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The Denver Downtown Development Authority has approved a low-interest loan of up to $63 million to advance the High Fidelity Plaza redevelopment in Denver. The public financing commitment is designed to help move forward a major repositioning of an existing commercial complex in the city’s Upper Downtown district. The total cost of the project is estimated at $315 million.
The High Fidelity Plaza plan calls for converting approximately 1 million square feet of existing commercial office space into a mixed-use residential-focused property. The redevelopment is slated to deliver more than 700 apartment units as part of the transformation, alongside a programmed public realm and new ground-floor activation. As part of the city’s requirements, at least 70 of the residential units will be reserved for households earning up to 60% of area median income, introducing an income-restricted component into the project’s housing mix.
In addition to housing, the project includes a range of neighborhood-serving retail and amenity uses intended to draw consistent activity at street level. Current plans call for a bodega, coffee shop, children’s museum, child care center, and book store. These uses are organized around improvements to the existing public plaza, with the intent of making the shared outdoor spaces more functional and engaging for residents, workers, and visitors.
Physically, High Fidelity Plaza consists of two towers that together occupy an entire city block in Upper Downtown. The towers are linked by a shared plaza and a connecting structure, and they sit above an interconnected basement level that includes an underground parking garage. The comprehensive scope of the work encompasses both interior reconfiguration for residential use and enhancements to common areas and circulation between the buildings, plaza, and below-grade parking.
The Luzzatto Company is leading the redevelopment effort as the project’s developer. The firm has assembled a design and engineering team that includes HLW International, MDP Engineering Group, R&R Engineers, and Thornton Tomasetti. The Beck Group has been engaged as the construction partner. Together, the team is tasked with executing the large-scale conversion of the office complex into a mixed-use residential community with an upgraded public plaza and curated ground-floor retail and amenity lineup.
The combination of public-sector financing support and a substantial private redevelopment program positions High Fidelity Plaza as a significant example of large-format office space being re-envisioned for residential and mixed-use purposes within Denver’s urban core. The project aligns with ongoing efforts to add housing, amenities, and activated public spaces in the city’s central business area while addressing both market-rate and income-restricted housing demand.
The post Denver Downtown Development Authority Approves $63M Loan for High Fidelity Plaza Redevelopment appeared first on CRE Market Beat.
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