820 16th Street | Symes Building
A planned conversion of the historic Symes Building at 820 16th Street into apartments has collapsed after the property was foreclosed on last week, derailing one of downtown Denver’s most high-profile office-to-residential projects.
The eight-story building was slated to become 116 apartments under a proposal from an affiliate of California-based Harbor Associates. In July, the project was selected to receive a $17 million loan award from the Denver Downtown Development Authority, though the funds were never disbursed because required financing and permits were not secured.
The foreclosure was first reported by BusinessDen.
Harbor purchased the building for $24.5 million in 2018 and later refinanced with an $18.6 million loan from Thorofare Capital. After a legal dispute between the two sides, Thorofare moved forward with foreclosure, effectively ending Harbor’s redevelopment plans.
Because the public loan was never funded, city officials now have additional flexibility to reallocate those dollars to other downtown conversion efforts. While no specific reallocations have been announced, projects like Lincoln Crossing at 1775 Sherman Street and 1776 Lincoln Street owned by Westside Investment Partners and led by Denver developer Andy Klein, could be among those considered for future funding.
Westside has proposed converting the 13-story 1776 Lincoln tower into approximately 120 apartments while keeping the adjacent high-rise as office space, creating a mixed-use campus designed to activate the area and reduce vacancy. The firm has applied for $10 million in Downtown Denver Development Authority funding to help finance the project.
The collapse of the Symes conversion underscores the financial strain facing office-to-residential projects as higher interest rates, leasing challenges, and lender pressure continue to complicate deals. Other proposed conversions downtown have already stalled due to tenant issues and ground-lease constraints.
Not all nearby projects have followed the same path. Across the street, the historic University Building conversion is still expected to move forward, adding hundreds of apartments and ground floor retail as part of Denver’s ongoing downtown housing push.
As the city evaluates next steps, readiness and project momentum are likely to play a central role in determining where remaining public support is ultimately directed.
