A once-vacant Denver Tech Center office building is now welcoming its first residents as a 143-unit affordable apartment community. The transformation gives a new purpose to a property built for conference calls, cubicles and corporate life — not kitchens, kids’ rooms and four-bedroom homes.
Lofts on Monaco opened in the middle of June and is the first Denver office-to-residential conversion completed since 2023, according to The Denver Post. Shea Properties converted the former office building into apartments ranging from studios to four-bedroom units, and the project was about 25% leased as of the publication’s report.
The financing was almost as complicated as the construction. Denver’s finance documents show the project was structured around as much as $29 million in multifamily housing revenue bonds, alongside private equity and federal and state tax credits…