A sliver of land is holding back Asher Luzzatto’s plans to repurpose two downtown Denver office towers.

“We don’t even know how to move forward,” the 37-year-old developer said.

Luzzatto is in the midst of figuring out how to fashion 700 apartments out of the buildings at 621 and 633 17th St. He purchased the nearly 1 million square feet, plus associated parking, for just $3.2 million this spring.

But the deal, critically, did not include all the land underneath the buildings.

The block is encumbered with three ground leases. Two have more than 90 years remaining on their terms. But the third, a 6,650-square-foot parcel under the 633 17th St. building, has only 30 years left.

Luzzatto said the relative shortness of that term is scaring away capital.

“Even though there might be ways o

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