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February 5, 2009 12:01 PM

Powerful board gives Bell Tower a green light


Developer Buzz Geller plans to start marketing his 34-story Bell Tower condominium later this year, following the unanimous decision Thursday morning by a powerful city board for the "iconic" building's massing and form.
Last November, the Lower Downtown Design Review Board rejected the building as being too massive, and Geller was planning "option two" to shrink the building to eight stories and spread it across the majority of the site at Speer Boulevard and Walnut (Market) Street at Cherry Creek.
Instead, Geller took the board's suggestion and reduces its mass by 18 percent. That also reduced its estimated value to $250 million from $300 million. Shrinking the building also presents "extreme challenges," because the elevator shafts and stairwells cannot be shrunk, Geller said.
"You put it through the hot water wash," and shrunk its mass, noted board member Arthur "Tee" Cowperthwaite.
Board member Joe Poli, the only member to vote in favor of it last fall, described ed it as "phenomenal architecture."
During the meeting, architect Ned Kirschbaum, of Fentress Architects, which is designing the building, placed models of the skinnier tower and the original building on a display of downtown, to show how it would look in relation to other buildings. It also showed how the new building would impact Denver's downtown skyline.
By constructing the tower at the edge of Speer Boulevard, it helps the "fabric" of downtown and bringing the central business district closer to the Auraria campus, across from the tower, said Tami Door, president and CEO of the Downtown Partnership, who spoke in favor of the building during the meeting.
Jeff Shoemaker, head of the Greenway Foundation, applauded Geller for what he called his "Solomon-like" ability to resurrect the building that seemed to be dead a few months ago. He said while the building might even seem "crazy" today, in the future it could be considered "visionary," and hopefully will spur other buildings with gripping architecture.
However, two residents of the nearby Larimer Place building, spoke against it. Some of the units will exceed the 7,500 square feet maximum size currently required for the building, noted one of the opponents, Cathy Krendl. However, the average size of a unit will be 7,314 square feet, which is keeping within the spirit and intent of the guidelines, said city planner Tyler Gibbs.
The presentation was unusual in that it featured only models, and not the customary drawings, said Larry Nelson, chairman of the board. However, drawings for the more massive buildings had been presented in the past. Fentress did not present new drawings at this time because of the expense, but they will be presented at later meetings.
Following the meeting, Geller said he has interest from four Asians who are interested in buying units as investments, and the possibility of four other investors, whom he thinks are from South America.
If those eight deals go through and he and his partner David Paderski buy units in the building, "we'll only need to sell 23 more," Geller said. A low-rise, 50,000-square-foot office building will be constructed on a portion of the site before the tower is built, he said.
In this tough market, lenders may require all or most of the units to be sold before they will provide financing, he said. He expects the units will likely be priced from about $1,000 to $1,500 per square foot.
"I think this is a better looking building," than the previous designs, Geller said. However, they will not be as easy to sell and as profitable as the original concept, he said.




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