Denver committee advances $14.7 million financing for 120 affordable homes in downtown office conversion
The 7-0 vote advances the funding agreement, but final City Council approval and closing conditions remain.
A Denver City Council committee voted 7-0 Tuesday to advance financing for converting the University Building at 16th and Champa into 120 affordable homes, with an expected early 2028 delivery.
The Governance and Intergovernmental Relations Committee approved the agreement for filing. It is not final City Council approval. The agreement would authorize the city to transfer up to $14.7 million in Denver Downtown Development Authority loan proceeds to the authority, which would then make a separate project loan to University Building Lofts Owner, LLC.
The project is estimated to cost $73 million. It would convert office space on floors two through 12 into housing while retaining commercial space on the ground floor. The 120 units would be reserved for households earning 30% to 80% of the area median income under a 40-year affordability covenant. The proposed mix includes 57 studios, 52 one-bedroom apartments and 11 two-bedroom apartments.
Other listed funding sources include 4% low-income housing tax credits, historic tax credits and senior debt. The project presentation says the financing would be serviced by a bank and that disbursements would depend on evidence that contractual obligations had been fulfilled.
The authority’s underlying borrowing would be repaid solely from tax-increment-financing revenue generated within its boundaries. The financing package still requires property inclusion in the Downtown Development Authority, city appropriation, acquisition and other closing conditions. The Legistar record for Ordinance 26-1336 records the committee action as “approved for filing.”
The project was previously described in a 2025 Downtown Development Authority resolution, which requested roughly $14.6 million in project funding. Tuesday’s action advances the city-to-authority funding mechanism and provides updated details on the project’s financing, affordability requirements and expected delivery date.