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.
asserted
owner → remain → 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.
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building → know → district
According to The Denver Gazette, the building was originally constructed in 1907 and was later redesigned by architects Fisher & Fisher.
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building → accord → Fisher
It was designated a Denver Landmark in 1977.
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It → designate → 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.
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area → form → activity
Harbor Associates, based in Seal Beach, California, bought the building in 2017.
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Associates → base → 2017
The owner later invested more than $22.4 million in improvements, including a new lobby, restoration of the first and second floors, exterior facade work and upgrades to the building’s mechanical systems.
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owner → invest → systems
JLL is now presenting the property for sale as an opportunity for office use, adaptive reuse or conversion into residential or hospitality space.
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JLL → present → space
Finding tenants has proved difficult, however.
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Finding → find → tenants
WeWork leased about 40,000 square feet of the building in 2018 but left in 2021 as the pandemic changed office-working patterns.
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pandemic → lease → patterns
A historic building
The Vault’s current situation reflects a much wider change in Upper Downtown Denver.
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situation → reflect → Denver
Office vacancies across downtown have remained high, although they have dipped slightly to around 38%, according to The Denver Gazette.
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they → remain → Gazette
Some newer office properties have also been sold at heavily reduced prices, with buyers considering residential conversions as one possible way to reuse the space.
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buyers → sell → space
The area around The Vault once went through another major transformation.
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area → go → transformation
Downtown Denver’s historic commercial districts had struggled during the 1960s, when older buildings deteriorated and businesses moved away.
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businesses → struggle → 1960s
By the 1980s and 1990s, however, parts of downtown were becoming active again as Denver developed into a sports and entertainment centre.
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Denver → become → centre
The former bank building itself became part of that revival.
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building → become → revival
Its large basement vault became the centrepiece of the Broker Restaurant, which opened in 1972 and remained there until it closed permanently in 2017.
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it → become → 2017
In 1978, the building also became home to Women’s Bank, which was widely recognised for its focus on women-owned businesses and lending to women.
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which → become → women
The building also has a two-storey entrance with a 23-foot ceiling
The $22.4 million renovation
JLL’s property listing describes The Vault as a 'fully repositioned' 107,630-square-foot office and retail landmark.
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listing → have → landmark
It says eight of the building’s nine floors have been renovated and are ready for occupation, with furnished office suites.
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eight → say → suites
The listing says the property is being offered without existing leases.
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property → say → leases
That gives a potential buyer the option to continue with office use or use it for residential or hospitality conversion.
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That → give → conversion
The building also has a two-storey entrance with a 23-foot ceiling.
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building → have → ceiling
JLL describes the atrium as a major feature of the property.
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JLL → describe → property
The listing also highlights restored historic details, including stained-glass skylights, hand-painted ceiling beams and a sculpted mezzanine frieze.
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listing → highlight → skylights
However, The Denver Gazette also reported that a view through the locked doors of the main floor showed areas that appeared to need additional finish work.
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that → report → work
Could the bank become homes?
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bank → become → ?
The possibility of converting The Vault into residential space is being considered as downtown Denver looks for ways to reduce its large amount of unused office space.
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Denver → convert → space
Bill Mosher, a former chief project officer for the Denver Downtown Development Authority, said historic buildings can have advantages when they are converted.
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they → say → advantages
“Generally, historic buildings have real possibilities,” Mosher told The Denver Gazette.
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Mosher → have → Gazette
“They have lobbies that are interesting spaces.”
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that → have → lobbies
The Vault has an L-shaped design, with the two wings measuring about 50 feet wide.
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wings → have → wide
That layout could provide window access and floor plans that may work for apartments, according to the report.
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that → provide → report
However, architect-engineer Bradley L. Zieg said converting an office building into homes is not simple because the two types of buildings are designed differently.
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types → say → buildings
“Most buildings of any kind of stature were designed and built to a specific use,” Zieg told The Denver Gazette.
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Zieg → design → Gazette
“Converting offices into residential uses is a real stretch.
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Converting → convert → uses
Residential architecture is fundamentally different than whatever else you would do,” he said.
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he → say → whatever
Zieg also pointed to problems involving heating, cooling, ventilation and plumbing.
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Zieg → point → heating
“Even if you can solve the space-planning problem, now you’ve got all the plumbing.
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you → solve → plumbing
…and 15 more, not listed.
The Aporia
