Developer Proposed New Seven-Story Denver Hotel

Jonathan Gandhi planned a 168-room project at the former Bank of Denver site on West Colfax Avenue.

Updated on Sept. 23, 2026 in Openings & Closings

A wooden architectural model of a multi-story building sits on a wooden drafting table, representing a new hotel development in an urban setting. — Developer Jonathan Gandhi has proposed a new 168-room, seven-story hotel project at the site of a former bank on West Colfax Avenue in Denver. AI Illustration. Upload story photo >

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In September 2026, developer Jonathan Gandhi submitted a preliminary concept plan to the city for a seven-story, 168-room hotel at 606 W. Colfax Ave. The proposal involves demolishing the existing structure, which previously housed a Bank of Denver branch.

Why it matters

The developer intends to hold the property as a long-term investment, though construction remains contingent on a recovery in the broader hotel market. This project represents a potential redevelopment of a site that has been largely inactive since the bank branch closed in 2022.

The property at 606 W. Colfax Ave is currently listed for sale at $1.1 million. The proposed building design excludes on-site parking due to the constraints of the 0.3-acre plot.

The players

Jonathan Gandhi

He is a real estate developer who previously led the construction of the Aloft hotel on 15th Street in 2014.

Nicolet National Bank

This financial institution currently holds ownership of the property located at 606 W. Colfax Ave.

MidWestOne Bank

This banking corporation completed a purchase of the Bank of Denver in 2024.

The details

The site, situated at the intersection of Fox Street and West Colfax Avenue near the Golden Triangle, is owned by Nicolet National Bank. Jonathan Gandhi, who previously developed an Aloft hotel on 15th Street in 2014, has signed a contract to acquire the location.

The Bank of Denver branch at the site closed in August 2022.
Jonathan Gandhi completed the Aloft hotel project in 2014.
MidWestOne Bank acquired the Bank of Denver in 2024.
The hotel proposal was submitted and the purchase contract signed in September 2026.

Market Landscape

The shift away from traditional brick-and-mortar bank branches has opened opportunities for developers to acquire well-located urban parcels. This project positions the site for a transition from a legacy retail banking space to a higher-density hospitality use.

Local residents near West Colfax Avenue may see the demolition of the former bank structure, significantly altering the streetscape near the Golden Triangle. Future hotel guests will likely benefit from proximity to the 370-unit apartment building located directly adjacent to the site.

The takeaway

This development highlights the ongoing transformation of urban real estate as developers seek to maximize space in high-density corridors like Colfax Avenue. Residents should monitor city planning updates to see how the lack of on-site parking impacts traffic and street-level logistics.