DENVER — Plans for a 37-story residential tower along Larimer Street and Speer Boulevard have come to a halt, according to the property owner, who said the development firm has terminated its agreement for the site.
Texas-based Kairoi Residential filed a concept plan two years ago for a 37-story tower called Bell Tower with 139 residential units. Buzz Geller, managing partner at Paradise Land Co., owns the property, currently a parking lot, and said he’s been working with Kairoi for the past five years on the project.
Geller said Kairoi was originally under contract to purchase the property, which is bordered by Market Street to the north, Speer Boulevard to the west, Larimer Street to the south and Cherry Creek to the east. However, Kairoi approached him later about doing a ground lease for the property rather than a purchase to cut costs on the project. Geller negotiated a ground lease with Kairoi about two years ago.
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