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After 18 long years, construction cranesd are finally
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The Dream is Over...

With little fanfare on Wednesday, May 14th, Frederick Ross and Hines Development quietly removed the rendering of the proposed 1100 15th Street from their sign on the corner of 15th and Arapaho Streets in downtown Denver. The rendering of the 40-story tower was replaced by a white box, and the leasing information has been painted over.

Hines was forced to pull the plug on this project after the Denver real estate market continued to show no signs of recovery. Now posting vacancy rates of 16%, downtown has been slow to attract new tennants let alone warrant the construction of 600,000 square feet of office space; things haven't been this bad since the real estate crash of the 1980s.

In April, Frederick Ross, leasing agents for the project, informed DenverSkyscrapers.com that given Denver's then-current real estate conditions, Hines was looking for a whopping 75% pre-leasing committment before starting construction of this tower. That benchmark seemed impossible to reach even during good times in the local market, and so it comes as no surprise that this tower will now be headlining the Unbuilt Towers section of this website.

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Dancing into the future

Things are looking up along Speer Boulevard...literally. Two giant statues are being erected on the west lawn of the Denver Center for the Performing Arts, joining the massive number of improvements slated to complement the soon-to-be-expanded Colorado Convention Center.

The statues form a sculputre that will evoke two on-stage performers dancing with each other. At approximately fifty feet tall, the statues provide a new energy and artistic ambiance for an area of downtown that is quickly becoming Denver's hottest entertainment district. With the expanded convention center, the upcoming 38-story Hyatt Hotel and these notable statues, downtown's western edge will indeed be an impressive sight some five years from now.

Back On Track

The proposed 1,100 room Hyatt Hotel appears to be moving ahead once again, as the City of Denver and the labor unions have reached tentative agreements on several key issues.

The green-lighting of the hotel project will enable the City of Denver to issue bonds to cover the cost of the construction for the project. The bonds will be repaid with future revenue garnered from the hotel's operations. While a deal has been reached, there has been no word on whether or not the city's June 6 groundbreaking date has been pushed back any as a result of the labor union's tactics.

Unfortunately, during the fiasco, Denver lost one convention worth an estimated $7 million. The convention was scheduled for 2006.

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