The University Building sits along the 16th Street Mall, on the corner of Champa Street. (BusinessDen file)
For George Thorn, the second time’s a charm.
The founder of Denver-based Mile High Development is working with Matt Joblon’s BMC Investments on an office-to-residential conversion of the 110,000-square-foot University Building along the 16th Street Mall.
On Wednesday, the project was awarded just over $5 million in tax credits from the Colorado Housing and Finance Authority, or CHFA.
Developers sell the tax credits to investors to raise equity for their projects. The equity reduces the amount of debt financing or other funding sources needed to make the project financially feasible, given the rent limits required under the programs.
“It’s very significant. That’s one of the things we were waiting for to move forward,” Thorn said of the award.
It’s his second time applying for the credits, after taking a first stab at it last year. Over the summer, the Downtown Development Authority awarded the project a $14.5 million loan.
“That made our application a lot stronger,” Thorn said.
Construction at 910 16th St. will begin by late next year or in early 2027, he said. The conversion will create 120 units with income restrictions ranging from 30% to 80% of the area median income.
The University Building is one of nine housing projects in the state awarded tax credits by CHFA. The agency dishes out the credits in two batches each year. In May, a dozen developments received tax credits.
All selected projects receive both federal and state tax credits. Some receive additional credits for being considered a “transit-oriented” development under a program Colorado created last year.
Here are the eight other projects:
1001 Lincoln St., Denver
Developer: Kentro Group and ComCap Ventures LLC
Address: 1001 Lincoln St.
Units: 118 (13 studios, 77 one-bedrooms, 23 two-bedrooms, 5 three-bedrooms)
Income restrictions: 13 at 30% Area Median Income, 42 at 50% AMI, 47 at 60% AMI, 16 at 70% AMI
4% credit awarded: $2.1 million
State credit awarded: $1.8 million
Transit-oriented (TOC) credit: $153,400
Other notes: The project will be built atop an existing parking garage.
1139 Delaware St., Denver
Developer: Sherman Associates Development LLC
Address: 1139 Delaware St.
Units: 80 (8 studios, 52 one-bedrooms, 12 two-bedrooms, 8 three-bedrooms)
Income restrictions: All units at 30% AMI
4% credit awarded: $1.6 million
State credit awarded: $1.8 million
Atwood Commons, Longmont
Developer: Brikwell
Address: 130 Third Ave.
Units: 72 (18 one-bedrooms, 54 two-bedrooms)
Income restrictions: 13 at 30% AMI, 25 at 50% AMI, 12 at 60% AMI, 12 at 70% AMI, 12 at 80% AMI
4% credit awarded: $1.4 million
State credit awarded: $1.7 million
Central Park Station Phase I, Denver
Developer: Ulysses Development Group
Address: 3801 N. Ulster Ave.
Units: 156 (76 one-bedrooms, 50 two-bedrooms, 27 three-bedrooms, 3 four-bedrooms)
Income restrictions: 17 at 30% AMI, 10 at 50% AMI, 88 at 60% AMI, 41 at 70% AMI
4% credit awarded: $3.2 million
State credit awarded: $1.8 million
TOC credit awarded: $200,000
Other notes: The development will include a 5,000-square-foot early childhood education center, providing on-site access to child care for residents. Land for the development, currently a parking lot for the Central Park rail stop, will be leased by the Regional Transportation District.
Cole Train, Denver
Developer: Medici Development LLC
Address: 1675 E. 35th Ave.
Units: 63 (8 studios, 29 one-bedrooms, 22 two-bedrooms, 4 three-bedrooms)
Income restrictions: 8 at 30% AMI, 9 at 40% AMI, 24 at 50% AMI, 22 at 60% AMI
4% credit awarded: $887,121
State credit awarded: $1.1 million
TOC: $81,900
Crossbar Commons, Aurora
Developer: Mercy Housing Mountain Plains
Address: 15961 E. Colfax Ave.
Units: 104 (51 one-bedrooms, 35 two-bedrooms, 15 three-bedrooms, 3 four-bedrooms)
Income restrictions: 6 at 30% AMI, 98 at 50% AMI
4% credit awarded: $2.1 million
State credit awarded: $1.8 million
TOC: $135,200
Other notes: The City of Aurora will lease the land at no cost and provide financial support for the development.
Sugar Commons, Sterling
Developer: Völker Housing Partners, LLC
Address: 777 N. Fourth St.
Units: 54 (18 one-bedrooms, 21 two-bedrooms, 15 three-bedrooms)
Income restrictions: 5 at 30% AMI, 11 at 50% AMI, 24 at 60% AMI, 14 at 70% AMI
4% credit awarded: $1.1 million
State credit awarded: $1.3 million
Other notes: The project is the first development supported with housing tax credits in Sterling in over 25 years.
Village on Eastbrook, Fort Collins
Developer: Housing Catalyst
Address: 3221 Eastbrook Drive
Units: 73 (44 one-bedrooms, 29 two-bedrooms)
Income restrictions: 7 at 30% AMI, 5 at 40% AMI, 21 at 50% AMI, 18 at 60% AMI, 10 at 70% AMI; 12 at 80% AMI
4% credit awarded: $1.3 million
State credit awarded: $1.8 million
Correction: An earlier version of this article incorrectly stated the details of the Longmont development.
