Denver Invests Millions in Office Conversions

The city is transforming vacant office towers into residential units to revitalize its downtown core.

Updated on Oct. 22, 2026 in Commercial

Denver Invests Millions in Office Conversions

Live Poll

Should cities prioritize converting vacant office buildings into residential housing to revitalize downtown areas?

The Denver Downtown Development Authority has approved $91 million in funding for multiple building conversion projects. These initiatives aim to address 12 million square feet of vacant office space in downtown Denver by creating new residential units.

Why it matters

City officials are working to improve office vacancy rates and boost the downtown residential population to 70,000 by 2045. A significant reset in building values has made these complex conversion projects financially feasible for developers.

Denver currently ranks as the No. 6 city in the U.S. for commercial property conversions. These ongoing efforts include plans for 3,000 office-to-apartment units to help manage the city's 12 million square feet of vacant office space.

The players

Denver Downtown Development Authority

This public entity manages a budget of up to $570 million specifically for the revitalization of the city's downtown area.

Asher Luzzatto

He is a developer leading major conversion projects, including a $310 million effort at 621 and 633 17th St.

Denver City Council

The local governing body provides legislative approval for large-scale financial initiatives such as infrastructure and development loans.

Richard Florida

He is an urban studies expert who recently authored a report titled The Next Era of Downtown Denver.

The details

Developers are converting aging office towers into residential units, retail spaces, and daycare facilities with the help of DDA-backed loans. Projects include the 178-unit Petroleum Building conversion and the 120-unit transformation of the University Building at 910 16th St.

In 2025, downtown Denver added 468 new residential units.
November 2025 saw the DDA approve $14 million for the Petroleum Building project.
September 2026 marked when developer Asher Luzzatto filed a commercial construction permit.
October 15, 2026, was the release date for Richard Florida's report on downtown Denver.
In October 2026, Denver City Council approved a $14.7 million DDA loan.

Culture Shift

These projects signal a broad transition away from the traditional central business district toward a mixed-use residential model. By actively re-engineering downtown density, Denver is shifting its urban identity to mirror modern living trends over legacy commercial zoning.

Residents can expect significant construction activity in the downtown core as office buildings are repurposed. These developments will likely increase housing availability and foot traffic, potentially altering the neighborhood atmosphere for local commuters.

The takeaway

The transformation of office space into residential units represents a long-term strategy to ensure downtown remains a viable place to live and work. Readers should monitor ongoing construction timelines if they are considering relocating to the central district.