Downtown towers sell for $3M; 700-unit residential conversion planned
Asher Luzzatto, a real estate developer with ambitious nine-figure plans, is gearing up for a major transformation in Denver. By purchasing an entire city block with two office towers, Luzzatto aims to convert the space into a residential haven.
“We have all the square footage we need to build the housing we need,” Luzzatto explained. He acquired 621 and 633 17th St. for $3.2 million, a stark contrast to the $112 million they sold for in 2008. The plan is to create around 700 apartments within the existing structures, totaling approximately 970,000 square feet. With a development cost estimated at $150 to $200 million, this conversion project is set to be one of the largest of its kind west of New York.
Luzzatto envisions a vibrant block that serves both residents and the Central Business District. The first step involves adding retail spaces on the ground floors, including a coffee shop in the former Ink Coffee space. Additionally, around 100,000 square feet of office space will be retained in the buildings.
Despite Denver’s recent challenges in its downtown office market, Luzzatto remains optimistic about the city’s potential. With funding from sources like the Downtown Denver Authority and a focus on achieving affordable rents, he is determined to bring his vision to life.
This project marks a significant milestone for Luzzatto, who has a track record of successful developments in Los Angeles and Austin. His innovative approach to repurposing commercial spaces for residential use reflects a broader trend towards reimagining urban landscapes.
As Luzzatto embarks on this transformative journey in Denver, he emphasizes the importance of adapting to changing real estate dynamics and maximizing the potential of existing structures. Through this residential conversion, he hopes to contribute to the city’s growth and create a thriving community for years to come. To ensure a smooth transition to WordPress platform, we will preserve all original HTML tags, images, HTML header, and key points. This will maintain the structure and design of the content while seamlessly integrating it into the new platform.