The University Building sits along the 16th Street Mall, on the corner of Champa Street. (BusinessDen file)
For George Thorn, the second time’s a charm.
The founder of Denver-based Mile High Development is working with Matt Joblon’s BMC Investments on an office-to-residential conversion of the 110,000-square-foot University Building along the 16th Street Mall.
On Wednesday, the project was awarded just over $5 million in tax credits from the Colorado Housing and Finance Authority, or CHFA.
Developers sell the tax credits to investors to raise equity for their projects. The equity reduces the amount of debt financing or other funding sources needed to make the project financially feasible, given the rent limits required under the programs.
“It’s very significant. That’s one of the things we were waiting for to move forward,” Thorn said of the award.
It’s his second time applying for the credits, after taking a first stab at it last year. Over the summer, the Downtown Development Authority awarded the project a $14.5 million loan.
“That made our application a lot stronger,” Thorn said.
Construction at 910 16th St. will begin by late next year or in early 2027, he said. The conversion will create 120 units with income restrictions ranging from 30% to 80% of the area median income.
The University Building is one of nine housing projects in the state awarded tax credits by CHFA. The agency dishes out the credits in two batches each year. In May, a dozen developments received tax credits.
All selected projects receive both federal and state tax credits. Some receive additional credits for being considered a “transit-oriented” development under a program Colorado created last year.
Here are the eight other projects:
1001 Lincoln St., Denver
Developer: Kentro Group and ComCap Ventures LLC
Address: 1001 Lincoln St.
Units: 118 (13 studios, 77 one-bedrooms, 23 two-bedrooms, 5 three-bedrooms)
Income restrictions: 13 at 30% Area Median Income, 42 at 50% AMI, 47 at 60% AMI, 16 at 70% AMI
4% credit awarded: $2.1 million
State credit awarded: $1.8 million
Transit-oriented (TOC) credit: $153,400
Other notes: The project will be built atop an existing parking garage.
1139 Delaware St., Denver
Developer: Sherman Associates Development LLC
Address: 1139 Delaware St.
Units: 80 (8 studios, 52 one-bedrooms, 12 two-bedrooms, 8 three-bedrooms)
Income restrictions: All units at 30% AMI
4% credit awarded: $1.6 million
State credit awarded: $1.8 million
Atwood Commons, Longmont
Developer: Brikwell
Address: 130 Third Ave.
Units: 72 (18 one-bedrooms, 54 two-bedrooms)
Income restrictions: 13 at 30% AMI, 25 at 50% AMI, 12 at 60% AMI, 12 at 70% AMI, 12 at 80% AMI
4% credit awarded: $1.4 million
State credit awarded: $1.7 million
Central Park Station Phase I, Denver
Developer: Ulysses Development Group
Address: 3801 N. Ulster Ave.
Units: 156 (76 one-bedrooms, 50 two-bedrooms, 27 three-bedrooms, 3 four-bedrooms)
Income restrictions: 17 at 30% AMI, 10 at 50% AMI, 88 at 60% AMI, 41 at 70% AMI
4% credit awarded: $3.2 million
State credit awarded: $1.8 million
TOC credit awarded: $200,000
Other notes: The development will include a 5,000-square-foot early childhood education center, providing on-site access to child care for residents. Land for the development, currently a parking lot for the Central Park rail stop, will be leased by the Regional Transportation District.
Cole Train, Denver
Developer: Medici Development LLC
Address: 1675 E. 35th Ave.
Units: 63 (8 studios, 29 one-bedrooms, 22 two-bedrooms, 4 three-bedrooms)
Income restrictions: 8 at 30% AMI, 9 at 40% AMI, 24 at 50% AMI, 22 at 60% AMI
4% credit awarded: $887,121
State credit awarded: $1.1 million
TOC: $81,900
Crossbar Commons, Aurora
Developer: Mercy Housing Mountain Plains
Address: 15961 E. Colfax Ave.
Units: 104 (51 one-bedrooms, 35 two-bedrooms, 15 three-bedrooms, 3 four-bedrooms)
Income restrictions: 6 at 30% AMI, 98 at 50% AMI
4% credit awarded: $2.1 million
State credit awarded: $1.8 million
TOC: $135,200
Other notes: The City of Aurora will lease the land at no cost and provide financial support for the development.
Sugar Commons, Sterling
Developer: Völker Housing Partners, LLC
Address: 777 N. Fourth St.
Units: 54 (18 one-bedrooms, 21 two-bedrooms, 15 three-bedrooms)
Income restrictions: 5 at 30% AMI, 11 at 50% AMI, 24 at 60% AMI, 14 at 70% AMI
4% credit awarded: $1.1 million
State credit awarded: $1.3 million
Other notes: The project is the first development supported with housing tax credits in Sterling in over 25 years.
Village on Eastbrook, Fort Collins
Developer: Housing Catalyst
Address: 3221 Eastbrook Drive
Units: 73 (44 one-bedrooms, 29 two-bedrooms)
Income restrictions: 7 at 30% AMI, 5 at 40% AMI, 21 at 50% AMI, 18 at 60% AMI, 10 at 70% AMI; 12 at 80% AMI
4% credit awarded: $1.3 million
State credit awarded: $1.8 million
Correction: An earlier version of this article incorrectly stated the details of the Longmont development.
