Drake Investment Partners has withdrawn from an agreement to buy 10.2 acres of land from the Foothills Park & Recreation District.
A contract for $1.5 million for the purchase of open space at the northeast and northwest corners of the intersection of South Wadsworth Boulevard and West Coal Mine Avenue has been terminated. The contract had been approved by the Foothills board at a meeting Oct. 25.
Drake was seeking a reduction in the selling price after discovering additional costs in developing the property, where it had planned to build shopping centers.
"They cited challenges to the overall cost of development," said Foothills executive director Ron Hopp.
Hopp said Drake cited the cost of installing utilities, building a retaining wall and soil removal as making the $1.5 million price of the property too high. Negotiations between the district and Drake failed to produce a price acceptable to both parties, Hopp said.
Hopp said the concerns brought up by Drake will be considered if and when the parcels are put back on the market.
The two pieces of property at Wadsworth and Coal Mine are among six parcels of open space Foothills has offered for sale to shore up its financial outlook.
Two of the other parcels, at Simms and Ward, are under contract for $2.4 million to a developer that has proposed building 82 single-family homes.
The other two parcels, at Columbine and Wadsworth, have not garnered much interest, Hopp said.
The decision to sell the properties has not been met with open arms by nearby residents, who have complained about the loss of open space and a potential drop in their property values.
Contact Ramsey Scott at email@example.com 303-933-2233, ex