DDA Approves Funding for Office-to-Residential Conversion

[City and County of Denver]

178 Residences Planned for Historic Petroleum Building

DDA Approves Funding for 178 New Residences Downtown in Former Office Building The DDA today announced that it has approved funding for its 13th project downtown since applications for DDA funding first opened in March 2025. The DDA Board of Directors unanimously approved an office-to-residential conversion of the historic Petroleum Building located at 110 16th St. in downtown Denver. This adaptive reuse project, being undertaken by the building’s long-time owners, will turn 12 floors of vacant office space into 178 new residential units. The remodeled building will include many residential amenities, including a yoga/fitness center, gardening spaces, and a penthouse dog park and lounge, and will offer a range of unit sizes, from studios to three bedrooms. The DDDA approved a low-interest loan of $14 million, which is expected to cover approximately 20% of the project’s total costs. The DDDA loan has a ten-year repayment term. The project will also include funding from historic tax credits. The Petroleum Building’s office-to-residential conversion already has an approved Site Development Plan (SDP) on file with the City and County of Denver and is currently finalizing building permits. Construction is expected to start by mid-2026. Read the Full Press Release About the Downtown Development Authority (DDA) The DDA currently has a five-member Board of Directors, which is authorized by state statute. The DDA supports catalytic investments that help spur economic growth and revitalization in the heart of our city. It was first established in 2008 to help fund public transportation improvements at Union Station. Delivering on the promise of building a vibrant downtown, the city is working to update and expand the DDA to accelerate economic growth and create a family friendly, thriving, and diversified downtown. Visit denvergov.org/DDA to learn more. About the Downtown Area Plan Denver’s Downtown Area Plan, last updated in 2007, is a tool to help community leaders, decision makers, and citizens build upon downtown’s assets and guide future development to reflect the community’s vision of a livable, healthy, sustainable and vibrant downtown. The City and County of Denver and the Downtown Denver Partnership launched the Downtown Area Plan in the summer/fall 2024. Visit denvergov.org/downtownareaplan to learn more. Questions or Comments? Contact Us Share This Email Share This Email Share This Email

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