A Denver-based developer is seeking to transform a former department store into 55 new affordable housing units. According to the Denver Business Journal, Chuck Perry has submitted a proposal to the city for the renovation of 75,000 square feet of office space in the historic Denver Dry Goods Building.
The success of this project hinges on approval from the Colorado Housing and Finance Authority (CHFA) for 4% low-income housing tax credits. These credits will play a crucial role in making this development possible. The proposed units will be designated for individuals or families earning between 30% and 80% of the area median income.
The CHFA is expected to announce its decision later this year, with an estimated cost exceeding $50 million. Currently, there are already existing affordable housing units within the building as well as market-rate condominiums. In addition to creating new units, Perry plans on improving these existing affordable options.
This exciting project presents an opportunity for much-needed affordable housing in downtown Denver without compromising quality or location.
