On March 6, the City of Denver announced that applications are officially open for the newly expanded Denver Downtown Development Authority (DDA). Already, early rumblings are emerging about the first projects that may take shape under this initiative.
The Denver Post reported earlier last month that Los Angeles based real estate firm the Luzzatto Company had purchased 621 and 633 17th Street, with the intention of converting the two office towers into residential apartments. These buildings sit along 17th Street amidst the many other high-rise offices which form the once famed “Wall Street of the Rockies” (and which more recently embody the struggles of a neighborhood facing an identity crisis in a post-remote work world), these two structures comprise an entire block of upper downtown which has largely sat vacant since 2020.
Details of the project are certainly enticing. With a stated goal of creating at least 700 new apartments, this development would feature almost 1.5 times the number of units in the Spire Tower, one of the largest residential buildings in the city, and would represent the transformation of a prime parcel of underutilized urban real estate into one of the most densely settled city blocks in the entire state of Colorado.
Additional amenities that cater to both residents and the neighborhood at large are part of the redevelopment; including a childcare center, gym, restaurant, market, theater, and coworking suites. The existing outdoor courtyard will remain open to the public, with the developer expressing ideas to activate the space with weekend concerts and other events.
This is exactly the type of project that city officials, downtown boosters, and residents alike hope will revitalize a neighborhood still finding its footing after years of post-pandemic challenges.
The timeline provided by the Luzzatto Company shows that construction could start within a year and be finished two years after, but that may prove to be an ambitious goal. While the towers themselves have been purchased, the redevelopment is still in need of full financing to move forward, with the $570 Million of DDA funds representing just one funding option the developer is investigating.
In addition to the redevelopment of 621 & 633 17th Street, Davita, a large healthcare company and one of Denver’s biggest employers, announced that they will be partnering with developers Continuum Partners and Goshen Development to construct a seven-story apartment building at 2000 Welton Street, which will house 94 units of workforce housing. The project site is currently a parking lot just across 20th street from the One Lincoln Park condos.
The project site is currently a parking lot just across 20th street from the One Lincoln Park condos. Collectively, these two projects could bring over 1000 new residents to Upper Downtown.
Combined with One Lincoln Park and the currently under-construction Upton condos, they should be instrumental in breathing life into an often overlooked part of downtown that up to this point has sacrificed neighborhood vibrancy and a strong urban fabric at the altar of convenient parking. Hopefully these projects will act as catalysts for future developments to help make the intersection of Upper Downtown, Five Points, and Uptown into a unique destination in our city center.
