The Gates has re-emerged in Avon

I am sure everyone remembers the disaster created by Tim Barton of the JMG Development Company of Dallas at the Gates Condos in Avon. While he managed to save the already poured foundations at the controversial site, he also managed to mislead all of the Valley into thinking he was building a first class operation at the foot of Beaver Creek.
Gateway Land came in as Listing Broker for the project and sold over half of the units before learning that the construction was far inferior to its initial representations. At the same time, the Westin came in with their classy project and the Gates was done for. Units that were going to sell for over $1 million became a laughing stock. Tim Barton has fled the scene and word is that he led the Jean Paul Mitchell organization into the same black hole as well.
Now a new company, Condo Capital Solutions has entered the fray by purchasing the defunct $40 million loan that had been in default for the past several years. The property will be renamed the Ascent and units will be repriced to a more reasonable level starting in the mid $300,000s.
I happen to know Peter Wells, who has successfully run a turnaround company that buys distressed properties out of the Denver market. He has a great reputation and should help pull the property back up to where it should have been originally. Peter is quoted as saying the property is an 'ideal' backyard opportunity for his thriving company.
Wells states that he called the downturn in the economy back in 2006 and sold over $300 million of his apartment properties at that time. Then in 2008 he started buying distressed real estate, and as of today have purchased over $400 million of condo properties in Colorado, Arizona and Florida. His target is to pick up another $500 million to recover lost values in non performing assets. He claims that research shows his company's concept is timed well for current market dynamics, and knowing Peter, I believe he will do very well with the Gates.
Anyone who wants to take advantage of this new opportunity can call us at Gateway and we can provide as much information as possible to help you in purchasing what could become a rare asset.