Denver bank building got $22.4m renovation; now it is 100% vacant

Denver's historic bank building at 821 17th Street remains empty despite a $22.4 million renovation. The nine-story building, now called The Vault, offers 107,630 square feet of office and retail space in downtown Denver's former financial district. Originally built in 1907 and redesigned in 1977, The Vault was a key part of Denver's financial district, known as Wall Street of the Rockies.

Harbor Associates bought the property in 2017 and invested more than $22.4 million in improvements, but finding tenants has been challenging. WeWork leased part of the building in 2018 but left in 2021 due to changing office-working patterns. Office vacancies remain high in Upper Downtown Denver, though they have slightly decreased.

The surrounding area has also seen major transformations, with historic commercial districts once struggling but now active again. The Vault's large basement vault is now the centrepiece of a restaurant, and it features restored historic details. Converting the building into residential space is being considered, but architect-engineer Bradley L. Zieg notes that converting offices into residences is challenging due to differences in design and the need for plumbing, heating, cooling, ventilation, and other infrastructure.

Recent low purchase prices for newer downtown properties have made conversions more attractive, though The Vault's renovation costs make it a challenging prospect. Downtown Denver's vacancy challenge remains significant, with some tenants moving to areas farther east.