DENVER - The Denver Design Center's owners are on the verge of losing the property in foreclosure, which could complicate efforts to redevelop the surrounding South Broadway neighborhood into the next LoDo or Cherry Creek North.
Spokesman William Porter said the Denver clerk and recorder is handling one of the largest foreclosures -- a $42.1 million default -- that the office has ever dealt with.
Lender CW Capital Asset Management of Bethesda, Md., bid $25 million Tuesday for the property at 595 S. Broadway.
CW Capital, which has pushed back the foreclosure auction nine times waiting for a buyer to emerge, could have claimed the center on Thursday but withdrew its bid Tuesday evening, Porter said.
CW Capital — or another interested buyer — has until May 13 to bid on the property before the foreclosure initiated in January 2013 expires May 15, Porter said.
Our partners at The Denver Post interviewed the property manager and explains the neighborhoods development plan in their Thursday morning article.