The Denver Metro Badger

Denver considers $14.7 million loan for 120-unit affordable housing conversion

A proposed loan from the Denver Downtown Development Authority would help convert the University Building into income-restricted homes, separate from a proposed grant for an arts space.

Published Denver
Downtown Denver streetscape at 17th Street and Glenarm, with the ground-floor corner unit identified in source materials for the proposed CAST arts space outlined in yellow.
Downtown Denver streetscape at 17th Street and Glenarm, with the ground-floor corner unit identified in source materials for the proposed CAST arts space outlined in yellow.

Denver is considering a proposed $14.7 million loan to help convert the University Building at 900–910 16th St. into 120 income-restricted homes above ground-floor commercial space.

University Building Lofts Owner, LLC, is leading the $73 million project. The Denver Department of Finance presentation lists additional financing from 4% low-income housing tax credits, historic tax credits and senior debt.

The units would be reserved for households earning 30% to 80% of the area median income under a proposed 40-year affordability covenant. Project materials anticipate completion in early 2028.

The proposed housing loan is separate from a proposed $1.35 million grant to the Community Arts Stabilization Trust, or CAST, for an arts space at Unit 100 of the Midland Condominiums at 444 17th St. CAST’s roughly $1.77 million project would include affordable art studios, a gallery, a micro-cinema and art storage, with completion anticipated in summer 2027.

Ordinance 26-1336 is the requested City Council action for the University Building funding agreement, while Ordinance 26-1335 concerns the CAST agreement. The materials do not establish that the council has adopted either agreement. Both proposals remain subject to appropriation and other closing conditions. The city would transfer funds held in trust to the Downtown Development Authority rather than become a party to the underlying loan or grant agreements.