Hypo Bank of Germany is the new owner of the Landmark Complex in Greenwood Village that includes the two Landmark luxury condominium towers. While the retail complex thrives, questions remain about the future of the residential condominiums.
The opulent retail and residential complex in the posh Denver suburb has been an interesting story since the project began over four years ago. The complex consists of 250 residential units plus a 168,000-square-foot shopping center, The Village Shops at The Landmark
that includes a luxurious movie theater and the popular Comedy Club. The complex opened for business in 2008.
The Landmark Condominiums were originally marketed as ‘The most luxurious condominiums in the Denver market”. Lavish dinners and even Cirque du Soleil entertained potential homeowners and real estate brokers alike. The amenities of the towers include valet parking, wine lockers, outdoor pools and even a dog park.
Some of Denver’s high profile movers and shakers moved into the first tower of the residential condos originally. It was such a success that the developer, Zach Davidson, began a second tower and residential “Brownstones” at even higher price points.
The changing Denver real estate market impeded sale of these new units. Eventually prices were lowered and the project fell into Chapter 11 bankruptcy. The primary holder of the construction loan, Hypo Bank, threatened to foreclose. But, this week, the Bankruptcy Judge, Michael Romero, transferred ownership to the German Bank. He also appointed Andrew Miller, managing principal of the Miller Frishman Group commercial real estate services firm in Denver, as chief restructuring officer.
All this left residents and observers wondering what the future of the complex would now be. Who will manage the marketing and sales of the remaining condominium units? Will the prices be further reduced? They’ve already been reduced from $10,000 to over $100,000. Will the new marketing entity be more successful at selling the remaining condominium units?
Hypo Bank has yet to announce their plans for the residential condominiums. But, they have reportedly met with several prominent Denver real estate developers and marketers as they begin to conceptualize a new plan. Meanwhile, some residents have formed an Ad Hoc Committee to monitor the future developments.
Fortunately, The Village Shops and entertainment venues continue to be popular with Greenwood Village residents. The shopping center shows all the signs of a vibrant pedestrian mall with successful restaurants, shops and taverns. The luxurious movie theater is a destination for movie goes from all of southeast Denver’s suburbs.
My prediction: New ownership will lower prices, maintain the high level of services and create a successful residential environment in the long run. The only issue is how long that might take.