Asher Luzzatto's Vision for Downtown Denver

Asher Luzzatto, president of The Luzzatto Company, is undertaking a large-scale redevelopment of downtown Denver, purchasing four vacant office towers with the ambitious goal of transforming them into a vibrant housing community. The Luzzatto Company acquired these properties for a total of less than $10 million.

Securing the Ground Lease

A key hurdle in Luzzatto’s plan involved extending a ground lease for a parcel beneath two of his 17th Street towers at 621 and 633 17th Street. Negotiations with property owner Krasner were challenging, stemming from a 2015 property assessment dispute. After a prolonged period of uncertainty, the deal was finalized just before a critical deadline for filing paperwork with the Denver Downtown Development Authority (DDDA).

A Significant Real Estate Portfolio

Over the past year, The Luzzatto Company has amassed a substantial real estate portfolio in downtown Denver, totaling approximately 1.75 million square feet – roughly 5.5 percent of the city’s total office inventory. The 17th Street towers were purchased for $3.2 million, while the Denver Energy Center’s two towers at 1625 and 1675 Broadway were acquired for $5.25 million in September.

Addressing Denver's Office Vacancy Crisis

Luzzatto’s investment comes at a time when Denver’s downtown core is facing a significant crisis in office vacancy, currently near 40 percent – triple pre-pandemic levels. Over $1 billion in office building value has been lost since the start of the COVID-19 pandemic, with many buildings trading at substantial discounts or remaining vacant.

High Fidelity Plaza: A Mixed-Use Development

The plan for the 17th Street towers, branded High Fidelity Plaza, involves converting the office space into 712 apartments. The development will also include a children’s museum, bodega, wine bar, cafe, bookstore, daycare center, art gallery, coworking space, and a rooftop pool. The total project cost is estimated at $315 million.

DDDA Funding Approval

On March 25, the DDDA board unanimously approved a $63 million loan for High Fidelity Plaza, the largest loan the authority has granted to date. This approval is subject to final sign-off from the Denver City Council. Luzzatto also plans to seek financing for the Energy Center, aiming to add another 360 residential units.

The Role of the Denver Downtown Development Authority

The DDDA, a city-affiliated body, reinvests property tax revenues into downtown development projects. Expanded in 2024 with the authorization of $570 million in bonds, the DDDA has recently approved funding for several projects, including Civic Center Park improvements and the acquisition of properties for future mixed-use development. The DDDA also approved $7 million for the Downtown Safety Action Plan.

Previous Conversions and Luzzatto's Background

Luzzatto’s project isn’t the first office-to-residential conversion in Denver, with the DDDA previously funding smaller projects at the Petroleum Building, Symes Building, and University Building. However, the scale of High Fidelity Plaza is unprecedented in Denver, and arguably, in most cities outside of New York.

Asher Luzzatto, 38, grew up in Los Angeles, attended UCLA and the University of Chicago Law School. He previously worked at the ACLU and a real estate law firm before joining his father’s company in 2017. He also pursued interests in wellness, opening a retreat center in Taos, New Mexico, and even briefly ran for mayor of Los Angeles.

Betting on Denver's Future

Luzzatto identified Denver as a promising market, particularly after the downturn in the office market. He believes the city’s fundamental strengths – its outdoor culture, music scene, and sunshine – remain intact. He aims to provide high-quality housing at accessible prices in a walkable, amenity-rich environment.

A Vision for a 'Vertical Village'

Luzzatto envisions High Fidelity Plaza as a “vertical village,” fostering a sense of community with amenities like daycare, a bookstore, and a rooftop pool. At least seventy units will be designated as affordable housing, and 10 percent of the loan funds will support community-facing spaces. Bill Mosher, the city’s chief projects officer, believes the project will have a positive impact on downtown Denver.