In a move that is expected to result in a significant structural upgrading, members of the Denver City Council have given their approval to purchasing for $88.5 million the 11-story downtown building that formerly belonged to the Denver Post. Located at 101 West Colfax Avenue, the nearly 306,000-square-foot white curvy structure was built in 2006, designed by the Denver-based Oz Architecture, and used by the newspaper for more than a decade until the publication moved into a new location at 5990 Washington Street. In the years since the Post moved out of the building, city officials have contemplated purchasing it, noting that various city agencies are already leasing out space there at a cost of around $5 million annually. Now the City Council has signed off on a purchase agreement with Kayan LLC, which is an affiliate of the New York-based American Properties, that will see the City repurposing a large part of the building for use as offices and city court space. In part, the purchase is not only the result of a move to consolidate various city agencies at the 101 West Colfax Avenue building, but also a response to a recent report indicating a need for up to 280,000 square feet of court space in the coming decade or so to handle increasing caseloads. According to city records, the one-time Post building is expected to prove particularly useful in the matter of court space because the structure is "within proximity to existing judicial facilities." Those same documents also note that the structure has "building security systems, parking, a ground floor auditorium" and space for a future build out. Beginning nearly a decade ago, the City began the process of subleasing two floors in the building with a total of just over 92,000 square feet for administrative purposes. The City purchase of the building was approved by a 9 to 6 council vote, with some council members indicating concerns about the $88.5 million price tag. Those members, along with the rest of the council, will get a chance to revisit the deal when a separate financing resolution will come up for approval later this spring. The structure, classified as a Class A building, cost around $88 million to build, and includes a spacious lobby, fitness center, outdoor deck, and some 8,000 square feet of ground level retail space. By Garry Boulard
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