Developer Craig Nassi spared no expense on the $105 million, two-tower Beauvallon, the newest high-rise condominium in downtown Denver.

By Kristi Arellano http://www.denverpost.com/Stories/0,1413,36~33~1984702,00.html

Created by mark. Last modified on 2004-02-29 11:34:30

The onyx concierge desk cost $12,000. The hair salon cost $500,000. The copper-trimmed domes flanking the rooftop swimming pool, another half-million.

"Who wastes money like this?" he asks, pointing to the ornate iron railings along an outdoor balcony. "Who puts the time and effort into having the gold medallions, the curved and forged iron? People don't build like this anymore."

The former schoolteacher, 34, has made an indelible mark on the Golden Triangle neighborhood since 2001, punctuating the Denver skyline with three high-rise projects, totaling nearly 400 units.

Critics say Nassi has irrevocably changed the character of the neighborhood, roughly bounded by Speer Boulevard, West Colfax Avenue and Lincoln Street.

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Nassi's 15-story Belvedere, 18-story Prado and 14-story Beauvallon buildings have driven up land prices in the area so much that smaller housing developments may be less economically feasible.

Other critics have lambasted their elaborate architectural style. The height and scale of the buildings irritates some neighbors, who say they are out of character with the rest of the neighborhood, an eclectic mix of historic homes, commercial buildings and midrise condos.

"It's a critic's privilege to be able to state an opinion," Nassi said.

But the proof of his success, he contends, are the strong sales of his condos that cost $225,000 to $2.2 million. Among the residents of the Prado is Nuggets basketball star Carmelo Anthony.

Dad co-signed his first loan

When the relatively unknown Nassi proposed a 15-story tower for the corner of West 12th Avenue and Elati Street in 1998, the Golden Triangle was just beginning to evolve from a sea of parking lots and industrial buildings into a funky neighborhood populated by mid-rise condos.

"Everybody was kind of surprised when he announced his plans for the Belvedere," said Margerie Hicks, executive director of the Golden Triangle Neighborhood Association. "It was just so different. I'm not sure anybody believed it would really happen."

People were also skeptical because Nassi hadn't lined up financing for the $25 million project by the time he announced his intentions.

The move was bold - the kind of risky maneuver characteristic of a developer Nassi emulates.

"Donald Trump will buy a piece of land without the entitlements in place," Nassi said. "I look at the way he structures his deals and the way he takes risks. I admire that."

Born in Brooklyn, N.Y., Nassi came to the Denver metro area just before high school, when his mother, Felicia, a sculptor, remarried and moved her family to Aurora. He attended Overland High School and studied history and geography at Colorado State University.

He taught for three years at Laredo Middle School in Aurora, but quit in 1994 because he "wasn't being challenged enough."

A friend urged him to try his hand at real estate. He got his real estate license but quickly decided the money was in development. He began building a small duplex in Cherry Creek North, using a $275,000 construction loan from Aurora National Bank. Nassi got the loan only after connecting with bank chief executive John Kennedy, whose son was a high school buddy of Nassi's.

The loan was co-signed by Nassi's father, Bijan, a New York antiques dealer. "He was the only one who believed in me enough to co-sign on the loan," Nassi said.

He built and sold projects, rolling the profits into bigger buildings such as the Belvedere. Sales of the units were strong enough that Nassi started a second project, the 18-story Prado on West 11th Avenue near Cherokee Street, before the Belvedere was even finished.

"His developments certainly changed the paradigm of the Triangle," said Mickey Zeppelin, a developer and former president of the Golden Triangle Neighborhood Association. "Before Craig, everybody had thought in terms of six- to eight-story buildings."

The projects brought more people into the neighborhood and created a more vibrant community, said Ellen Ittelson, projects coordinator for Denver's planning department.

However, the way that Nassi accomplished zoning approval for the Prado caused a public outcry.

Nassi purchased part of the development rights assigned to the property now occupied by the nearby Church nightclub. By transferring 25,000 square feet of development rights to his site - which is allowed under city zoning - he was able to add more units to his project, which improved its viability, but sparked fury among neighbors.

They said Nassi was introducing a New York-style streetscape that didn't fit in with their neighborhood.

"Zoning supersedes the critic's opinion," Nassi said. "The zoning allows the height and density of the buildings."

Obsessive about the details

Nassi said strong sales in all three of his high-rise buildings prove that buyers like what he's doing.

"I've sold to athletes, young professionals and high-profile lawyers," Nassi said.

Denver Nuggets rookie Carmelo Anthony lives in a penthouse in the Prado. His home was featured on "MTV Cribs," a television program that showcases the inside of celebrity homes.

"That's big-time," Nassi said of the attention Anthony brought to his project, which he claims showcases Denver. "It shows we're attracting the right people."

Both the Belvedere and the Prado are sold out. The 210-unit Beauvallon that spans 925-975 Lincoln St. is 66 percent sold, said Katie Everett, Nassi's listing agent.

When completely built out, the Beauvallon will include four restaurants, a 12,000-square-foot spa and health club, and a rooftop pool with a swim-up bar. Closed-circuit televisions will let residents peek at the pool or restaurants from inside their homes. Units range from $225,000 to $2.2 million.

The posh public spaces are furnished with pieces Nassi has picked up on his travels. He also owns a wholesale antiques operation in Denver, Metropolitan Antiques, at 1145 Broadway.

A self-proclaimed workaholic, Nassi is involved in every aspect of his projects, whose architectural style reflects his love of European design.

He learns the names of construction workers and hand-picks the retailers that occupy his buildings.

At the Beauvallon, the street-level retail includes a French restaurant, a sushi bar, an Italian grocery store and a spa.

"I'm very finicky about that," he said. "I don't want a Subway sandwiches or a 7-Eleven. I rejected a lot of retailers because I didn't think they had what it took to radiate the personality of the building."

Those who work with him, including those who live in his buildings, said Nassi has an obsession with perfection.

"He has a hands-on approach to everything," said Brock Wortman, owner of Metropolis Coffee at the Prado, where he rents an apartment from Nassi.

During one of Wortman's first tours of the building, Nassi noticed an imperfection with the paint job in the elevator. "He asked if he could borrow my pen and wrote 'repaint' on the elevator," he said. "It's the teeny details that come out with him."

Some say Nassi can be difficult to work with.

"He's very much a micromanager. It's always push, push, push," said Joe Simmons, principal with BlueSky Studio, the architect that designed the Belvedere and the Prado.

"He's a difficult guy to work for, but in the same breath I have to say he's an interesting study in human ambition," said Simmons, who lives in the Belvedere. "He's got a lot of chutzpah."

Nassi insists his obsession with perfection pays off.

"This is business. This is competition. When you're competing against other condos, you've got to have an edge or a concept to make you better," he said. "It's all about sex appeal."