Plans to build a high-rise condo building at 14th and Lawrence streets have been canceled.
Buyers were notified late Thursday that Toronto-based Great Gulf Group is not moving forward with the project and that their deposits will be refunded.
Great Gulf had recently raised prices for the 200 residences in its planned 51-story tower at 1401 Lawrence St. by up to 5 percent in an effort to get potential buyers off the fence. The move resulted in several sales but not enough to move the project forward.
“As you are aware, the downturn in the U.S. real-estate market continues, and, unfortunately, Denver is no exception,” the company said in a statement. “Due to these conditions, Great Gulf Colorado LLC has not achieved the requisite pre-sales to go forward with the 1401 Lawrence project and, regrettably, is canceling the project.”
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
