Harley A. Searcy, chief executive officer for Alliance Property Group, wrote a letter to the DHA, saying the group did not set realistic deadlines for concluding the agreement. "We have come to believe that the resistance to concluding a fair agreement is too great at make it too difficult to establish a framework necessary for the enormous investment we would have to make and the risk we would take," according to a letter to DHA from Searcy. DHA is looking for a developer to replace Alliance Property.
Two years ago, under the Mayor Wellington E. Webb administration, Denver received a $20-million federal grant as a down payment on the $177-million Park Avenue Project that would include 873 new units to be built over the next five to seven years. The area included three dilapidated housing developments--the Arrowhead Apartments, Thomas Bean Towers, and Eat Village Apartments. Arrowhead and East Village already have been razed, while Bean Towers, a high-rise project, is scheduled to be completely renovated starting in October.
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