Luzzatto clears hurdle for $300M downtown Denver office-to-residential conversion project
Asher Luzzatto’s Office-to-Residential Conversion Project Gets Green Light After Lease Extension
After six months of uncertainty, Asher Luzzatto’s ambitious downtown office-to-residential conversion project is back on track.
“There were definitely a lot of moments where I wasn’t sure it was going to happen,” said Luzzatto, 38.
On Friday, Luzzatto successfully negotiated a lease extension from 29 to 99 years at 633 17th St, clearing the way for financing the construction of 700 apartments in the two buildings he purchased last spring.
The project hit a roadblock due to a ground lease expiration, which jeopardized a $63 million loan from the Downtown Denver Development Authority. The extension of the lease was crucial for moving forward.
Despite challenges and disagreements with the landowner, Rhoda Krasner, Luzzatto remained committed to the project’s potential benefits for the city and all parties involved.
With the lease extension secured, Luzzatto is now set to begin construction later this year. The $315 million development, named High Fidelity Plaza, will not only feature 712 apartments but also a range of amenities such as a children’s museum, bodega, wine/beer bar, cafe, bookstore, daycare, art gallery, and coworking space.
Luzzatto believes that this project has the potential to revitalize downtown and address long-standing issues in the area.
Additionally, Luzzatto is planning a similar conversion project at the Denver Energy Center, which will further contribute to the city’s development.
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