A remarkable property in Denver, Colorado, appraised at over $9 million (Rs 75 crore), is available for just $10. However, the new owner must undertake a full renovation to convert the building into supportive housing for the homeless.
As reported by FOX31, Denver acquired the former Stay Inn motel for $9 million in 2023. Despite minor repairs by the city, the building has remained largely undeveloped. The city’s initiative aims to alleviate its homelessness crisis by mandating the new owner convert the motel into “supportive housing.”
This unique sale has captured global attention, sparking interest in who will take on the challenge of rehabilitating the motel and dedicating it to community support.
Derek Woodbury, spokesperson for the Denver Department of Housing Stability, stated that we are in the process of selecting a development partner. Currently, we are assessing applicants.
“We are hopeful that this procurement process will provide a viable solution for converting the site into supportive housing,” Woodbury commented in his communication with FOX31.
Per the city’s request for proposals, the building is being sold ‘as is’ and includes a stipulation that it must serve as income-restricted housing for 99 years.
“Any agreement resulting from this proposal will need Denver City Council’s approval,” Woodbury added. “We are optimistic about presenting such an agreement to the council later this year.”
This strategy addresses the immediate need for housing solutions and promotes a sustainable approach to urban development and social responsibility.
