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DENVER-A Los Angeles-based developer has pulled out of the high-profile East Village and Park Avenue housing project planned to serve some of the poorest people in the city, as well as providing market-rate housing. Alliance Property Group Inc. was chosen last year by the Denver Housing Authority for the $20-million redevelopment for the east-side projects.

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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