The Denver Downtown Development Authority has approved a low-interest loan of $14 million to convert the historic Petroleum Building from office to residential space as the city works to revitalize downtown Denver.
The DDDA board announced Wednesday that it approved funding for conversion of the building at 110 16th St. Plans call for turning 12 floors of vacant office space into 178 new residential units ranging from studios to three-bedroom units.
The project is the 13th approved by the DDDA since applications for funding opened in March. The authority is a voter-approved taxing district that allows the city to use a portion of tax revenue generated downtown for projects in the area.
City officials, business and civic leaders hope to re-energize the downtown, which has struggled to rebound since the COVID-19 pandemic shut down offices and diminished foot traffic for restaurants and other businesses. Office vacancies have remained stubbornly high.
“A vibrant downtown is one that people call home,” Mayor Mike Johnston said in a statement. “If we want our downtown to thrive, we need to think of it not as a place where people go to work, but where they come to live, raise their children, and make memories.”
Converting underused buildings downtown is critical to revitalizing the heart of downtown Denver, said Tim Borst, president of Borst & Co. and co-owner of the Petroleum Building.
“With the help of DDDA funding, state and federal historic tax credits, and our own investment, as well as strong support from the Mayor’s Office, we are thrilled to bring this mid-century modern icon back to life,” Borst said in a statement.
The DDDA funding is expected to cover approximately 20% of the project’s total costs. The loan has a 10-year repayment term. The redevelopment will include a yoga/fitness center, gardening spaces and a penthouse dog park and lounge.
A site development plan for the Petroleum Building has been approved. The city is finalizing building permits. Construction is expected to start by mid-2026.
Related Posts:
- Real estate investors collect downtown Palo Alto office buildings News PALO ALTO — Local real estate investors have displayed an appetite for downtown Palo Alto properties with the purchase of an office building across the street from other office sites they already own. Semin Valani, a South Bay business executive, led the buying group that acquired the one-story building at…
- Real estate investors collect downtown Palo Alto office buildings News PALO ALTO — Local real estate investors have displayed an appetite for downtown Palo Alto properties with the purchase of an office building across the street from other office sites they already own. Semin Valani, a South Bay business executive, led the buying group that acquired the one-story building at…
- In RTD experiment, temporary ‘Holiday Train’ will run from I-25 through downtown Denver to Five Points News Regional Transportation District officials soon will launch temporary light rail service linking RTD’s I-25/Broadway station with 30th/Downing in Five Points through the central downtown corridor, with trains running every 15 minutes. The service, running from Nov. 28 through Jan. 3, will mark a resumption of the downtown and Welton Street…
- The real Trump proposals are as ridiculous as the fake 15-year car loan News I was duped into thinking President Donald Trump was considering advocating for 15-year car loans, but when put into context it’s hard to blame me. A fake image of a White House statement circulated social media last week saying that Trump had tasked Transportation Secretary Sean Duffy and Commerce Secretary…
- More housing on the California coast? Changes at this powerful agency signal a pro-building shift News Bone-colored bluffs and jagged cliffs line the Monterey shoreline where chalky sand meets redwoods. Its rugged coastline, including beloved destinations such as Big Sur, is well-known California iconography protected by the California Coastal Act for nearly 50 years. In a push to address the state’s gripping housing crisis, the California…
(Visited 1 times, 1 visits today)