WSJ: One man's mission to revive America's emptiest downtown

Real estate developer Asher Luzzatto is on a mission to bring residents back to what the Wall Street Journal describes as America's emptiest downtown. Standing on the 29th floor of his newly purchased office tower, Luzzatto gazed out at the Rocky Mountains and envisioned a future for a city centre that has largely been abandoned.

On a recent April afternoon, real estate developer Asher Luzzatto stood on the 29th floor of an office tower he had just purchased and looked out at the snow-capped Rocky Mountains shimmering in the distance — a postcard-perfect view that belied the emptiness below.

According to the Wall Street Journal, the city where Luzzatto has staked his ambitions holds the unenviable title of America's emptiest downtown. While remote work and urban flight have hollowed out city centres across the United States, this particular downtown has suffered more than most, leaving entire blocks of office space vacant and streets quiet during hours that were once bustling.

Luzzatto's plan centres on converting underused commercial real estate into residential units — a strategy that has gained traction in other struggling American downtowns. By bringing people to live in the city centre rather than merely commute to it, he hopes to create the kind of round-the-clock urban energy that attracts restaurants, shops, and further investment.

The challenge is formidable. Converting office towers to apartments is expensive and technically complex, and financing such projects has become harder as interest rates have risen. Critics question whether any single developer can reverse decades of suburban sprawl and changing work habits.

Still, Luzzatto appears undeterred. With the Rocky Mountains as a backdrop and a tower already in his portfolio, he is betting that the right vision — and the right building — can bring a dormant downtown back to life.