🏢 Denver Adaptive Reuse in Downtown - 7.9.24
Amid the growing challenges in the office sector and significant value erosion, it was encouraging to see the city release the adaptive reuse conversion study with Gensler last August. While 21 buildings were identified and interest in the business plan is high, progress has been slow. These projects require substantial capital and often need tax incentives to get started. Additionally, rising construction costs and issues like building floorplates and access to windows make most conversions unfeasible.
Here are some of the upcoming projects to watch:
Denver Dry Goods
Location: 16th & California Street
Details: 106 apartments, 43 condos, 37,258 sq ft retail
Developer: Perry Rose, LLC
Architect: OZ Architecture
Petroleum Building
Location: 16th Street Mall & Broadway
Details: 177 apartments, 3,855 sq ft retail
Developer: Borst & Company
Architect: Gensler
The George
Location: 16th & Champa
Details: 116 apartments, 12,640 sq ft retail
Developer: Massandra Harbor George, LLC
Architect: Venture Architecture
University Building
Location: 16th Street Mall & Champa
Details: 106 apartments, 12,116 sq ft retail
Developer: 910 Associates
Architect: ShopWorks Architecture
475 17th Street
Details: 210 apartments, 2,577 sq ft retail
Developer: Revesco Properties
Architect: Davis Partnership Architects
These projects have the potential to add over 650 homes to Upper Downtown, converting approximately 450,000 sq ft of office space into vibrant residential areas. This shift highlights adaptive reuse as a vital post-pandemic development, revitalizing Denver's historic buildings and addressing the housing shortage.
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