A 100-year-old apartment building that’s home to more than 100 older adults in Cap Hill will get a $30 million makeover and six more units.
The Olin Hotel Apartments at 1420 Logan St., built in 1917 as an extended stay hotel for affluent travelers, has been part of Denver’s affordable housing stock since the early 80s. All 107 (soon to be 112) studios and one-bedrooms are already income-restricted. Under the agreement, 78 will be reserved for households making $39,000 or less and 34 will be reserved for households making $19,500 or less.
The Denver City Council OK’d a city loan to help rehab, preserve and add units on Monday. The $1.5 million no-interest payment is a small portion of the total project cost, which will be paid for by seven public and private sector sources.
Jennifer Siegal, a housing development officer with Denver’s affordable housing division, called the move “a significant investment towards our long term affordable housing goals” during a committee meeting earlier this year.
Crews will build five new units on the Olin’s fifth floor, which has been inaccessible for years because it was never redeveloped when the building owners, Senior Housing Options, bought it in the late 70s.
The renovation will not displace anyone, but it will leave 10 vacant units unfilled while the building managers shuffle tenants around temporarily during construction, which is expected to start in January 2020 and last about a year. Man, you can spend $30 million fast!