{"id":486494,"date":"2026-06-14T04:15:00","date_gmt":"2026-06-14T10:15:00","guid":{"rendered":"https:\/\/coloradosun.com\/?p=486494"},"modified":"2026-06-16T16:18:09","modified_gmt":"2026-06-16T22:18:09","slug":"downtown-denver-commercial-real-estate-market","status":"publish","type":"post","link":"https:\/\/coloradosun.com\/2026\/06\/14\/downtown-denver-commercial-real-estate-market\/","title":{"rendered":"What the heck is happening in downtown Denver?"},"content":{"rendered":"\n<style>\n  #masthead {\n    transition: opacity 0.4s ease, transform 0.4s ease, visibility 0.4s ease;\n    opacity: 1;\n    transform: translateY(0);\n    visibility: visible;\n  }\n  #masthead.masthead-hidden {\n    opacity: 0;\n    transform: translateY(-100%);\n    visibility: hidden;\n    pointer-events: none;\n  }\n<\/style>\n<script>\n(function () {\n  var THRESHOLD = 200;\n  var ticking = false;\n\n  function update() {\n    var header = document.getElementById('masthead');\n    if (!header) {\n      ticking = false;\n      return;\n    }\n    var y = window.pageYOffset || document.documentElement.scrollTop || 0;\n    if (y > THRESHOLD) {\n      header.classList.add('masthead-hidden');\n    } else {\n      header.classList.remove('masthead-hidden');\n    }\n    ticking = false;\n  }\n\n  function onScroll() {\n    if (!ticking) {\n      window.requestAnimationFrame(update);\n      ticking = true;\n    }\n  }\n\n  window.addEventListener('scroll', onScroll, { passive: true });\n  document.addEventListener('DOMContentLoaded', update);\n  \/\/ Run once in case the page is already scrolled on load.\n  update();\n})();\n<\/script>\n\n\n\n<div class=\"wp-block-group alignfull\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-250976 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2020\/03\/colorado-coronavirus-isolation-27.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left wp-block-paragraph\">Downtown Denver\u2019s commercial real estate market is in distress.<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-4bd803f90dcb3cf8795503dba4ba290a is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>A lone pedestrian hustles across Broadway near the normally bustling Civic Center Station in downtown Denver on March 21, 2020. (Eric Lubbers, The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-490757 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7931-1-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left has-primary-color has-text-color has-link-color wp-elements-48fb0b05cf57bfe46bf5cf89eafb1925 wp-block-paragraph\">The area has some of the country\u2019s highest office vacancy rates, flat rents and dozens of buildings in or facing foreclosure.<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-7e32fc8981deb9db5c9a8820478f0d86 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>A vacant storefront advertised for lease<\/em> <em>near 17th and Champa streets on June 5. (Andy Colwell, Special to The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-490759 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7980-1-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left has-primary-color has-text-color has-link-color wp-elements-7497d86dd37bb385bf4a92caf6d6690f wp-block-paragraph\">But the area\u2019s downturn has turned it into a potential gold mine for investors \u2026<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-8480476fbbbed02a67afeef4695457a6 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>Plant care specialist Tina Webber waters plants for her employer, Ambius, outside the Sheraton Hotel on 16th Street (Andy Colwell, Special to The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-490760 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C8005-1-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left has-primary-color has-text-color has-link-color wp-elements-f3575774edcc2475bc1929eb56fa65c0 wp-block-paragraph\">\u2026 including the city of Denver itself.<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-6911eda12c2bc5ef46413ef318ab2d48 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>The center of the Denver Pavilions on June 5. (Andy Colwell, Special to The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">That was the thinking of The Luzzatto Company, which paid $3.2 million for the <a href=\"https:\/\/www.luzzatto.company\/housing\/621-633-17th\">two skyscrapers<\/a> at California and 17th streets a <a href=\"https:\/\/businessden.com\/2025\/04\/04\/downtown-towers-sell-for-3m-700-unit-residential-conversion-planned\/\">year ago in April<\/a>. Compared with the buildings\u2019 2008 sale of <a href=\"https:\/\/businessden.com\/2025\/04\/04\/downtown-towers-sell-for-3m-700-unit-residential-conversion-planned\/\">$112 million<\/a>, that\u2019s about 3 cents on the dollar. The plan is to turn the nearly 1 million square feet of underused office space into <a href=\"https:\/\/www.highfidelityplaza.com\/highfidelity-plaza\">High Fidelity Plaza<\/a>, a 700-unit apartment complex filled with urban amenities like a bodega, childcare center and bookstore. It\u2019s also next to a light-rail stop.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The conversion will cost the Los Angeles investors about $315 million. But thanks to a low-interest $63 million loan from Denver\u2019s Downtown Development Authority \u2014 \u201cthe minimum necessary to make this economically viable,\u201d president Asher Luzzatto said \u2014 it\u2019s a bet worth taking.<\/p>\n\n\n\n<div class=\"wp-block-cover alignwide is-light has-parallax has-custom-content-position is-position-center-right has-normal-font-size\" style=\"min-height:80vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-490754 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260513-Colwell-CoSun-Downtown-Denver-A9C6995-1-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div class=\"wp-block-group alignwide has-white-background-color has-background has-small-font-size\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-785a6efd wp-block-group-is-layout-constrained\">\n<p class=\"alignwide wp-block-paragraph\">\u201cWe had to make a calculated risk that the DDA\u2019s appetite for funding office-to-residential conversions would be attracted to this project in particular,\u201d Luzzatto said in an interview with The Colorado Sun. \u201cWe were betting that if DDA was serious about funding these conversions, ours would be, had to be, at the top of their list \u2014 A, because of the scale and B, because of the location and C, because of the programming and design we plan to bring to it.\u201d<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-82c079310d58f6fbf1f8dece568c9477 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>Developer Asher Luzzatto inside one of the downtown Denver office towers owned by his firm, The Luzzatto Company, at 17th and California streets. (Andy Colwell, Special to The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">DDA, a quasi-governmental entity to finance downtown improvements, took the wager. The organization had already approved three multimillion dollar loans to private developers for office-to-housing conversions. And the High Fidelity project seemed vital to infusing vibrancy back into the city\u2019s center.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group alignright is-style-default\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\t<div\n\t\tclass=\"wp-block-newspack-blocks-homepage-articles is-style-borders wpnbha ts-2 is-style-borders\"\n\t\tstyle=\"\"\n\t\t>\n\t\t<div data-posts data-current-post-id=\"486494\">\n\t\t\t\t\t\t\t<h2 class=\"article-section-title\">\n\t\t\t\t\t<span> \u2600\ufe0f MORE FROM THIS SERIES<\/span>\n\t\t\t\t<\/h2>\n\t\t\t\t\t\t\n\t<article data-post-id=\"491122\"\n\t\tclass=\"tag-16th-street-mall tag-denver-pavilions tag-downtown-denver category-business category-economy category-news type-of-work-news type-post post-has-image\"\n\t\t\t\t>\n\t\t\t\t\n\t\t<div class=\"entry-wrapper\">\n\t\t\t\t\t\t<h3 class=\"entry-title\"><a href=\"https:\/\/coloradosun.com\/2026\/06\/17\/denver-pavilions-new-era\/\" rel=\"bookmark\">A new era for downtown Denver&#8217;s biggest mall is beginning to take shape<\/a><\/h3>\t\t\t\t\t\t\t\t\t\t\t<\/div><!