The Denver Downtown Development Authority approved $63 million on Wednesday for the ambitious plan from a developer to convert two office towers into what it calls a “vertical village.”

The project, dubbed High Fidelity Plaza from The Luzzatto Co., would take the two buildings at 621 and 633 17th St. and turn them into 700 apartments. The company also pitched amenities including childcare, a children’s museum, an independent movie theater, a grocery store and an art gallery. It’s also considering transforming the buildings’ old bank vaults for food and beverage businesses.

The total project is set to cost $315 million, according to the DDDA.

The low-interest loan is the largest award given out by the DDDA since it expanded last year to invest in projects that could revitalize the city’s urban core, especially Upper Downtown.

“A vibrant downtown is one where working families can afford to live and where they feel safe doing so,” Mayor Mike Johnston said in a news release. “I am grateful to the Downtown Development Authority for investing in solutions that are delivering clear results for our city center.”

City staff evaluated the project and mentioned concerns about the scale of the conversion coming from a developer who was new to downtown’s scene, The Denver Gazette reported last December.

They were also concerned about investing a sum that large and not having enough money to give to other future projects that could help downtown.

But city staff also listed several benefits of the High Fidelity project: More housing, more foot traffic, new hotel rooms and “robust supplemental uses.”

Asher Luzzatto, the real estate company’s president, said back then that the investment would be the city’s best bang for its buck.

The funding was essential for the conversion to happen and waiting for the DDDA’s loan pushed back the project by several months, he said in December. 

“We are grateful for this public support and are committed to being good stewards of the property, the project and the public funds being made available to us,” Luzzatto said on Wednesday. “We look forward to the day when High Fidelity Plaza is full of life and a blueprint for other transformative projects in Downtown Denver.”

The developer bought the two towers on 17th Street for $3.2 million earlier this year with plans to make them a 24/7 destination. The Luzzatto Co. also plans to convert part of the Denver Energy Center on Broadway, which it bought for a 97% discount at $5.25 million. 

Also on Wednesday, The DDDA approved the renewal of funding for the new downtown police unit installed last year. The board gave a $7 million grant to the Denver Police Department to help fund 10 patrol officers through 2026 and 2027.

“We knew from our research that safety and security were the central and critical concerns of our residents. The Board knew that the DDA was uniquely situated to enhance safety and security for all,” said Doug Tisdale, the organization’s board chair, in the release. “The results have been fantastic, and people throughout the Denver region have seen those dramatic results.”

The organization has approved more than $242 million since 2025, when it gave out its first award to help create the downtown police unit.