Developer Proposed 168-Room Hotel on W. Colfax Ave.
The plan for a 7-story hotel site in Denver replaces a former bank and currently excludes on-site parking.
Updated on Sept. 23, 2026 in Openings & Closings
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Developer Jonathan Gandhi submitted a concept plan this month for a 168-room hotel at 606 W. Colfax Ave. in Denver. The project, which requires demolition of a former Bank of Denver branch, is slated for a 0.3-acre site.
Why it matters
The developer intends to hold the property as a long-term investment, though the project currently awaits market recovery before moving to construction. This strategy reflects a broader trend of securing infill sites for future hospitality expansion.
The property is currently listed for $1.1 million, sitting near an apartment complex with 370 units. The proposed structure lacks on-site parking due to constraints on the 0.3-acre lot.
The players
Jonathan Gandhi
A real estate developer known for previous hospitality projects including a 2014 hotel development on 15th Street.
Nicolet National Bank
A financial institution currently holding the title for the property at 606 W. Colfax Ave.
The details
The development plan for 606 W. Colfax Ave. requires the total demolition of the building that previously housed a Bank of Denver branch, which closed in August 2022. Due to the limited size of the 0.3-acre parcel at the intersection of Fox Street and West Colfax Avenue, the concept excludes on-site parking. Gandhi, who previously developed an Aloft hotel on 15th Street in 2014, is positioning this site as a long-term real estate asset.
Timeline
The former Bank of Denver branch closed in August 2022.
Jonathan Gandhi completed an Aloft hotel project in 2014.
MidWestOne Bank acquired the Bank of Denver in 2024.
The hotel proposal was submitted in September 2026.
Market Landscape
This proposal marks the latest attempt to redevelop the W. Colfax corridor, following the developer's 2014 work on the Aloft hotel on 15th Street. The project aligns with a long-term investment strategy that bypasses current immediate construction in favor of future market upside.
Operators in the surrounding Golden Triangle should monitor the project's progress as it influences density and parking demand in the area. Reviewing long-term land holding costs against current vacancy rates is essential for those evaluating similar infill development timelines.
The takeaway
Securing prime urban infill for long-term holding can protect assets during market downturns, though site constraints like parking limitations require careful feasibility planning. Operators should track the city's feedback on this preliminary concept to identify shifting zoning or density thresholds in the area.
Further reading
For more updates on local real estate projects, visit the Denver Openings & Closings section.
Source note: This article includes information reported by The Denver Post.
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