-- .entry-wrapper -->\n\t<\/article>\n\n\t\t\n\t<article data-post-id=\"490907\"\n\t\tclass=\"tag-city-of-denver tag-civic-center-park tag-downtown-denver tag-downtown-denver-development-authority tag-downtown-denver-partnership tag-editors-picks tag-mcnichols-civic-center category-coloradans category-colorado-sunday category-culture category-equity category-growth category-housing category-news type-of-work-news type-post post-has-image\"\n\t\t\t\t>\n\t\t\t\t\n\t\t<div class=\"entry-wrapper\">\n\t\t\t\t\t\t<h3 class=\"entry-title\"><a href=\"https:\/\/coloradosun.com\/2026\/06\/16\/the-plan-for-reviving-civic-center-park-denver\/\" rel=\"bookmark\">Who\u2019s ready to picnic in downtown Denver\u2019s Civic Center park?\u00a0<\/a><\/h3>\t\t\t\t\t\t\t\t\t\t\t<\/div><!-- .entry-wrapper -->\n\t<\/article>\n\n\t\t\t\t<\/div>\n\t\t\n\t<\/div>\n\t<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Tourists, convention goers and local visitors have returned to downtown, especially along 16th Street, which completed a multiyear makeover last fall. Foot traffic is pretty much back to prepandemic levels, <a href=\"https:\/\/www.downtowndenver.com\/post\/april-2026-data-update-the-spring-upswing-hotels-high-performance-exciting-new-businesses-and-st\">reaching 95%<\/a> of traffic measured in 2019, according to <a href=\"https:\/\/edf43dbe-812d-4612-8be0-ccd2b5251c20.filesusr.com\/ugd\/f83d72_661177ca88f541ab88c22c0ec3d8e212.pdf\">data<\/a> market researcher <a href=\"http:\/\/placer.ai\">Placer.ai<\/a> provided to the Downtown Denver Partnership, a separate organization that promotes the city\u2019s economic center.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But the office market is different. While other major cities are still below their 2019 office occupancy levels, downtown Denver last month had <a href=\"https:\/\/www.placer.ai\/anchor\/articles\/may-2026-placer-ai-office-index-gains-hide-in-plain-sight\">the worst office recovery<\/a> rate of them all. The city&#8217;s reputation as a top place for remote work and downtown\u2019s outdated perception of pandemic insecurity and homeless encampments probably hasn\u2019t helped.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In May, office visits to downtown Denver office buildings were off by 48.4% compared to 2019, according to Placer data, which uses anonymized cellphone data of phones in an office for at least three hours are presumably owned by a worker.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/29356946\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/public.flourish.studio\/visualisation\/29356946\/thumbnail\" width=\"100%\" alt=\"chart visualization\"><\/noscript><\/div>\n\n\n\n<div class=\"wp-block-group alignfull\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-490755 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A8C7107-1-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left wp-block-paragraph\">However, data doesn\u2019t tell the whole story. In a three-part series, The Colorado Sun is taking a closer look at what is happening to the Upper Downtown neighborhood that has had a heckuva time returning to its former glory.<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-9aa3d97451515fe4e9095cce295bf1af is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>The Colorado State Capitol and Civic Center Station from 16th Street. (Andy Colwell, Special to The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-256118 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2020\/08\/downtown-denver-smoke-august-2020-15.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left wp-block-paragraph\">If all goes as planned, DDA will help turn nearly one-fourth of the underused office space into something that city dwellers demand \u2014 like a place to live.<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-92f135751af941a036db2a4dc3a61cd8 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>The sign on the Paramount Theater in August 2020. (Eric Lubbers, The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-446961 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2025\/06\/Khruangbin_15.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left wp-block-paragraph\">The highly aspirational plan for reviving Upper Downtown, the chunk of central Denver from Lawrence Street to Broadway, includes helping Civic Center shed its negative image by transforming it into a year-round community hub and purchasing the troubled Denver Pavilions mall because no one else would.<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-141036f5145f42c9f50815439a17dcd1 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>Khruangbin performs at the Outside Festival on May 31, 2025 in Denver&#8217;s Civic Center Park. (Handout)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"wp-block-paragraph\">Funding for all this comes from $570 million in <a href=\"https:\/\/ballotpedia.org\/Denver_Downtown_Development_Authority,_Colorado,_Ballot_Issue_6A,_Bond_Measure_(November_2024)\">city bonds approved<\/a> by downtown voters in 2024. And so far, DDA has approved $225 million in loans and grants, mostly to commercial applicants, some small merchants and the city for work to upgrade properties such as the McNichols Building and Civic Center and Skyline parks. Eventually, the loans must be repaid and the DDA must return the money to the city \u2014 plus interest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The way Luzzatto sees it, this isn\u2019t really a risk at all for the city or the future taxpayer dollars funding the loan.<\/p>\n\n\n\n<div class=\"wp-block-group alignright alt is-style-default has-light-gray-background-color has-background\" style=\"padding-top:0;padding-right:0;padding-bottom:0;padding-left:0\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1545\" height=\"1999\" data-attachment-id=\"490719\" data-permalink=\"https:\/\/coloradosun.com\/cosunday-244-1\/\" data-orig-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?fit=1545%2C1999&amp;ssl=1\" data-orig-size=\"1545,1999\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;alt&quot;:&quot;&quot;}\" data-image-title=\"cosunday-244 (1)\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?fit=927%2C1200&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?resize=1545%2C1999&#038;ssl=1\" alt=\"\" class=\"wp-image-490719\" style=\"width:1509px\" srcset=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?w=1545&amp;ssl=1 1545w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?resize=232%2C300&amp;ssl=1 232w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?resize=927%2C1200&amp;ssl=1 927w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?resize=768%2C994&amp;ssl=1 768w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?resize=1187%2C1536&amp;ssl=1 1187w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?resize=1200%2C1553&amp;ssl=1 1200w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?resize=791%2C1024&amp;ssl=1 791w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?resize=780%2C1009&amp;ssl=1 780w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?resize=400%2C518&amp;ssl=1 400w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/cosunday-244-1.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center alt has-dark-gray-color has-text-color has-link-color wp-elements-cec35a7b3cb3d7243e8457d35f8f47e2 wp-block-paragraph\" style=\"padding-top:var(--wp--preset--spacing--40);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--40);padding-left:var(--wp--preset--spacing--40);font-size:12px\"><strong>This story first appeared in  Colorado Sunday, a premium magazine newsletter for members. Experience the best in Colorado news at a slower pace, with thoughtful articles, unique adventures and a reading list that\u2019s perfect for Sunday morning.