Approving $5.5M Loan for Adaptive Reuse of Denver Dry Goods Building into 106 Affordable Units

• When: 2025/06/02
• Address: 700 16th St, Denver, CO 80202
• City: Denver
• State: CO
• Category: Economic Development Incentives
• Subcategory: Loan
• Asset Class: Multifamily
• Property Type: Affordable Housing
• Size (Units): 106 Units
• Size (Dollars): $5,500,000

Denver City Council approved a $5.5 million loan agreement with Denver Dry Goods Preservation, LLC to rehabilitate and adaptively reuse the historic Denver Dry Goods building at 700 16th Street into 106 income-restricted affordable rental units. The 504-month loan will finance renovation of 51 existing units and conversion of three floors of vacant commercial space for households earning between 30% and 80% of area median income. The project, led by developer Perry Rose LLC, will deliver a mix of studios, one- and two-bedroom units with long-term affordability secured by a 60-year covenant. Located adjacent to the 16th Street Mall and light rail, the development enhances transit-oriented housing in Council District 10, leveraging underused commercial stock.

Source