Three years after developer Buzz Geller unveiled his vision for an iconic tower at Speer Boulevard and Larimer Street, he at last has the blessing of the Lower Downtown Design Review Board to proceed with the condo project.
The board unanimously approved the project after Geller and his team reduced the building’s footprint by 18 percent, or about 50,000 square feet of sellable space.
“Although it took a long time, we came out with a very superior design,” Geller said. “In the end, I think they gave good guidance.”
Board member and architect Joe Poli said that when the city created the historic urban-edge district for the site, its intent was for a significant structure to be built along Speer as the gateway to LoDo.
“It’s a project that deserved all the care and scrutiny it got,” Poli said. “I think it’s a happy end to the very careful process of building a really great city. I’m excited that the building has such a small footprint and is very tall and elegant. It has all the makings of a very good building.”
Geller said he expects the overall cost of the project to drop from $300 million to about $250 million.
“We’re going to have to get the building rebid,” he said. “The bid we had before was when concrete, steel and copper were at an all-time high. Now they’re at all-time lows.”
The next steps for the project include finalizing the design and selecting the materials to be used on the exterior.
After that, Geller will start marketing the building. He said he doesn’t plan to start construction until all of the 35 units are sold.
He said it’s likely he and his partner David Paderski each will buy a unit and that he already has interest from eight other prospective buyers. The units are likely to sell for $1,000 to $1,500 a square foot, he said.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
