Historic Denver Landmark to Become Affordable Housing
The iconic Denver Dry Goods Building, a historic structure dating back to 1888, is set to undergo a significant transformation into an affordable housing complex. This ambitious redevelopment project aims to preserve the building’s legacy while addressing the pressing need for accessible housing in the city.
Key Takeaways
- The Denver Dry Goods Building will be converted into 106 units of affordable housing.
- The project will rehabilitate 51 existing units and create 55 new ones.
- Residents will earn between 30% and 80% of the Area Median Income (AMI).
- The total project cost is estimated at $67 million.
- Groundbreaking is anticipated in late summer 2025, with completion by early 2027.
A New Chapter for a Beloved Building
Originally the largest department store in the region, the Denver Dry Goods Building holds a special place in the city’s history. The "Denver Dry Adaptive Reuse" project, spearheaded by Jonathan Rose Companies, will breathe new life into this architectural gem. The redevelopment will not only create much-needed housing but also modernize the building’s infrastructure.
A Collaborative Effort for Affordable Living
The $67 million initiative is a testament to strong public-private-nonprofit collaboration. Key partners supporting this endeavor include the Community Opportunity Fund (COF) and The Richman Group. The Colorado Housing and Finance Authority (CHFA) is providing crucial financial backing through a 4% and State Low Income Housing Tax Credit allocation, along with construction and permanent loan financing.
Project Timeline and Design
Construction is slated to commence in late summer 2025, with the project expected to be completed by early 2027. OZ Architecture has been appointed as the designer for this transformative adaptive reuse project, ensuring that the historical significance of the Denver Dry Goods Building is respected while creating modern, comfortable living spaces.