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Post Properties Withdraws $14 Million Bid for Subsidized Housing Complex

DENVER-In a surprise move, Atlanta-based Post Properties Inc. has withdrawn its $14 million bid to buy East Village, a controversial low-income apartment complex east of Denver's central business district. The subsidized housing complex is across the street from Post's $100 million, luxury apartment project.

By John Rebchook | Updated on September 01, 2000

In a surprise move, Atlanta-based Post Properties Inc. has withdrawn an offer to purchase East Village, a controversial low-income apartment complex east of Denver’s central business district.

Post previously had said it would pay $14 million for the project to the privately held Casden Properties Inc. The subsidized housing complex is across the street from Post’s $100 million, luxury apartment project. The Denver Housing Authority is in the condemnation process against privately held Casden Properties Inc., the Beverly Hills owner, on the 199 low-income housing units at Tremont Place and Park Ave. West. Denver Mayor Wellington Webb supports the DHA condemnation lawsuit, but adds Post’s responsibility is to shareholders and not to poor people. Neighborhood groups, initially in Post’s corner, also are criticizing the developer because they prefer new condominiums – not rental units – in a neighborhood already boasting a large number of rental properties.

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