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DENVER-Local developer Randy Nichols plans to build a 41-story, $110-million condominium tower on a block along 14th Street, where more than $1 billion in public and private developments are either under way or on the drawing board.

Nichols completed the purchase of the block at 14th, 15th and Champa streets by buying the Davis & Shaw Furniture Co. store. Earlier in the year, he had purchased most of the block from St. Charles Town Co., headed by Charlie Woolley. Nichols has hired the locally based architectural firm RNL to design the building, which he expects to break ground on late this year or early next year.

The 505 units in the tower will range in size from about 700 sf to 1,500 sf. The city’s inclusionary zoning requires developments of more than 30 units to make 10% of them affordable. Those units will start at $165,000. Market-rate units will range in price from about $220,000 to $570,000, he says. The units are aimed at young professionals working downtown who can’t afford the $400,000-plus prices in many of the new projects downtown, he says.

The tower will be quite a departure from Nichols’ last development, Clayton Lane. Clayton Lane includes the state’s first and only JW Marriott hotel, the world headquarters for the Janus mutual fund family, shops, restaurants and condos, some which have sold for about $500 per sf. Earlier, Nichols developed the $33-million 1899 Wynkoop St. in LoDo, one of the first new office buildings in Downtown following the overbuilding of the 1980′s. He also developed a 92-unit townhome development in east Cherry Creek.

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