Luzzatto Unveils Adaptive Reuse Plans for Denver Offices

The Luzzatto Company’s vision for revamping two towers in downtown Denver is coming into focus.

The Los Angeles-based firm submitted plans to the city of Denver for its “vertical village” project at 621 and 633 17th Street, the Denver Business Journal reported. The dual office towers, known together as High Fidelity Plaza, are slated for conversion with a mix of apartments and restaurants as well as an art-filled public plaza and other amenities.

The Luzzatto Company is looking to bring more than 700 residential units to the two towers as well as a daycare, children’s museum, a bookstore, a cafe, bakery, a market, co-working spaces and a rooftop pool and deck, company president Asher Luzzatto said.

The firm estimates costs of roughly $300 million to reimagine the property. Luzzatto acquired the towers for $1.6 million each through affiliates last April. At 973,000 square feet, that pencils out to a little over $3 per square foot.

In August, the firm applied for $63 million in funding for the project from the Denver Downtown Development Authority. The authority is expected to make a decision at its meeting next month.

The building at 621 17th Street was built in 1957 and rises 28 stories, which made it the tallest building in the city when it was constructed. The 32-story 633 17th Street building came in 1974. A low-slung, 40,000-square-foot office building links the two towers; that structure is included in Luzzatto’s renovation efforts.

Luzzatto has also been pursuing adaptive reuse at another site in downtown Denver. In September, the investor purchased 1625 and 1675 Broadway, known as the Denver Energy Center, for a combined $5.25 million, less than $7 per square foot. Luzzatto plans to spend $150 million to convert one of the office towers into residences. — Chris Malone Méndez