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http://denver.bizjou...21/daily33.html
Developer Randy Nichols finally has the new financing he has sought for several months to resume construction on his stalled 41-story, $175 million Spire condo project in downtown Denver.
Lender Hypo Real Estate Capital Corp. of New York backed out of the project's previous $160 million construction loan in August 2007, bringing the construction to a halt.
The project's general contractor, JE Dunn Rocky Mountain Inc., plans to resume construction on Thursday. Dunn expects to have the project ready for occupancy in December 2009, six months after the original date.

This project if completed (and it looks like it will be) should add a large number of residents to downtown. I love residential towers, but it seems the trend lately has been super luxury super elite and really, super wastefull. Adding over 500 upper middle class residents to downtown goes much further than adding 200 filthy rich residents. Besides those filthy rich ones are usually 2nd/3rd/4th homes. I also think this is a pretty good looking building. Its not a skyline stand out or anything, but it is the important kind of building that will add a great deal to the mass of the skyline during the day, but stand out at night with its lighting. Based on the renderings I am not completely pleased with how it interacts with the street, but it is hard to balance the needs of the tenants and the need for retailers. The rendering is a bit harsh and too modern for the street. I suppose part of the utilitarian look is due to the projects relatively low cost. 41 stories 503 units for 175M is seemingly on the cheap side these days.
Edited by The Voice of Reason, 08 May 2008 - 10:19 AM.


