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-2a95dd48 wp-block-buttons-is-layout-flex\" style=\"padding-bottom:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-white-color has-primary-background-color has-text-color has-background has-link-color has-custom-font-size wp-element-button\" href=\"\/sunday\/\" style=\"font-size:14px\">SUBSCRIBE<\/a><\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThese aren\u2019t grant monies. They\u2019re loans. So unless the project or the market completely collapses beyond where it\u2019s already collapsed, they (the city) should be really well positioned to both recover the full amount of their investment plus interest,\u201d said Luzzatto, whose company also <a href=\"https:\/\/businessden.com\/2025\/09\/16\/two-tower-denver-energy-center-under-contract-to-sell-for-5m\/\">acquired<\/a> the two Denver Energy Center buildings at 16th and Broadway last year for $5 million.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cYou ultimately put the onus on developers in private markets, but you also help. You help make the economics make sense <a href=\"https:\/\/www.investopedia.com\/terms\/e\/exante.asp\">ex-ante<\/a> by providing these lower-interest loans to get the construction going.\u201d<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"wp-block-paragraph\">The public funding is fueling fast decisions. The DDA board has approved at least 16 projects in less than a year. None of the multimillion-dollar loans to commercial developers have been funded, though. That\u2019s largely because projects are still in the planning stage, getting permits and arranging other financing. Downtown\u2019s high office vacancy rates, which include buildings that are no longer actively leasing, continue to rise, according to real estate broker CBRE. The pressure is on.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe\u2019ve lost, oh, I don\u2019t know, 30, 40% of our employees, particularly in Upper Downtown just through flex work and some companies, many companies downsizing and such,\u201d said Bill Mosher, a consultant to Denver Mayor Mike Johnston who is working with DDA to figure out how to attract more life to <a href=\"https:\/\/updona.org\/\">Upper Downtown<\/a>.<\/p>\n\n\n\n<div class=\"flourish-embed flourish-pictogram\" data-src=\"visualisation\/28964871\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/public.flourish.studio\/visualisation\/28964871\/thumbnail\" width=\"100%\" alt=\"pictogram visualization\" \/><\/noscript><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Mosher\u2019s done this before. In 2008, he helped create the DDA to pay back a $300 million federal loan to renovate Denver Union Station. DDA used a tool called tax increment financing, or TIF, which let the authority borrow money from future downtown property and sales taxes and pay it back in 30 years. The renovated Union Station opened in 2014 with a hotel, the A line to the airport, shops and restaurants. The loan was paid off in 2024.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1706\" data-attachment-id=\"490756\" data-permalink=\"https:\/\/coloradosun.com\/20260605-colwell-cosun-downtown-denver-a8c7881\/\" data-orig-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?fit=2560%2C1706&amp;ssl=1\" data-orig-size=\"2560,1706\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;Andy Colwell&quot;,&quot;camera&quot;:&quot;NIKON D850&quot;,&quot;caption&quot;:&quot;Bill Mosher, a consultant to Denver Mayor Mike Johnston, poses for a portrait in Civic Center Park on June 5 in Denver.  (Andy Colwell, Special to The Colorado Sun)&quot;,&quot;created_timestamp&quot;:&quot;1780676040&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;170&quot;,&quot;iso&quot;:&quot;31&quot;,&quot;shutter_speed&quot;:&quot;0.016666666666667&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;alt&quot;:&quot;&quot;}\" data-image-title=\"20260605-Colwell-CoSun-Downtown-Denver-A8C7881\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Bill Mosher, a consultant to Denver Mayor Mike Johnston, poses for a portrait in Civic Center Park on June 5 in Denver.  (Andy Colwell, Special to The Colorado Sun)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?fit=1200%2C800&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=2560%2C1706&#038;ssl=1\" alt=\"\" class=\"wp-image-490756\" srcset=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?w=2560&amp;ssl=1 2560w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=1200%2C800&amp;ssl=1 1200w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=1536%2C1024&amp;ssl=1 1536w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=2048%2C1365&amp;ssl=1 2048w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=2000%2C1333&amp;ssl=1 2000w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=780%2C520&amp;ssl=1 780w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?resize=400%2C267&amp;ssl=1 400w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7881-1-scaled.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">Bill Mosher, a consultant to Denver Mayor Mike Johnston, in Civic Center Park. (Andy Colwell, Special to The Colorado Sun)<\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u201cIt got paid off early,\u201d Mosher said.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And the payoff coincided with the mayor&#8217;s plan to use TIF again to solve the economic crisis in downtown. In 2024, the city\u2019s downtown office market was <a href=\"https:\/\/coloradosun.com\/2025\/01\/18\/office-vacancy-sublease-downtown-denver\/\">more than 30% vacant<\/a>. But the emptiness was far greater. Many companies still had leases, but their employees worked remotely, turning downtown office towers into <a href=\"https:\/\/coloradosun.com\/2023\/12\/07\/denver-metro-office-vacancy-empty\/\">zombie buildings<\/a> with few people showing up in person. As leases came due, many opted for a smaller footprint, if they renewed at all. Vacancy rates kept rising.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Downtown voters <a href=\"https:\/\/ballotpedia.org\/Denver_Downtown_Development_Authority,_Colorado,_Ballot_Issue_6A,_Bond_Measure_(November_2024)\">overwhelmingly approved<\/a> the plan in late 2024 and allowed DDA to tap $570 million in future taxes to invest in the city\u2019s center. The <a href=\"https:\/\/denvergov.org\/files\/assets\/public\/v\/1\/economic-development\/documents\/dda\/updated-pod\/amended-ddda-plan-of-development-draft-11-7-2024.pdf\">TIF was amended<\/a> to include Upper Downtown.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The DDA\u2019s plan was straightforward.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe\u2019ve made a goal to try and eliminate over the years about 7 million square feet of vacant or obsolete office space. And we want to do that by either filling them with office workers, which is a challenge right now, or converting space to residential,\u201d Mosher said. \u201cAnd, you know, people always ask about demolition. We say that\u2019s probably a third choice, but we\u2019re not at the point where we want to buy buildings to tear down.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But that\u2019s the kind of quandary the city faced. Nobody was stepping up. Downtown restaurants, retailers and the office market were not recovering on their own.&nbsp;<\/p>\n\n\n\n<h2 id=\"h-denver-buys-a-mall-and-then-some\" class=\"wp-block-heading\">Denver buys a mall and then some<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In December, the Denver City Council <a href=\"https:\/\/businessden.com\/2025\/12\/03\/council-approves-purchase-of-denver-pavilions-adjacent-parking-lots\/\">gave<\/a> the DDA its blessing to <a href=\"https:\/\/www.denvergov.org\/Government\/Agencies-Departments-Offices\/Agencies-Departments-Offices-Directory\/Mayors-Office\/News\/2025\/DDDA-to-Purchase-Pavilions\">buy the Denver Pavilions<\/a>, the shopping mall between Welton Street and Tremont Place, for $37 million. That wasn\u2019t in the plans a year earlier.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe had no intention of buying it,\u201d Mosher said. \u201cBut if you\u2019re going to focus on 16th Street and you\u2019re going to focus on Upper Downtown and you\u2019re sitting there with a <a href=\"https:\/\/businessden.com\/2025\/03\/11\/denver-pavilions-in-a-tenuous-situation-with-loan-coming-due\/\">potential foreclosure<\/a> of Pavilions, it\u2019s not a good situation.