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A $10 million deal has fallen through between the developer of the Centennial housing complex and the city of Aspen that had the municipal government buying the deed restrictions on 143 apartments in perpetuity, effectively limiting rent prices.
“Everybody worked in good faith but we just couldn’t get it done,” Sam Brown, general partner in Centennial Aspen II Limited Partnership, the owner of the complex, said on Monday. “It’s a damn shame.”
Negotiations stalled out in late December when a new buyer of the complex, who is set to close in the next 45 days, could not agree to the city’s terms regarding a stipulation in the ownership agreement.