Marketing to start in 2009 for Spire project

For Immediate Release On: 11/7/2008

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Paula Moore - The Denver Business Journa at

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The Nichols Partnership Inc., developer of downtown Denver’s $175 million Spire condominium tower, plans to start marketing the project in early 2009, company founder and President Randy Nichols said Friday.

Nichols was speaking at the Rocky Mountain Commercial Real Estate Expo, held Nov. 7 at the Colorado Convention Center. The expo was put on the University of Denver and Denver Metro Commercial Association of Realtors (DMCAR).

“We’re in premarketing now … and we’ll kick off marketing at the start of 2009,” Nichols said. “We’ll be nine months from occupancy at that point. With this type of product, you want to be close enough to the finish line to create momentum.”

The 503-unit, 42-story Spire building, located at 891 14th St., started construction in May 2007, and expects to be completed in late 2009. Plans call for residents to start occupying units in December of next year.

Thirty-three stories of the building had been constructed as of late October, according to an Oct. 23 email — with the subject line “The countdown to Spire is on” — from Nichols Partnership to interested parties. Unit prices start in the low $200,000s, with 60 percent of units priced at less than $400,000.

The building is approved for Federal Housing Administration mortgages.

Spire amenities will range from swimming pools and hot tubs to a fitness center and outdoor dog park. Units will feature 10-foot floor-to-ceiling windows, fiber-optic technology and exterior balconies.

Financing for Spire’s construction comes from Corus Bank of Chicago, Colonnade Properties LLC of New York, Madison Capital Co. LLC of New York and Denver private equity firm Fisher Capital.

Hypo Real Estate Capital Corp., also of New York, backed out of its $160 million construction loan for the project in August 2007. The Nichols Partnership, as Spire Denver LLC, is suing Hypo Real Estate for breach of contract over that decision.

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

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