Portman Holdings and Hensel Phelps announced today that Union Tower West, the vertically-stacked mixed-use development at 1801 Wewatta Street in Denver’s Union Station neighborhood, will begin construction with a groundbreaking ceremony on April 9. The building’s 180-room hotel will be a Hotel Indigo® hotel””IHG’s (InterContinental Hotels Group) upscale boutique brand. Canyon Capital Realty Advisors has provided equity financing and Regions Bank will provide a construction loan for the approximately $92 million development.
“Canyon is excited to be part of the transformation of Denver’s downtown by partnering with an experienced development team,” said Marti Page, Senior Director at Canyon Realty.
Plans for Union Tower West include a 210,000-square-foot mixed-use development featuring 100,000 sq. ft. of Class A office space and the Hotel Indigo® hotel accompanied by 10,000 sq. ft. of food and beverage concepts.
“We feel that the design of this building, and its vertically stacked multiple uses, complement and enhance the appeal of LoDo, where we’re thrilled to be developing property,” said Portman Holdings CEO Ambrish Baisiwala. “We know that the Hotel Indigo® brand approach will bring a strong local feel and the character of the Union Station neighborhood to life within this distinct property.”
John Portman & Associates is providing architectural services, and general contractor Hensel Phelps plans to complete construction within 20 months. Travis Garland of Portman Management Company is collaborating with Colliers International for office leasing activities.
About Portman Holdings
Throughout the past 60 years, Portman Holdings has developed over 50 million square feet of premium real estate around the world with a focus on hospitality, office and mixed-use properties. The vertically integrated real estate development, investment and management company commands a successful global network and has a proven track record with the world’s top financial institutions. Teams in the company’s global offices seamlessly connect to develop, finance and manage a diverse portfolio in the world’s core and emerging markets. Portman Holdings continues to achieve success through investor, partner and client relationships that deliver exceptional real estate projects.
