The Gates Residences, an ill-fated project from the beginning, was purchased out of foreclosure by Condo Capital Solutions, a Louisville, Colo.-based company headed by real estate investors Marcel Arsenault and Peter Wells. The Gates was completed in 2008 but never got off the ground. The developers believed their product could compete at the same price point as condos at the Westin Riverfront project. What they failed to realize was that the Westin offered many more amenities and a gondola to Beaver Creek. So sales never took off.
A few condos were sold pre-construction but ultimately those contracts were terminated. The new owners have spruced up the outside and made some necessary changes to the interior. Plus, prices will be nearly 50% of the original offering. The condos feature upscale finishes and high ceilings. The project includes significant common space including a work out room, hot tubs, and indoor pool.
It is expected the condos will come on the market in December, 2010. I look forward to seeing the new pricing strategy. If what I’ve seen and heard is true, these condos may do well, even in this down market.