Shea Properties Seeks Approval to Convert Vacant Office Building into Residential Units near Denver Tech Center
Shea Properties is looking to transform a four-story office building near the Denver Tech Center into a residential complex, and they are seeking approval from the city of Denver to move forward with their plans. The office building, which has sat vacant for the past five years, is located near the interchange of Interstate 25 and Interstate 225 on the west side of I-25.
The proposed project involves converting the 124,000-square-foot office space into 143 residential units that will cater to individuals and families earning between 30% to 70% of the area’s median income. The units will include a variety of layouts, including studios, one-bedroom, two-bedroom, three-bedroom, and four-bedroom options. Amenities for residents will also be included, such as a game room, fitness center, laundry facilities, and storage space.
To help fund the conversion project, Shea Properties has secured million from Denver’s Direct Allocation Private Activity Bonds through the city’s Department of Housing Stability. They are also exploring other options, such as affordable housing bonds and tax credits, to gather additional funding for the development.
This initiative by Shea Properties aims to provide much-needed affordable housing options in the Denver area, addressing the demand for housing that is accessible to a broader range of income levels. The project will not only repurpose a vacant building but also contribute to the city’s efforts to create more affordable housing opportunities for its residents.
