Landmark a success despite bankruptcy

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Despite the bankruptcy proceeding involving the ritzy, European-style  Landmark tower in Greenwood Village, the project has done well,  a spokeswoman for the developer said today.

“Our position is that we have been able to sell 139 units, which is $95 million in residential sales,” said spokeswoman Sandra Laws. “It has been a terrific success. We do have buyers who have units under contract and are waiting to be closed. Their deposits are being held by Land Title  (a co-sponsor of InsideRealEstateNews.com), and they are completely safe.”

Laws said that for the most part, they have not yet talked to buyers waiting to close on homes at the Landmark, but will be doing so later this week. But she said that Rike Palese, of RE/MAX Classic, who is is listing the Landmark with fellow broker Katie Everett, spoke to one person with a unit under contract this morning.

“He told Rike (pronounced Rick) that he is definitely going forward,” Laws said.

Laws said in bankruptcy, the court typically wants the company to continue with its normal course of business, which is selling units and leasing space. “We fully expect the court will allow us to to continue to close the units and move forward on the sales.”

That said, she said it is realistic to be some concerns from owners, prospective buyers and for the negative impact it might have on the overall market.

But she said a lot of that will dissipate if they continue to “perform well and strong. There is not lack of interest in The Landmark. The traffic has been very strong. It will require some work on our part to get everyone to feel comfortable. But it is a great community and we do have over 200 people living there, and 27 retailers. We feel very confident. We have great financing in place with Carmel Landmark LLC. That shows great confidence from Ron Zeff, who has strong Denver ties, that he would invest in The Landmark.  For Greenwood Village, the Landmark is the cornerstone of the community.”

Tom Cryer, a broker with the Kentwood Co., who earlier told me that the bankruptcy could have far-reaching negative impacts, agreed that The Landmark is an important amenity for people who want that kind of high-rise living along the southeast corridor.

“At our meeting (at Kentwood) this morning, several agents said that everyone who has bought there is very happy,” Cryer said. “One of my neighbors sold his home and bought a unit there.”

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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