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 354,407-square-foot mall had shed anchor tenants like Uniqlo, Hard Rock Cafe and Banana Republic. \u201cIt had been in a precarious position for almost a year,\u201d Mosher said. Financed in 2016 for $140 million, the Pavilions had an $85 million loan that was past due by the time DDA purchased the mall. The bank hadn\u2019t been paid in six months, Mosher said.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFrankly, the feeling we got from the bank, and the word we got from the bank, is they would sit on it for a couple of years and see what happened with Upper Downtown. And we felt this was a situation that we didn\u2019t want to live with,\u201d Mosher said. \u201cWe needed to control our own destiny.\u201d<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-343305 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2023\/08\/smith-lake-washington-park-denver-algae-os-6-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left wp-block-paragraph\">The city is a long-time landowner and landlord. According to city data, Denver owns hundreds of properties totaling about 12.5 million square feet in buildings, including recreation centers and parks facilities.<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-cd9e46aa14c63e4bbdbc558e6640c3cf is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>The boathouse at Smith Lake at Denver\u2019s Washington Park in August of 2023. (Olivia Sun, The Colorado Sun via Report for America)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-437112 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2025\/03\/bernie_sanders_rally_jp-7-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left wp-block-paragraph\">But the buildings are mostly fire stations, libraries, jails and garages, as well as large properties such as the Colorado Convention Center, Denver Botanic Gardens, National Western Complex, Denver Art Museum and the old Denver Post building on the corner of West Colfax Avenue and Broadway.<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-2e08984d4c458baf6009f5abd3e47ba8 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>The Denver Post building in downtown Denver in March of 2025. (Jesse Paul, The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-490800 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Main-Listening-Room-by-David-Rossa-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left wp-block-paragraph\">The city also is landlord to numerous tenants including Dazzle Jazz, which occupies a space attached to another city property, the Denver Performing Arts Center.<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-45c86aa74b64e28908bd684485ead146 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>The main listening room at Dazzle Denver at the Denver Center for the Performing Arts. (Handout)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">But most of the recent purchases and loans weren\u2019t done by the city. Those are owned or managed by the DDA. In the case of the Pavilions, DDA was actually eyeing the two parking lots on 15th Street behind the mall, which were owned by another company. Without acquiring those, the city\u2019s mall purchase risked another developer coming in with something else in mind instead of one in simpatico. The two parking lots cost DDA another $22.5 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The surface parking lots are active and bring in two-thirds of the mall\u2019s parking revenue. Between retail tenants and the parking, the Pavilions is collecting $3.3 million in net revenue a year. The money is being invested back into the property, including setting aside $3.5 million to repair the underground parking garage \u2014 work that had been deferred for four years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhat\u2019s interesting about the Pavilions is that it\u2019s 38% vacant,\u201d Mosher said. \u201cIt\u2019s actually 62% occupied. We\u2019ve got some long-term active tenants.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s desperate situations that are getting DDA\u2019s attention. The owners of the Petroleum Building at 16th and Broadway had been trying to convert the 14-story office tower into housing <a href=\"https:\/\/coloradosun.com\/2024\/04\/01\/downtown-denver-conversion-office-residential\/\">for five years<\/a>. In November, the DDA <a href=\"https:\/\/coloradosun.com\/2025\/11\/22\/thanksgiving-dinner-prices-colorado-grocery-2025\/#h-Denver%E2%80%99s-Petroleum-Building\">approved a $14 million<\/a> low-interest loan for the office tower, which when it was built in 1957 housed the oil industry\u2019s Petroleum Club, according to the <a href=\"https:\/\/www.historycolorado.org\/sites\/default\/files\/media\/document\/2017\/646.pdf\">National Register of Historic Places<\/a>.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group alignwide\" id=\"diptych\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"821\" data-attachment-id=\"378248\" data-permalink=\"https:\/\/coloradosun.com\/office-conversion-03272024-ks-154\/\" data-orig-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?fit=2500%2C1710&amp;ssl=1\" data-orig-size=\"2500,1710\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;6.3&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D500&quot;,&quot;caption&quot;:&quot;The Petroleum Building on the corner of Broadway and the 16th Street Mall, Wednesday, March 27, 2024 in downtown Denver. (Kathryn Scott, Special to The Colorado Sun)&quot;,&quot;created_timestamp&quot;:&quot;1711554207&quot;,&quot;copyright&quot;:&quot;Copyright - 2024 Kathryn Scott&quot;,&quot;focal_length&quot;:&quot;24&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.00125&quot;,&quot;title&quot;:&quot;OFFICE-CONVERSION-03272024-KS-154&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"OFFICE-CONVERSION-03272024-KS-154\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Petroleum Building on the corner of Broadway and the 16th Street Mall, Wednesday, March 27, 2024 in downtown Denver. (Kathryn Scott, Special to The Colorado Sun)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?fit=1200%2C821&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=1200%2C821&#038;ssl=1\" alt=\"\" class=\"wp-image-378248\" style=\"aspect-ratio:3\/2;object-fit:cover\" srcset=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=1200%2C821&amp;ssl=1 1200w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=300%2C205&amp;ssl=1 300w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=768%2C525&amp;ssl=1 768w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=1536%2C1051&amp;ssl=1 1536w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=2048%2C1401&amp;ssl=1 2048w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=1024%2C700&amp;ssl=1 1024w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=1568%2C1073&amp;ssl=1 1568w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=2000%2C1368&amp;ssl=1 2000w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16.jpg?resize=400%2C274&amp;ssl=1 400w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2024\/03\/office-conversation-KS-16-1200x821.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1440\" data-attachment-id=\"490653\" data-permalink=\"https:\/\/coloradosun.com\/2026\/06\/14\/downtown-denver-commercial-real-estate-market\/petroleum-studio-open-bed\/\" data-orig-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?fit=2560%2C1440&amp;ssl=1\" data-orig-size=\"2560,1440\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;alt&quot;:&quot;&quot;}\" data-image-title=\"Petroleum &amp;#8211; Studio Open Bed\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?fit=1200%2C675&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=2560%2C1440&#038;ssl=1\" alt=\"\" class=\"wp-image-490653\" style=\"aspect-ratio:3\/2;object-fit:cover;object-position:0% 0%\" srcset=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?w=2560&amp;ssl=1 2560w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=1200%2C675&amp;ssl=1 1200w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=2000%2C1125&amp;ssl=1 2000w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=780%2C439&amp;ssl=1 780w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?resize=400%2C225&amp;ssl=1 400w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/Petroleum-Studio-Open-Bed-scaled.