The historic Symes Building in downtown Denver has returned to the market for sale, listed exactly one year after its previous owner defaulted on a multi-million-dollar loan and stalled a planned $17 million redevelopment project, according to commercial real estate records.
Symes Building Listing Details and Market Context
Located at 820 16th St., the historic six-story terra cotta building spans roughly 64,000 square feet. According to Denver county property records and brokerage listings, the asset is being offered for sale following a period of financial distress for the ownership group. In 2023, the previous owner defaulted on a $12.8 million loan tied to the property, halting ambitious plans to convert the historic structure into a boutique hotel and hospitality hub.
Real estate brokerage firm Cushman & Wakefield is handling the current marketing assignment for the property. According to marketing materials provided by the brokerage, the building offers prospective buyers an adaptive reuse opportunity in the heart of Denver’s central business district, situated just blocks from the 16th Street Mall.
Financial Default and Stalled Redevelopment Timeline
The property’s financial troubles began to mount when the borrower, an entity linked to Denver-based real estate investors, failed to meet debt service obligations on the primary mortgage. Public notices filed with the Denver Clerk and Recorder show that the lender initiated foreclosure proceedings before the property was put up for sale to recoup losses.
The default abruptly halted a $17 million construction initiative that had secured initial approvals from local historic preservation boards. The project aimed to restore the building’s ornate exterior facade while completely modernizing the interior mechanical, electrical, and plumbing systems for commercial lodging use.
Historical Significance of the Denver Property
Built in 1906, the Symes Building stands as a notable example of early 20th-century commercial architecture in downtown Denver. Designed by prominent local architects, the building features distinctive Italian Renaissance Revival styling, including decorative terra cotta ornamentation and large commercial display windows on the ground floor.
The structure was added to the National Register of Historic Places in conjunction with surrounding historic district designations, providing subsequent owners access to federal and state historic preservation tax credits. Real estate analysts note that these tax credits remain a critical component of any future financial stack for a successful redevelopment.
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