Downtown is no longer under contract to purchase the land at the intersection of 17th and California street. According to the land’s current owner, Greenwich Properties failed to properly close on the property.
As in most cases of real estate development disagreements, there are two sides to the story. According to Greenwich Properties attorneys, the situation is only a misunderstanding, and his company fully expects to purchase the land and erect the skyscraper.
The skyscraper is known as the Six Fifty 17 project and would become the tallest building on Denver, reaching over 1,000 feet. The building is intended as a combination condo, hotel, and amenities resource according to plans submitted to the City of Denver by Greenwich. The total cost of the project was estimated at $371 million.
According to Chief Executive Buzz Geller of Paradise Investment Properties, the company that currently owns the 25,000 square foot lot, Greenwich didn’t get proper closing information to them on time.
“What happened is (Greenwich) failed to close,” Geller said. “When someone fails to close, my experience in the real estate business tells me the deal is dead.”
Thomas Ragonetti, Greenwich’s Denver-based attorney, told the Denver Post that the expiration of the contract was only a misunderstanding and that Greenwich fully intends to complete the project. Ragonetti states that the company has made all of their extension payments on the current contract, and believed they were paid through until the End of February. According to Geller, that’s not the case and that the company is committed to the project. “Their intention is to get back under contract, and they are intending to move forward with the project,” Ragonetti said.
The project has already come under fire with a city that dislikes obstructed views. The current tallest building in the Mile-High city is the Republic Plaza which stands at 714 feet. The Six Fifty 17 building would tower over that building by more than 200 feet. Whether or not the project will come to fruition may come down to legal arguments and the court system.