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n<\/div>\n\n\n\n<p class=\"alt has-text-color wp-block-paragraph\" id=\"diptych-caption\" style=\"color:#515151;font-size:13px\"><strong>LEFT:<\/strong> The Petroleum Building on the corner of Broadway and the 16th Street Mall in downtown Denver. (Kathryn Scott, Special to The Colorado Sun) <strong>RIGHT:<\/strong> A rendering of what a studio unit layout that would be part of the Petroleum Building&#8217;s conversion. (Handout)<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"wp-block-paragraph\">Co-owner Tim Borst said he was thrilled to get the DDA funding. Combined with historic tax credits and their own investment and city support, the $70 million project aims to convert offices into 178 residential units with amenities like a yoga and fitness center, a penthouse dog park and gardening spaces. Ironically, there\u2019s been one snafu so far: An office tenant who bought Borst\u2019s coworking business still has a lease and is trying to <a href=\"https:\/\/businessden.com\/2026\/04\/27\/the-coworking-tenant-and-downtown-landlord-who-cant-make-a-deal\/\">renegotiate<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThose tax credits, along with the DDA loan, are critical components for the project,\u201d Borst said in an email. \u201cWe are in discussions with our final remaining office tenant and expect to have a resolution prior to construction commencement, which is currently anticipated for (January).\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But one DDA project has already fallen off the list. The Symes Building, at 16th and Champa, was <a href=\"https:\/\/www.downtowndenver.com\/post\/catalytic-downtown-investments-approved-by-downtown-development-authority-board\">approved for a $17 million loan<\/a> last July. Plans call for converting the historic office building into 116 apartments. Developers had received city approval on their site development plans but then the lender booted them out. If the lender finds a new development partner, the project could return. But for now, it\u2019s on hold for DDA funding.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe\u2019re not reserving the money,\u201d Mosher said. \u201cThey would have to reapply and we would have to consider it. The advantage they have is the site development plan. And if a developer comes along and picks up the existing plans then they can move pretty quickly. We\u2019re really interested in projects that can get going now. We\u2019re not funding projects and saying, if you get your act together in five years, we\u2019ll give you money.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The plan for the 12-story University Building, at 910 16th St., is to turn the old office building into income-restricted housing. DDA approved a $14.5 million loan in July to convert it into 120 affordable rentals. The project is the furthest along with construction expected to begin in early 2027, according to Mosher.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-490761 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A9C0023-1-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-left wp-block-paragraph\">Many of DDA\u2019s loans to developers and small businesses are being offered at a low 3% interest rate with terms between 10 to 40 years. The authority is providing grants to a number of small retailers, restaurants and businesses. Here is what has been approved so far:<\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-ec3613ef2242fd2992522a7bc2dacf6f is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>Denver\u2019s McNichols Building on June 5. (Andy Colwell, Special to The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-490758 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260605-Colwell-CoSun-Downtown-Denver-A8C7952-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-list\">\n<li><strong>Petroleum Building, $14 million loan. <\/strong>The 14-story office tower at <strong>16th Street and Broadway<\/strong> is being turned into 178 rental units at a total project cost of $67.9 million. <\/li>\n\n\n\n<li><strong>University Building, $14.6 million<\/strong>. Another office-to-residential building would add 120 affordable rentals at 900 16th St.<\/li>\n\n\n\n<li><strong>Barth Hotel, $6 million loan. <\/strong>The former assisted-living facility at <strong>1514 17th St.<\/strong>, is being converted into 50 affordable-housing units for lower-income seniors. Construction is expected to start in spring 2027 and be completed by early 2028.<\/li>\n\n\n\n<li><strong>High Fidelity Plaza, $63 million loan<\/strong>. Two office buildings at <strong>17th and California<\/strong> will be converted into 700 apartments, with 10% meeting affordable-housing requirements. Potential move in date: 2029.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-b1b628e0ce8f31234a325a3019de9c93 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>Buses and a bicyclist traverse 16th Street. (Andy Colwell, Special to The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-parallax tight-cover\" style=\"min-height:100vh;aspect-ratio:unset;\"><div class=\"wp-block-cover__image-background wp-image-490769 size-full has-parallax\" style=\"background-position:50% 50%;background-image:url(https:\/\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2681-scaled.jpg)\"><\/div><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#000000\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:35vh\"><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-list\">\n<li><strong>Denver Pavilions, $37 million. <\/strong>DDA is the new owner of the shopping mall on <strong>16th Street<\/strong>. DDA doesn\u2019t plan to own it forever and will work with developers interested in maintaining the property as a hub for city life.<\/li>\n\n\n\n<li><strong>Green Spaces Market, $4.2 million grant. <\/strong>Green Spaces is leasing the block of vacant storefronts along 16th Street, where a Radio Shack and Taco Bell were once tenants. The company <a href=\"https:\/\/www.linkedin.com\/posts\/jevon-taylor-068862155_new-beginnings-for-green-spaces-activity-7362523197679824896-wrhv\/\">is creating a place for artists, local food and other unique vendors<\/a> at below-market leases in <a href=\"https:\/\/denver.legistar.com\/LegislationDetail.aspx?ID=7733292&amp;GUID=EE73B444-C85B-4AF5-9103-98B58B2CE95D&amp;Options=&amp;Search=\">17,500 square feet<\/a> at <strong>600 and 622 16th St<\/strong>.<\/li>\n\n\n\n<li><strong>Denver Immersive Repertory Theater, or DIRT, $400,000 loan.<\/strong> A new production studio and 200-seat theater is taking over the former Patagonia store at <strong>1500 Blake St<\/strong>. <\/li>\n\n\n\n<li><strong>Milk Tea People, $640,000 loan<\/strong>. This tea beverage and dessert seller plans to relocate from a few doors away, nearly tripling its space at 1485 16th St. The opening is planned for early August.<\/li>\n\n\n\n<li><strong>Sundae Artisan Ice Cream, $750,000 loan<\/strong> (pictured). The Western Slope artisan ice cream shop held its grand opening June 13 with some help from <a href=\"https:\/\/denver.legistar.com\/LegislationDetail.aspx?ID=7733291&amp;GUID=F02DCB6F-A4A5-4536-B1A8-FE107B3B6533&amp;Options=&amp;Search=\">DDA funding<\/a>. It\u2019s taken over the former Cook\u2019s Fresh Market at <strong>1600 Glenarm Place<\/strong>.