Denver's Spire skyscraper finished early and under budget

For Immediate Release On: 12/10/2009

For Further Information, Please Contact:
Paula Moore - Denver Business Journal at pmoore@bizjournals.com

Relevant Info on the Web: http://www.bizjournals.com/denver/stories/2009/12/07/daily48.html

Construction has been completed on downtown Denver’s 42-story Spire condo project, a month ahead of schedule and under budget, according to general contractor JE Dunn Construction Co.

The $175 million, 496-unit high-rise is located at 14th and Champ streets, in downtown’s theater district.

“Although there were challenges along the way, as with any construction project, this project demonstrated the successes that can be achieved through effective teamwork,” Dustin Liljehorn, Dunn senior project manager, said in a statement.

Project challenges included difficulties getting a construction loan, the soft metro-area housing market and security issues caused by the 2008 Democratic National Convention being held right across the street at the Colorado Convention Center.

Liljehorn pointed out that timely decision-making by project developer The Nichols Partnership Inc. and architecture firm RNL Design Inc., both of Denver, allowed construction run relatively smoothly.

The Nichols Partnership has been marketing Spire units since mid-July, and condo sales should start to close soon with the building’s completion. Unit prices start in the low $200,000s and go up to $1 million-plus for premium residences.

Spire incentives to buyers have included a $35,000 credit that can be put toward the purchase price or used to buy appliance upgrades, parking or extra storage. The developer has also encouraged buyers who qualify to use federal homebuyer tax credits, which expire in April 2010, to buy units.

The property is pursuing LEED certification, and expects to be one of the largest condo projects in the country with that certification. LEED stands for Leadership in Energy and Environmental Design, and is the U.S. Green Building Council’s rating for sustainable buildings.

Spire’s “green” features include using recycled and regional construction materials and low VOC (volatile organic compounds) paint, and being close to mass transit such as light rail and bus stops.

Construction on Spire started in May 2007. But the project encountered a hiccup soon after, when the project’s original construction lender, Hypo Capital Real Estate Corp. of New York, opted not to fund a $160 million loan in August of that year. The Nichols Partnership sued Hypo, and the parties settled early this year.

Spire subsequently got a $118 million construction loan from Corus Bank NA. But that loan got a new owner in October, when a group headed by Starwood Capital Group LLC of Greenwich, Conn., bought a 40 percent stake in Corus Bank NA’s loan portfolio.

Corus, which was plagued by problem real estate loans, was shut down in September by federal banking authorities because it couldn’t raise enough capital to stay viable. The Federal Deposit Insurance Corp. was named receiver, and owns the remaining 60 percent of the Corus portfolio.

Spire was named Project of the Year at the Rocky Mountain Real Estate Expo, held Nov. 15. The expo is sponsored by the Denver Metropolitan Association of Realtors (DMCAR) and the University of Denver.

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

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