New downtown hotel plans moving forward

Filed under: Daily News | Tags:,

Developer Perry Sanders says his plan to convert three downtown office buildings at the corner of Pikes Peak and Colorado avenues into a boutique hotel that would include upscale bars, restaurants, a health club and penthouse suites is ready to move forward.

Sanders said LandCo Equity Partners CEO Ray Marshall no longer has any interest in the project and that he is the sole owner of the Mining Exchange Building and adjacent Freeman Telegraph and Independence buildings.

Sanders has removed all of the beige travertine panels that were installed during 1965 and had hidden the Mining Exchange Building’s elaborate Edwardian façade.

Although damaged by the renovation, the building’s granite arches and columns are largely intact, as is the carved building name above the Nevada Avenue entrance.

Despite the Mining Exchange Building’s historic significance, Sanders said that he won’t seek a grant from the Colorado Historical Society to help finance the restoration.

CHS administers the state’s historic preservation fund, which, through provisions in the initiative establishing casino gambling in Colorado, receives millions of dollars in casino tax revenues annually. It is the largest such state fund in the country.

“You have to jump through so many hoops that it’s not worth it,” he said, noting that CHS would require that interior walls that have been taken down to bare brick would have to be replastered to conform to historic standards.

Sanders still hopes to use tax-increment financing to help fund the project – but if it’s not available, he’ll go ahead anyway.

“I’m doing this. I’m committed and I’m going forward,” he said.

One Response to New downtown hotel plans moving forward

  1. This is located at the SW corner of Pikes Peak & Nevada Ave. Colorado Ave. runs parallel with Pikes Peak Ave.

    Thomas DuDash
    July 8, 2009 at 1:55 pm