Florida developer Bobby Ginn bowed out of the Minturn project last year. Crave Real Estate, tied to Philadelphia-based investment company Lubert-Adler, took control of the project.
Plans no longer include a golf course or large hotel on the property, and developers have cut the amount of proposed commercial space by two-thirds.
On Wednesday, Crave Real Estate Principal Dave Kleinkopf outlined the revised proposal before the Minturn Town Council. Developers have envisioned annexing land into Minturn for the project.
Kleinkopf said the downturn in the economy was one of the things that prompted the Canada-based company to scale back its vision.
“Just like every one of you, you have a budget,” Kleinkopf said. “You had to tighten up your budget. So have we.”