The Denver Housing Authority has closed on the purchase of a northeast Denver hotel that the city plans to lease for use as a homeless shelter.
The organization’s $25.95 million purchase of the 194-unit former Best Western at 4595 Quebec St., which it announced in late July, closed on Wednesday, records show.
The city said in a news release last month that it would lease the property from the Denver Housing Authority and contract with an organization to operate as a non-congregate shelter with supportive services. In a few years, the property will be converted to supportive housing; more than half the units already have kitchenettes.
Mayor Mike Johnston touted the deal last month as a critical part of his effort to house 1,000 homeless individuals by the end of the year. “This acquisition is the first key piece of that puzzle and puts us on a solid path to achieving our goal, connecting our unhoused neighbors to housing and low-barrier shelter, and improving quality of life in neighborhoods across our city,” Johnston said in a statement.
The city said the purchase was made with approximately $11 million in DHA Delivers for Denver bond funds and a bridge loan of $16 million through Northern Trust. The city intends to pay off the bridge loan using federal funds made available through the American Rescue Plan Act.
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