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div style=\"height:35vh\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-2a01a21cf3f967f7c60d1065a8f9ee88 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>Patrons of the newly opened Sundae Artisan Ice Cream are reflected in a cooler\u2019s window at Denver\u2019s 16th Street  and Glenarm Place on June 12 in Denver. (Andy Colwell, Special to The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<h2 id=\"h-grants-to-give-downtown-a-unique-local-vibe\" class=\"wp-block-heading\">Grants to give downtown a unique, local vibe<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The latest iteration of DDA is still relatively new. Its first awards went out less than a year ago. Many recipients are small business owners, some who\u2019ve already moved forward with expanding their business along 16th Street.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sundae Artisan Ice Cream, which started in Vail in 2016, received a $750,000 <a href=\"https:\/\/denver.legistar.com\/LegislationDetail.aspx?ID=7733291&amp;GUID=F02DCB6F-A4A5-4536-B1A8-FE107B3B6533&amp;Options=&amp;Search=\">DDA loan<\/a> to expand in Denver. The new store, at 1600 Glenarm Place, officially <a href=\"https:\/\/www.sundaeicecream.com\/blogs\/news\/sundae-denver-grand-opening-may-23rd\">opened Saturday<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over on 16th Street between Welton and California, Jevon Taylor has already received a half year of rent money from his DDA grant of $4.2 million. Taylor is <a href=\"https:\/\/www.instagram.com\/p\/DNO3hJpx_jj\/\">taking over<\/a> the ground floor of two buildings for Green Spaces Market, which will include artists and local vendors and food. It&#8217;s charging below-market rents.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1706\" data-attachment-id=\"490958\" data-permalink=\"https:\/\/coloradosun.com\/20260521-colwell-cosun-downtown-denver-a9c8072\/\" data-orig-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?fit=2560%2C1706&amp;ssl=1\" data-orig-size=\"2560,1706\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;5.6&quot;,&quot;credit&quot;:&quot;Andy Colwell&quot;,&quot;camera&quot;:&quot;NIKON Z 9&quot;,&quot;caption&quot;:&quot;Entrepreneur Jevon Taylor poses outside 600 16th Street on May 21 in Denver. The building is of two he has taken over on the block for redevelopment into new businesses using Denver Development Authority grant funding. (Andy Colwell, Special to The Colorado Sun)&quot;,&quot;created_timestamp&quot;:&quot;1779397111&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;24&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.01&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;alt&quot;:&quot;&quot;}\" data-image-title=\"20260521-Colwell-CoSun-Downtown-Denver-A9C8072\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Entrepreneur Jevon Taylor poses outside 600 16th Street on May 21 in Denver. The building is of two he has taken over on the block for redevelopment into new businesses using Denver Development Authority grant funding. (Andy Colwell, Special to The Colorado Sun)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?fit=1200%2C800&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=2560%2C1706&#038;ssl=1\" alt=\"\" class=\"wp-image-490958\" srcset=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?w=2560&amp;ssl=1 2560w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=1200%2C800&amp;ssl=1 1200w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=1536%2C1024&amp;ssl=1 1536w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=2048%2C1365&amp;ssl=1 2048w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=2000%2C1333&amp;ssl=1 2000w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=780%2C520&amp;ssl=1 780w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?resize=400%2C267&amp;ssl=1 400w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260521-Colwell-CoSun-Downtown-Denver-A9C8072-scaled.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">Entrepreneur Jevon Taylor poses outside 600 16th Street on May 21 in Denver. The building is of two he has taken over on the block for redevelopment into new businesses using Denver Development Authority grant funding. (Andy Colwell, Special to The Colorado Sun)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe couldn\u2019t do this without a grant,\u201d said Taylor, who had operated a <a href=\"https:\/\/www.greenspaces.community\/\">coworking space<\/a> and marketplace in Five Points. \u201cWe\u2019re also trying to push the needle and provide viable options for these kinds of opportunities to exist. My goal with this is to get beyond the five years we\u2019re guaranteed (rent) and figure out how we can expand this to a larger footprint and longer term lease.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The market is expected to open in September. As of May, all the spaces have been leased, including a spot to Konjo, which plans to open its third and largest Ethiopian eatery, he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI think Denver is one of the only cities that is doing it on this level,\u201d said Taylor, who\u2019s also known for the <a href=\"https:\/\/303magazine.com\/2021\/11\/sustainable-streetwear-brand-false-ego-returns-to-denver-fashion-week\/\">False Ego fashion label<\/a>. \u201cI mean you see things <a href=\"https:\/\/www.kctv5.com\/2026\/05\/05\/kansas-city-area-businesses-benefitting-citys-open-doors-program\/\">like Kansas City<\/a>, where the World Cup is coming and they\u2019re giving two months of free rent to businesses. I think that\u2019s absolute BS. I\u2019m glad that Denver is giving us the opportunity to do this for a five-year span and letting us pilot this.\u201d<\/p>\n\n\n\n<h2 id=\"h-city-s-spending-on-office-conversions-so-far-not-much\" class=\"wp-block-heading\">City\u2019s spending on office conversions so far? \u201cNot much.\u201d<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The larger loans for commercial conversions are still waiting for projects to get further along with building permits and additional financing.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cNot much of it has been spent, frankly,\u201d Mosher said. \u201cThink of us as a bank. The High Fidelity project is a good example. We\u2019re requiring their first lender and the DDA to go in together on the loan. So we won\u2019t spend any money on the High Fidelity project until potentially 2028. It could be under construction and the developer\u2019s equity is being spent before we come in with our money.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The $570 million TIF doesn\u2019t mean DDA has access to all that money at once. It\u2019s based on collected sales and property tax revenues, so even the authority must consider how much more to loan based on the likelihood of being able to pay it back.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The DDA has received 100 project proposals. Of those, 67 were ineligible or not selected, seven are on hold or missing information, 16 were awarded grants or loans and 10 are still in review.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThere aren\u2019t many cities that have the resources of the DDA to help their downtown,\u201d Mosher said. \u201cThat being said, the overall amount of money is not a lot. I mean, just look at $60 million going to 700 housing units. It\u2019s expensive and so all we\u2019re trying to do is get the market going in the right direction, give a couple of examples of things that can work and then hopefully the private market takes over.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Similar efforts are happening in other cities that experienced a mass exodus of office workers in the pandemic. Dallas, which has used TIFs for decades to encourage growth, increased funding to developers in 2022 after watching companies move to its suburbs, according to a <a href=\"https:\/\/www.pew.org\/en\/research-and-analysis\/reports\/2026\/05\/the-remote-work-challenge-lessons-from-5-cities\">Pew Charitable Trusts report<\/a>. In October, the Dallas City Council <a href=\"https:\/\/www.fox4news.com\/news\/iconic-dallas-skyscraper-lands-103-million-tif-massive-mixed-use-conversion\">agreed to provide $103 million<\/a> to redevelop the city\u2019s tallest office building into a hotel.&nbsp;<\/p>\n\n\n\n<h2 id=\"h-why-isn-t-the-downtown-office-market-filling-back-up-two-words-remote-work\" class=\"wp-block-heading\">Why isn\u2019t the downtown office market filling back up? Two words: remote work.