Finance news

Great Gulf Group Ltd. of Canada has sold the land for its cancelled, 51-story 1401 Lawrence condo project in downtown Denver for $8.4 million, according to Denver County real estate records.

The Toronto developer sold the property, as Great Gulf Colorado LLC, to Renshan LP.

The property is located at 1401 Lawrence St., across from the Colorado Convention Center.

Great Gulf decided not to build the $165 million, 145-unit 1401 Lawrence high rise on June 5 because of poor pre-sales. Had the building gone forward, it would have been the developer’s first U.S. project, and one of downtown Denver’s tallest residential buildings.

"Great Gulf has not achieved the requisite presales to go forward with the 1401 Lawrence project and, regrettably, is cancelling the project," the company said in a statement cash advance now.

Great Gulf hoped to sell 30 percent to 50 percent of the project’s units before the start of construction. The developer hoped to break ground this year, and complete the project in 2010.

When serious marketing of the project started in June 2007, starting prices for the 1401 Lawrence units were in the mid-$500,000s. Units were going to range from 1,200 to 1,700 square feet in size.

The developer opened its 5,000-square-foot marketing center at the corner of 15th and Lawrence streets in fall 2007.

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