Great news, Downtown Denver fans! Construction on the Nichols Partnership’s 41-story Spire project on Block 131 will resume, starting tomorrow. Here’s the press release just minutes old:
SPIRE RESUMES CONSTRUCTION WITH NEW CAPITAL STRUCTURE
Denver’s Signature High-Rise Residential Community Back on Track
Denver, CO January 23rd, 2008 – Spire Denver, LLC announced today that it closed on financing for Spire, a $175 million mixed-use 41-story high-rise residential community, located at 891 14th Street. The project’s general contractor JE Dunn will re-commence construction on January 24th with a projected delivery in December 2009. Spire will include 503 attainably priced one and two bedroom homes and 7,633 square feet of street-level retail space. Randy Nichols, President of the Nichols Partnership and the Developer of Spire remarked, “In light of the current state of the capital markets, this financing is a significant accomplishment for the entire Spire team and is further affirmation that downtown Denver continues to be among the select markets that attract nationwide attention from major lending institutions for investment in urban housing.”
Steve Hamline, President and CEO of JE Dunn Construction added, “In my 28 years of experience I have never seen such extraordinary commitment and team collaboration. To keep the project moving forward during such turbulent financial markets is truly amazing. JE Dunn has an unwavering belief in the Nichols Partnership and with the cooperation of our subcontractors we are proud to restart construction of this signature project for our city.”
Denver Mayor John Hickenlooper applauded the announcement, “Spire is an important project for Denver – adding hundreds of new downtown residents, further enhancing the 14th Street corridor’s urban vibrancy, and taking green building to new heights. This exciting development bodes well for the future of Downtown Denver’s residential housing market.” Tami Door, President and CEO of The Downtown Denver Partnership remarked, “We have always had a high level of confidence in the developer’s ability to complete this project and the marketability of the units. This is a transformational addition to Downtown and to 14th Street in particular. We are absolutely thrilled to see the project moving forward and are excited about the added housing choices it will provide to individuals considering living Downtown.”
The senior construction loan was provided by Corus Bank, with Colonnade Properties and Madison Capital Company providing mezzanine debt, along with Fisher Capital providing key subordinate debt for the project. Corus has worked closely with Nichols Partnership to close this loan. “Corus is proud to continue lending to experienced developers on well-positioned condominium developments throughout the country. We look forward to working with Randy and the rest of his team on this exciting project,” said Seth Hewitt, Corus Bank Vice President.
When complete, the LEED (Leadership in Energy and Environmental Design) registered project will combine exceptional views, amenities and location with sustainable design. Spire residents will be steps away from the commerce, culture, sporting events and nightlife of Denver. Homeowners will take advantage of abundant amenities such as a resort style pool deck with outdoor living room, spas and fire pit as well as poolside clubroom with high definition televisions and pool tables. Residents will also enjoy the convenience of a first-class fitness center, 24/7 concierge, grocery and dry-cleaning storage, private dog walk, controlled access and secure reserved parking.
Homes at Spire will enhance the urban living experience with modern design including floor-to-ceiling windows with mountain and city views, balconies, soaring 10-foot ceilings, contemporary kitchens with granite slab countertops, stainless steel appliances and extensive high-tech features. “With residences priced from $200,000, Spire is ideally positioned to provide our owners with a unique opportunity to live in a sustainably-designed, amenity-rich project at an attainable price,” said Randy Nichols, president of Nichols Partnership. “Downtown Denver is a vibrant, exciting place to work, live and play… Spire will enable many more people to experience this dynamic urban lifestyle.”
Spire is located at 891 14th Street adjacent to the Denver Center for the Performing Arts, the Denver Convention Center, a RTD light rail station and a few blocks from Larimer Square, Lower Downtown, The Pepsi Center, the Cherry Creek Bike Path and the 16th Street Mall. Spire’s distinctive location provides residents with prime access to Denver’s compelling lifestyle and places homeowners at the epicenter of over 1.6 billion dollars of public and private investment that is taking place on 14th Street. Additional information about Spire is available on the project website www.spiredenver.com
