Asher Luzzatto, a developer, has a plan to revive America's emptiest downtowns, starting with Denver, where nearly 40% of office space is vacant.
Luzzatto plans to convert half of the Energy Center and two other office buildings into 1,100 apartments, along with a bookstore, art gallery, children's museum, and daycare center.
He acquired the buildings for pennies on the dollar, making it economically feasible to convert them into residential buildings.
Luzzatto's plan faces challenges, including high construction costs, lenders' skepticism, and navigating rigid building codes.
However, he received a vote of confidence from the Downtown Denver Development Authority, which approved a $63 million loan toward his plans.
Luzzatto's approach is to transform desolate urban cores into welcoming places to live, offering affordable housing with priceless views.
His vision is part of a larger trend of office-to-residential conversions, with 90,300 units in the U.S. pipeline at the start of 2026, a 28% increase from a year earlier.
Luzzatto's family and investors are providing his equity, and he has discussed the strategy with his father, who is still chairman.
Getting people to live downtown won't be easy, but Luzzatto is optimistic about his plan to revive America's emptiest downtowns.
