If you told me a few years ago that two massive office towers downtown would soon be packed with apartments instead of cubicles, I probably would’ve laughed (maybe nervously). After all, these buildings once represented the heart of Denver’s business hustle—a symbol of bustling offices and coffee-fueled meetings. Now? They’re about to become one of the city’s largest residential communities, with over 700 apartments breathing new life into nearly a million square feet of what was once office space.
How did we get here? Well, thanks to COVID—and no, not just because we all started working in sweatpants. The pandemic flipped the script on how and where we work, leaving many office towers staring at vacancy signs. What used to be prime office real estate suddenly felt like leftover pizza nobody wanted. But here’s the twist: instead of letting these buildings gather dust, The Luzzatto Company saw an opportunity to reimagine the space. They scooped up these two towers at 621 and 633 17th Street for a jaw-dropping $3.2 million—a steal compared to their combined $100+ million valuation back in 2008.
It’s a little wild to think about, right? How did these giants go from skyscraper royalty to affordable housing prospects? The truth is, nobody saw this coming. But sometimes, the biggest shocks spark the most exciting changes.
What’s cooking in these towers? Over 700 apartments designed with affordability in mind, plus a community vibe that’s hard to beat. Picture a daycare center for the little ones, a market for your grocery runs, a restaurant to gather with friends, and a fitness center to burn off those pandemic snacks. Add in a theater, coworking spaces for the hybrid workers who can’t quite give up the office, and both private and public spaces to hang out, plus plenty of parking so you’re not circling the block forever.
Construction should kick off late 2025 or early 2026, and it’s shaping up to be a Downtown Denver game changer.
From a commercial broker’s point of view, this project is the textbook example of how to flip the script on underused office space. Denver’s office vacancy rates are stubbornly high, but the demand for affordable housing is through the roof—literally. With a shortage of over 55,000 affordable units, converting older Class B and C office buildings into residential spaces isn’t just smart—it’s necessary.
For owners and investors scratching their heads wondering what’s next, this development screams one thing loud and clear: if you want to stay ahead, you need to think differently.
This is your cue to start seeing empty office towers not as white elephants, but as hidden gems waiting to be transformed.
So, if you’re curious (and who isn’t?), now is the perfect time to evaluate your properties. Explore the incentive programs, check out financing options, and maybe dust off those “for lease” signs—you might just find they’re due for an upgrade.
Denver’s real estate landscape is changing fast. The question is—are you ready to join the revolution and lead the next chapter? If so, our team is ready to help you dive into this evolving market with confidence, strategy, and maybe a little bit of that “wait, this is happening?” excitement.
