Cross-post from Justin Wingerter, BusinessDen
A $60 million blunder along Wadsworth Boulevard that was all but abandoned in January is now a stable, $117 million apartment project and two-thirds complete, its receiver said.
Aspen Heights Partners, a Texas developer, broke ground in 2020 on a 352-unit apartment complex at 1225 Wadsworth in Lakewood, with plans to finish it by the end of 2022. Amenities were to include a heated pool, dog park, bike repair shop and golf simulator.
That didn’t happen. Instead, millions of dollars in mechanic’s liens piled up and Truist Bank, which loaned $59.9 million to the project, tried suing to get its money back.
“Truist has become aware of significant cost overruns, scheduling delays and defects in the course of construction of the project,” the Atlanta-based bank wrote in a lawsuit that it filed in Golden in January. “Additionally, work on the project has come to a standstill due to infighting between the two primary members” of Aspen Heights’ development team.
Lakewood Informer 