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East West takes over Landmark

Highlights:

  • East West Partners named receiver for Landmark.
  • East West is best known for Riverfront Park in Denver.
  • Receivership made at request of new ownership group.
The Landmark

The Landmark

East West Partners, the developer of Riverfront Park in downtown Denver, has been named the receiver of The Village at Landmark development in Greenwood Village.

Denver-based East West Partners concentrates on developing, building, selling, managing and supporting high quality real estate.

The Arapahoe District Court appointed East West Partners as the receiver for The Landmark community after the construction loan for the development’s two residential towers and retail district was purchased by a consortium of institutional investment firms in late September.

East West Partners officially became the receiver on November 12, but only announced it this week.

“East West Partners is excited to bring the vision of The Landmark to fruition,” said Amy Cara, partner at East West Partners who will oversee the management of The Landmark.

“We feel that our more than 25 years of expertise in residential development and neighborhood placemaking will allow us to transform The Landmark into a place to live and shop that will make both current and future owners proud,” Cara continued,

The Landmark is a mixed-use community consisting of 271 condominium units in two luxury towers situated above approximately 171,000 square feet of retail space.

As the new receiver for The Landmark, East West Partners will take over the sale of the unsold 105 residential units, 48 of which are yet to be completed.

East West Partners had already begun working with current residents and expects to start construction on the remaining residences and certain other improvements around the first of the year.

East West Partners has engaged its long time partner, Continuum Partners, to oversee the leasing and management of the related retail center, which currently has numerous tenants including Landmark Theatre, Comedy Works and Ted’s Montana Grill among others.

Finally, East West Partners has brought in a sister company, Slifer, Smith and Frampton – Denver, Inc., to oversee sales of the residences.  At this time, however, the residences have been removed from the market. East West intends to bring a few residences to market by the end of the year, and the remainder will be held as design of the new units is completed and construction commences.

East West Partners anticipates that, when finished, the new condominium units at The Landmark will help to fill a significant void in the current residential market in Denver.  Inventory of condominiums is incredibly low with only 124 permits having been issued along the Front Range in the first eight months of 2013 and condo activity representing only 1.19 percent of the entire residential construction market.

The Landmark was developed by disgraced developer Zack Davidson, who killed himself in the wake of facing charges of fraud regarding the Landmark.

Interested in buying a condo in Greenwood Village, many of which are in the Landmark? Please visit COhomefinder.com.

Have a story idea or real estate tip? Contact John Rebchook at  JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.