34-story tower plan back in play

For Immediate Release On: 11/4/2008

For Further Information, Please Contact:
John Rebchook - Rocky Mountain News at rebchookj@RockyMountainNews.com

Relevant Info on the Web: http://www.rockymountainnews.com/news/2008/nov/04/34-story-tower-plan-back-in-play/

A decade ago, the owner of 56-story Republic Plaza unveiled plans to build an office tower behind the Denver Pavilions in downtown Denver.

The tower, on a parking lot off 15th Street between Tremont and Glenarm places, never got off the ground.

But now, Brookfield Properties is dusting off - and updating the design and size - of what would be a 34-story tower with 730,000 square feet of space.

Experts estimate that such a building would cost between $235 million and $275 million to build. Plans include a two-story lobby, 26 stories of offices, two levels of underground parking, and seven stories of structured parking. It would be designed by Skidmore Owings & Merrill.

But the project isn't on the fast track.

"We would need to have an anchor tenant and substantial pre- leasing first," said Bill Lucas, of the local Brookfield office. "We do have some very strong tenants in Republic Plaza, who might be interested in expanding. Whether we would need 50 percent or not, I couldn't tell you. But let's say that if we started building it in 2009, it would be completed near the end of 2012."

Next year might be a bit too soon, Lucas admitted.

Lucas said that while financing the project would be challenging, it is possible the tower could be built - even in this tough market - if large, creditworthy tenants could be landed.

"Brookfield's New York office has had some good results arranging financing for some pretty major buildings in different parts of the country this year," Lucas said.

He said he moved forward on a preliminary design because the site had been the subject of the latest NAIOP (National Association of Industrial and Office Properties) challenge between real estate students at the University of Colorado and University of Denver.

The latest design and details of the building were unveiled Friday in the Denverinfill.com blog by urban planner Ken Schroeppel.

"I think everyone has been waiting for this to happen for a long time," Schroeppel said. "Now that this is an active project, it is very exciting. I think it will certainly bring a lot of energy and activity to that part of 15th Street. And if that goes forward, it could set the stage for other parcels along 15th Street to finally be transformed."

Bill Mosher, of Trammell Crow development, which would develop the second Tabor Center office tower, said he doesn't think the Brookfield project and Two Tabor would move forward at the same time.

"And I think Tabor is farther along than Brookfield," he said.

About Trenka & Associates: Trenka & Associates is one of Downtown Denver's leading Real Estate Companies. http://www.condosandlofts.com

Back to news

Featured Homes

$240,000 1020 15TH DENVER Beds: 2 Baths: 2 More Info

$180,000 2142 CURTIS DENVER Beds: 2 Baths: 1 More Info