DENVER —  A plan is in the works to build a kaleidoscope-inspired building at 19th and Arapahoe streets in downtown Denver. The development is being called a big, bold addition to Denver’s skyline.

Currently, a surface parking lot is covering a half city block at the location.

Newly-released renderings show what’s to come. The bright colors and mirrors — shown in the renderings — are meant to draw attention upward on the 40-story tower.

“[There’s] nothing like that anywhere,” developer Michael Eisenstein said. “We’re cantilevering the structure out over Arapahoe.”

Eisenstein, owner of Boulder-based Land Capital, LLC, is currently working with investors to transform the current void in the skyline.

“It’s kind of nestled there in kind of a quiet zone … right now, and it’s just waiting for the right electricity to hit it,” he said.

Eisenstein says the development will bring about more housing for the city. Rent costs have been rising in part because of a housing supply that is struggling to keep pace with demand.

Current plans for the tower call for apartments. Hotel, commercial and retail spaces are also possibilities.

Developers are just about to finalize the process of owning the land. Groundbreaking for the project could be a year to three years away.

The Greyhound bus station across the street from the site is for sale. Eisenstein expects the new owner of that property to be announced in early July.