Denver bank building got $22.4m renovation; now it is 100% vacant
A historic Denver bank building, 'The Vault,' remains entirely vacant despite a $22.4 million renovation, after its owner purchased it for $17.6 million in 2017. This situation reflects a broader trend of high office vacancies in downtown Denver, with many properties now being considered for adaptive reuse into residential or hospitality spaces.
Why it matters
This article illustrates the significant impact of changing work patterns (post-pandemic remote work) on commercial real estate, particularly in urban centers. It highlights the challenges of revitalizing historic properties and the economic shifts affecting city landscapes.
Denver’s historic bank building at 821 17th Street remains completely vacant despite a $22.4 million renovation after its owner bought the property for $17.6 million in 2017. The nine-storey building, now known as The Vault, has 107,630 square feet of office and retail space in the heart of downtown Denver’s former financial district.According to The Denver Gazette, the building was originally constructed in 1907 and was later redesigned by architects Fisher & Fisher. It was designated a Denver Landmark in 1977. The property was one of the financial buildings that once formed the 'Wall Street of the Rockies', when the area around 17th, Champa and Stout streets was a major centre of Denver’s commercial activity.Harbor Associates, based in Seal Beach, California, bought the building in 2017.
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