Residents start moving into new downtown Denver high-rise

For Immediate Release On: 4/20/2010

For Further Information, Please Contact:
Margaret Jackson - Denver Post at mjackson@denverpost.com

Relevant Info on the Web: http://www.denverpost.com/news/ci_14917082

Heather James and her husband, Travis, laugh as they move into their new condo at the Spire on Monday, when the building opened to residents. (John Prieto, The Denver Post)The first residents in downtown Denver's newest condo tower started moving in Monday, marking a significant milestone for the Spire project, which had endured financial setbacks.

In 2007, lender Hypo Real Estate Capital Corp. pulled out of the project, forcing developer Randy Nichols to halt construction on the tower for four months.

Construction of the 41-story building started up again when Corus Bank provided a $118 million financing deal in January 2008. But with just one more drawdown of funding scheduled, federal regulators shut the bank down.

Nichols had to modify the loan structure of the project to satisfy Starwood, which bought the loan from Corus, before residents could move into the building.

Nichols said 155 of the 496 units have sold and that he expects to close on 50 units by the end of the week.

Spire is at 14th and Champa streets.

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

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