S
hea Properties has secured over $4 million in federal tax credits to transform a vacant office building into 143 affordable homes in upscale Southmoor Park, southeast Denver. The Aliso Viejo-based developer plans to convert the four-story building at 4340 South Monaco Street into apartments for households earning between 30 and 70 percent of the area median income.

    This project could be the first office-to-home conversion in greater Denver since the pandemic and marks Shea's first such endeavor. The company secured tax credits from the Colorado Housing and Finance Authority, which selected the project among 10 affordable housing developments in the state. A Shea executive attributed this selection to the unique nature of the project.

    Shea purchased the 13-acre property this spring for an undisclosed price and expects to close on the purchase by March, pending a building permit. The conversion is expected to be completed in 2026. The building will feature 23 studios, 89 one-bedroom, three three-bedroom, and three four-bedroom apartments, along with amenities like a game room, fitness center, laundry, and storage.

    The project has also secured $6 million from private activity bonds allocated by Denver's Department of Housing Stability. Southmoor Park is Denver's priciest neighborhood, with a typical home price last year of $2.1 million. Shea Properties owns over 11,000 apartment units and 6 million square feet of office, industrial, and retail space across California, Colorado, and Washington.