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Denver\u2019s low recovery rates has also been attributed to its \u201cremote-friendly labor market,\u201d said market researcher Placer, which ranked the city as having the <a href=\"https:\/\/www.placer.ai\/anchor\/articles\/may-2026-placer-ai-office-index-gains-hide-in-plain-sight\">worst pandemic office-recovery<\/a> rate. Last month&#8217;s office visits were off by 48.4% compared with May 2019. Miami, the closest to a full recovery, was off by 11%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But the city and state has long had a higher share of remote workers than all other states, according to U.S. Census data. It was that way in 2019, when 8.3% of workers said they worked some or all of their days at home. And it was that way in 2024, when \u201cwork at home\u201d jumped to 22.9%. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Washington, D.C., took the lead in 2024, but Colorado was still the top state.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull is-light\" style=\"min-height:100vh;aspect-ratio:unset;\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"3931\" height=\"2621\" data-attachment-id=\"250979\" data-permalink=\"https:\/\/coloradosun.com\/a-photograph-featured-in-the-colorado-sun-68\/\" data-orig-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2020\/03\/colorado-coronavirus-isolation-34.jpg?fit=3931%2C2621&amp;ssl=1\" data-orig-size=\"3931,2621\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;(Eric Lubbers, The Colorado Sun)&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Pedestrians keep their distance on the nearly deserted 16th Street Mall in downtown Denver on March 21, 2020. (Eric Lubbers, The Colorado Sun)&quot;,&quot;created_timestamp&quot;:&quot;1584831328&quot;,&quot;copyright&quot;:&quot;Eric Lubbers | The Colorado Sun&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;A photograph featured in The Colorado Sun.&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"A photograph featured in The Colorado Sun.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Pedestrians keep their distance on the nearly deserted 16th Street Mall in downtown Denver on March 21, 2020. (Eric Lubbers, The Colorado Sun)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2020\/03\/colorado-coronavirus-isolation-34.jpg?fit=1200%2C800&amp;ssl=1\" class=\"wp-block-cover__image-background wp-image-250979 size-full\" alt=\"\" src=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2020\/03\/colorado-coronavirus-isolation-34.jpg?resize=3931%2C2621&#038;ssl=1\" data-object-fit=\"cover\"\/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/29169136\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/public.flourish.studio\/visualisation\/29169136\/thumbnail\" width=\"100%\" alt=\"chart visualization\" \/><\/noscript><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/29242869\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/public.flourish.studio\/visualisation\/29242869\/thumbnail\" width=\"100%\" alt=\"chart visualization\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-cca6a80e1eb9ee0f4e70d290c8755e8a is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>Pedestrians keep their distance on the nearly deserted 16th Street Mall in March of 2020. (Eric Lubbers, The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"wp-block-paragraph\">The state\u2019s large of work-from-home force is largely thanks to the Denver, Boulder and the Fort Collins metro areas. Boulder had the highest rate of work-from-home population in 2019 and 2024, at 13.7% and 28.7%, respectively, out of nearly 400 metro areas nationwide. Denver ranked fourth in both years, at 9.1% and 22.6%. Fort Collins, ranked seventh, had doubled to 20.9%. The U.S. average was 5.7% in 2019 and 13.3% in 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Postpandemic was indeed different in Denver, said Kourtny Garrett, president of the Downtown Denver Partnership, which promotes the city\u2019s economic center. Garrett <a href=\"https:\/\/coloradosun.com\/2024\/10\/09\/denver-16th-street-mall-reopening-date\/\">pushed for city intervention<\/a> to help distressed landlords and small businesses that suffered as 16th Street spent more than three years under construction. It reopened last fall.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTech and government were two of our primary employers in downtown Denver and are also the two (with) the slowest to return to the office,\u201d Garrett said. \u201cAlso, because of 16th Street construction, when a lot of downtowns were starting to see offices opening up and employees coming back, we had over a mile of our downtown under construction. &#8230; We\u2019re enjoying the fruits of that construction today.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Local experts say that now six years after the pandemic began, companies have figured out remote work. Many employers kept hybrid schedules, including the city of Denver, which expects its 14,280 employees to come in three days a week, though a recent HR survey found that 64% were showing up five days a week, a city spokesperson said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Office leasing activity for commercial brokerage firm CBRE is \u201cincredibly busy,\u201d said Allison Berry, a senior vice president at CBRE in Denver. Tenants want the newest and nicest office spaces and always have, she said. \u201cThe vacancy rate is high in Denver because we have a lot of aging product.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the end of the first quarter, CBRE data had the city\u2019s total vacancy rate at 38.9%, creeping up from 36.9% a year earlier. The vacancy rate includes buildings slated for apartment conversion or other non-office uses.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Remove those, Berry said, \u201cand that obviously has an impact on our vacancy rate,\u201d she said. Her back-of-the-napkin math on that would drop the downtown vacancy rate at least a few percentage points. Of course, she added, \u201cIt\u2019s not just an issue for Denver. We\u2019re just a smaller city so every tenant, every large tenant, has a huge impact on our vacancy rate.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But there\u2019s not enough public money to save every old building.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In April, the DDA board rejected a project from Revesco Properties, a Denver real estate investment firm that purchased Elitch Gardens with Kroenke Sports and Entertainment more than a decade ago. Revesco\u2019s pitch was to get a DDA loan to turn the 16-story office tower at 475 17th St. into apartments. It was rejected because of the overall cost.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DDA officials said the project asked for nearly twice the amount of other approved conversion projects, much higher than the 20% maximum as outlined in the <a href=\"https:\/\/denvergov.org\/files\/assets\/public\/v\/1\/economic-development\/documents\/dda\/final_denver-dda_tax-increment-investment_policy.pdf\">authority&#8217;s policy<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s a chance the proposal can be restructured to better fit the DDA\u2019s objectives, so Revesco president and CEO Rhys Duggan doesn\u2019t call it dead yet.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBut these projects are financially challenging and they\u2019re expensive. Ironically, they\u2019re less expensive than new build projects, but they still take a fair amount of government assistance to get them going,\u201d Duggan said. \u201cWhat we learned through COVID was that when office workers stopped showing up, we were over-officed downtown and we were under-residentialed downtown. We need bodies downtown, not just 9-to-5 bodies.\u201d<\/p>\n\n\n\n<h2 id=\"h-denver-s-office-market-isn-t-actually-dead\" class=\"wp-block-heading\">Denver\u2019s office market isn\u2019t actually dead<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The city still needs offices downtown, so developers have stepped up.