Luzzatto Secures $63 Million for Denver’s High Fidelity Plaza Redevelopment
Developer Asher Luzzatto’s ambitious plan to transform two aging office buildings in downtown Denver into a vibrant residential and community hub has received a significant boost. The Downtown Denver Development Authority (DDDA) approved a $63 million low-interest loan for the project, known as High Fidelity Plaza, at its meeting on Wednesday.
The project aims to convert 1 million square feet of commercial office space at 621 and 633 17th St. Into approximately 700 apartment units. Beyond residential space, the redevelopment will include a bodega, coffee shop, children’s museum, child care center, and bookstore, creating a mixed-use destination for both residents and the wider community.
Bargain Purchase and Total Project Costs
Luzzatto acquired the two towers, previously known as the First Interstate towers, for a combined $3.2 million in April 2025, a fraction of their former value. The Real Deal reports that Luzzatto purchased the properties for $1.6 million each.
Whereas the DDDA loan provides substantial support, the total estimated cost for the conversion is approximately $315 million. 9News initially reported an estimated project cost of $300 million.
A Vision for a “Vertical Village”
Luzzatto’s vision extends beyond simply adding housing to the downtown core. He intends to create a “vertical village” – a dynamic space blending residential living with cultural and culinary experiences. The Luzzatto Company describes the reimagined High Fidelity Plaza as a destination that will serve both residents and the broader Denver community.
The redevelopment will also include amenities such as a rooftop pool and deck, co-working spaces, a daycare, and an outdoor garden. More than 70 of the residential units will be designated as affordable housing.
Addressing Downtown Denver’s Vacancy Problem
The High Fidelity Plaza project comes at a critical time for downtown Denver, which is grappling with high office vacancy rates. Nearly 40% of downtown office space remains vacant, a lingering effect of the pandemic. 9News highlights that revitalizing vacant offices is a key priority for the city and the DDDA.
The DDDA, funded by property tax revenues from the downtown area, has recently been authorized to take on $570 million in debt to support revitalization projects. The High Fidelity Plaza project is one of many initiatives aimed at breathing new life into the city’s core.
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