The Lower Downtown District Design review board recently approved the renovation of the building, although Donahue tells GlobeSt.com he will be back in front of the board next month to work out some final details.
"There is nothing left in the market like the Colorado Saddlery building," Donahue says. "Because of its unique nature, the construction will be the highest quality and the homes and office like anything in Downtown."
The building will include three penthouses constructed on the roof. Units will be priced from $1.6 million to $2.2 million. The 20-foot-high, two-story addition will be clad in copper, and will measure about 3,500 sf. The building also will include about 47,000 sf of office space spread across four floors. Donahue says he expects lease rates to be about $28 per sf to $32 per sf, which is at the top of the Downtown office market. John Fairbairn, of Fairbairn Commercial, will market the office portion.
"We're going to redevelop the Saddlery building to make it as close to class A space as possible," Donahue tells GlobeSt.com. "It is not possible to totally make it class A space because there's not enough parking and because the layout of the building. But we will be replacing all of the electrical, HVAC systems, and plumbing and installing new elevators. And it has these great, open footplates. We've had a lot of conversations with potential full-floor users, as well as smaller users. We could make it more of a multi-tenant building on each floor, but I can't imagine more than four tenants per floor." The building will have 25 underground parking spaces.
There also will be 8,500 sf of retail space on the ground floor. There's about 10,000 sf of gross space available, but the lobby and other common space will utilize about 1,500 sf of that, he tells GlobeSt.com. Construction likely will start this fall, he says. He has hired architect Josh Comfort and the Lawrence Group Architects to design it.
This marks the first urban infill project by Donahue. Since 1987, his company has built custom homes in the suburban Front Range, as well as in the mountains. His largest custom home is a 13,000-sf, $10-million stone home in Cherry Hills Village. "This will be different for us, but we're really excited about it," Donahue tells GlobeSt.com.
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