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In February, the Florida-based commercial real estate company CP Group grabbed the massive <a href=\"https:\/\/en.wikipedia.org\/wiki\/Denver_Place\">Denver Place complex<\/a> for $47.5 million. Occupying the entire block at 999 18th St., the nearly 1 million-square-foot building was essentially purchased at a 75% discount, though the deal wasn&#8217;t as much of a fire sale as it may seem.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe like the Denver market a lot,\u201d said Angelo Bianco, CP Group\u2019s managing partner whose company first became a local landlord when it purchased the nearby <a href=\"https:\/\/www.granitetowerdenver.com\/\">Granite Tower<\/a> five years ago. \u201cThe Denver market has been suffering severely for a while. As a business model, we look to buy assets when they or the markets are what I call broken, with air quotes around broken.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CP Group\u2019s plan is to invest another $20 million into Denver Place and add amenities that potential tenants actually want. That includes a gym with towel service, indoor\/outdoor tenant lounges and a place to buy food \u201cbecause in our entire 21 million-square-foot portfolio, that\u2019s the number one request,\u201d Bianco said. \u201cAnd we subsidize all vendors because you do not make money on the amenities. You make money because of the amenities.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s not a blind gamble. Bianco said he is motivated by the city\u2019s highly educated workforce, the city\u2019s reputation for worst return-to-office recovery (he believes there will be a big turnaround soon), and the public and private push to convert aging office towers into other uses.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe\u2019re a very good buyer, and so we\u2019re able to close during really tough times,\u201d Bianco said in an interview in early February. \u201cRight now is a terrible time to sell any office in any market.\u201d<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light\" style=\"min-height:100vh;aspect-ratio:unset;\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" data-attachment-id=\"490768\" data-permalink=\"https:\/\/coloradosun.com\/20260612-colwell-cosun-downtown-denver-a9c2638\/\" data-orig-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?fit=2560%2C1706&amp;ssl=1\" data-orig-size=\"2560,1706\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;9&quot;,&quot;credit&quot;:&quot;Andy Colwell&quot;,&quot;camera&quot;:&quot;NIKON Z 9&quot;,&quot;caption&quot;:&quot;People share ice cream inside the newly opened Sundae Artisan Ice Cream at Denver\\u2019s 16th and Glenarm streets on June 12 in Denver. (Andy Colwell, Special to The Colorado Sun)&quot;,&quot;created_timestamp&quot;:&quot;1781304648&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;32.5&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.001&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;,&quot;alt&quot;:&quot;&quot;}\" data-image-title=\"20260612-Colwell-CoSun-Downtown-Denver-A9C2638\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;People share ice cream inside the newly opened Sundae Artisan Ice Cream at Denver\u2019s 16th and Glenarm streets on June 12 in Denver. (Andy Colwell, Special to The Colorado Sun)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?fit=1200%2C800&amp;ssl=1\" class=\"wp-block-cover__image-background wp-image-490768 size-large\" alt=\"\" src=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638.jpg?resize=1200%2C800&#038;ssl=1\" data-object-fit=\"cover\" srcset=\"https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?resize=1200%2C800&amp;ssl=1 1200w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?resize=1536%2C1024&amp;ssl=1 1536w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?resize=2048%2C1365&amp;ssl=1 2048w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?resize=2000%2C1333&amp;ssl=1 2000w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?resize=780%2C520&amp;ssl=1 780w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-scaled.jpg?resize=400%2C267&amp;ssl=1 400w, https:\/\/i0.wp.com\/newspack-coloradosun.s3.amazonaws.com\/wp-content\/uploads\/2026\/06\/20260612-Colwell-CoSun-Downtown-Denver-A9C2638-1200x800.jpg?w=370&amp;ssl=1 370w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div style=\"height:80vh\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\"><\/div>\n\n\n\n<div class=\"wp-block-column has-white-color has-primary-background-color has-text-color has-background has-link-color wp-elements-b36d66e3d8866f6435f79a5b6cafbf70 is-layout-flow wp-block-column-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);flex-basis:40%\">\n<p class=\"has-libre-franklin-font-family wp-block-paragraph\" style=\"font-size:12px\"><em>People share ice cream inside the newly opened Sundae Artisan Ice Cream at 16th Street and Glenarm Place on June 12. (Andy Colwell, Special to The Colorado Sun)<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Neither empty nor bustling, the city continues its urban recovery in order, as one official tells it, to \u201ccontrol our own destiny.\u201d Here\u2019s the story so far. <\/p>\n","protected":false},"author":11,"featured_media":256108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"single-feature.php","format":"standard","meta":{"credibility_indicators":{"original_reporting":true,"on_the_ground":true,"sources_cited":false,"subject_specialist":true},"gigafact_has_fact_brief":false,"gigafact_remote_fact_brief_post_id":0,"gigafact_remote_sync_timestamp":"","gigafact_remote_sync_status":"","gigafact_remote_sync_response":"","gigafact_has_been_published":false,"newspack_ads_suppress_ads":true,"newspack_popups_has_disabled_popups":true,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"_newspack_byline_active":false,"_newspack_byline":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"newspack_content_restriction_is_exempt":false,"scaip_prevent_shortcode_addition":false,"newspack_featured_image_position":"hidden","newspack_post_subtitle":"Neither empty nor bustling, the city continues its urban recovery in order, as one official tells it, to \u201ccontrol our own destiny.\u201d Here\u2019s the story so far. ","newspack_article_summary_title":"Overview:","newspack_article_summary":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18554,20804,385,18558,217,18559,30],"tags":[1343,15227,11511,7590,22874,5094],"newspack_spnsrs_tax":[],"type-of-work":[20879],"coauthors":[16946],"class_list":["post-486494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-colorado-sunday","category-culture","category-economy","category-growth","category-housing","category-news","tag-city-of-denver","tag-colorado-sunday","tag-commercial-real-estate","tag-downtown-denver","tag-downtown-denver-development-authority","tag-downtown-denver-partnership","type-of-work-explainer","entry"],"credibility_indicators":[{"description":"This article contains firsthand information gathered by reporters. This includes directly interviewing sources and analyzing primary source documents.","label":"Original Reporting","slug":"original_reporting","icon":"<svg width=\"15\" height=\"10\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M7.103 1.36c2.69 0 5.057 2.716 5.807 3.674-.75.96-3.117 3.676-5.807 3.676-2.69 0-5.058-2.716-5.808-3.675.75-.958 3.117-3.674 5.808-3.674V1.36zm0 8.64c3.402 0 6.153-3.352 6.913-4.38a1.003 1.003 0 0 0 0-1.172c-.76-1.025-3.51-4.377-6.913-4.377C3.7.07.95 3.423.189 4.45a1.003 1.003 0 0 0 0 1.173C.95 6.648 3.7 10 7.103 10zm.036-6.828c.961 0 1.74.819 1.74 1.828 0 1.01-.779 1.828-1.74 1.828-.96 0-1.74-.819-1.74-1.828.001-1.01.78-1.827 1.74-1.828m0 4.953c1.643 0 2.975-1.4 2.975-3.125 0-1.726-1.332-3.125-2.975-3.125S4.164 3.274 4.164 5c.002 1.725 1.333 3.123 2.975 3.125\" fill=\"#000\" fill-rule=\"evenodd\"\/><\/svg>"},{"description":"A journalist was physically present to report the article from some or all of the locations it concerns.","label":"On the 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