A judge ruled the defendants failed to exercise “reasonable diligence in investigating” complaints of methamphetamine fumes by tenants who suffered injuries.
It is accused of 10 alleged violations of municipal code and state law, including having inadequate security and allowing the distribution of cocaine.
It’s paying a “very much below market rate” to the property’s owner, a trust founded by Mark Falcone of Continuum Partners to preserve spaces for artists.
Kairoi Residential was originally under contract in 2018 to buy the triangular site at Speer and Market owned by Buzz Geller’s Paradise Land Co.
Developers building large housing projects would need to reserve 8-12 percent of rental units for those making less than the area median income and 10-15 percent of units for sale.
The city will send out trained staff to issue citations for crimes such as destruction of property, public defecation, trespassing and dumping.
“We want to continue the tradition that this street is known for, which is small businesses with owners or operators that you can find there every day,” said a co-owner.
The list of creditors, primarily individuals and couples, runs for hundreds of pages. The company advertised heavily on local TV.
Properties in Boulder, Evergreen and Denver rounded out the top 5, including a mansion that Elvis once tried to buy.
The measure was proposed by Councilwomen Amanda Sawyer and Deborah Ortega.