Regarding Renzi's past bankruptcy, the tail end of the CREJ article made me feel a little reassured. I don't know what it's like to be a filthy rich real estate developer guy, but apparently you can fall flat on your face, declare bankruptcy, then get right back up and start building skyscrapers again.
Must be nice.
Quote:
For Renzi, 53, these towers would be a comeback story.
He amassed a vast real estate portfolio in Miami, but lost it in foreclosures and had to file for Chapter 7 bankruptcy.
Because of the experience, he said he has come out stronger and smarter.
“We all now the most important thing is knowledge,” Renzi said.
Things were so bad during the recession that his buildings could have been built out of gold and they still would have lost them, he said.
“In my case, I hadn’t done anything bad or dishonest, it was just the timing was bad and banks were going out of business,” Renzi said.
“Remember, everything started to go bad in 2007 and I held on quite a long time, until I had to let go until 2011,” Renzi said.
“If I could have held on for one more year, I would have recovered everything,” he said.
While it wasn’t any fun going through the foreclosures and bankruptcy, “in a funny way, it was all for the best. I believe everything happens for a reason.”
“To tell you the truth, if I hadn’t lost everything in Miami, I never would have come to Denver and have this opportunity.”
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http://crej.com/news/condo-collosus-coming-downtown/
I don't know what to think about this. At first I was really skeptical – and for the most part I still am – but after reading these articles, I'm a bit less skeptical. Renzi seems to have an answer for everything including the construction defects issue and is able to provide a lot of specifics. According to the project website, the architecture firm they're working with is going to provide some finalized renderings soon. I guess we'll see...