The luxury condo project adjoining Denver’s Ritz-Carlton hotel, The Residences at The Ritz-Carlton, fell into foreclosure in June 2009 after selling 1 of 25 units since presales began 3 years ago.
According to the Denver Post, the lender on the project, Goldman Sachs, has taken the property back and is looking at ways to reposition the units on the market, including reducing the price and upgrading the units.
The units are being repriced to make them more competitive with other Denver luxury condo developments, including the Four Seasons and the Private Residences on 14th Street.
The first phase on improvements to the units is almost complete and cost close to $1 million with a second phase to begin in the next couple weeks.
The foreclosure does not affect the Ritz-Carlton Hotel.
