Work to begin on new 30-story office tower in downtown Denver
Construction begins Thursday on the biggest office tower to dot the Denver skyline in years.
Chicago-based Riverside Investment & Development Co. will break ground on a 30-story, $400 million office tower at 1900 Lawrence, a company official said Wednesday.
It’s the company’s first Denver development, after having built three towers in the Windy City topping 50 floors, Vice President Chris Payne told The Denver Gazette.
We’re not trying to be the biggest, but rather the best,” Payne said. “There’s tremendous demand in (lower downtown) LoDo, the west central business district and the Ballpark Neighborhood and this is the largest scale possible.
The building will have more than 700,000 square feet of office space and 10,000 square feet of ground-floor retail.
It’s scheduled to be completed in the second quarter of 2024.
“As the premier office building in Denver, the project is designed to include next generation innovations in sustainability, health and wellness, technology, and amenity programming,” Payne said.
The company has had the land under contract since 2019, but the pandemic delayed plans.
“The last two years have been challenging, but presented opportunity, too,” said Payne. “Capitalizing a speculative office building mid-pandemic is not without its challenges. This project creates a tremendous opportunity for existing and new-to-market (business) tenants.”
Asked about the additional challenges of leasing office space to businesses that are still navigating remote/flexible workspaces, Payne said the “flight to quality” (i.e. class A office space) is strong.
“Our research shows us flexible — I won’t say hybrid — workspace is here to (stay),” he said. “The biggest reason why is because teams in the office collaborate better and have a platform to be their best. As a function of that, new office space is intentionally designed to promote creativity, collaboration and teamwork you can’t get in a remote environment.”
Designs include floor-to-ceiling glass, private tenant terraces, fitness center, multiuse conference facilities, a tenant lounge and “direct access to a landscaped (10,000-square-foot) outdoor terrace,” according to a news release.
Interested businesses will likely include technology, financial management, legal services “and other growth industries.”
"This catalytic new development will pave the way for downtown Denver to continue to attract leading and innovative companies and jobs to the center city," Kourtny Garrett, president and CEO of the Downtown Denver Partnership, said in a statement. "This project represents a strong signal from investors that Denver continues to be one of the top growth markets in the country with more than $1 billion in development projects completed or under construction in 2021.”
Some post-pandemic features for 1900 Lawrence include “hospital-grade ventilation systems” and touchless elevators.
“None of the other office buildings have private outdoor space,” said Payne. “We’ll be providing well-above-code minimum fresh air requirements. In addition the way they’ve designed the mechanics, there will be no recirculating air between floors. It will always bring in dedicated fresh air.”
"Compared to similar sized metropolitan areas, Denver has been particularly resilient in recovering from effects of the pandemic and continues to attract new industries and top talent,” said JLL Managing Director Jamie Roupp, who will handle leasing for 1900. "High quality projects with proximity to LoDo will be in high demand for top employers, particularly given the size, scale, and views 1900 Lawrence offers.”
The architect is Goettsch Partners. Other companies involved in the project include Convexity Properties and Canyon Partners Real Estate LLC. Hensel Phelps, which built nearby McGregor Square and is completing work on Denver International Airport’s Great Hall, is the general contractor.