S
hea Properties is transforming a vacant office building in one of Denver's most expensive neighborhoods into affordable housing. The project received $29 million in public funding to convert the four-story building at 4340 South Monaco Street in Southmoor Park into 143 apartments. The city council approved bonds for the conversion, which will offer units to households earning between 30 and 70 percent of the area median income.

    The building, previously occupied by Invesco, has been vacant since 2017. Plans include converting the space into studios, one-bedroom, three-bedroom, and four-bedroom apartments with amenities like a game room, fitness center, laundry, and storage. The parking lot and landscaping will remain unchanged.

    Shea secured $6 million in private activity bonds from Denver's Department of Housing Stability to support the project. Southmoor Park is Denver's priciest neighborhood, with median home prices reaching $2.1 million last year. Shea expects to break ground in February 2024 and complete the conversion by 2026.

    This office-to-home conversion marks Shea Properties' first such project. The company, founded in Portland, Oregon in 1881, owns over 11,000 apartment units and 6 million square feet of commercial space across California, Colorado, and Washington.