This hotel is on the market for $10 with one catch: The buyer must convert into affordable housing
A former Stay Inn Hotel in Denver, Colorado has sat vacant for approximately 18 months after the city first purchased it for $9 million.
But now, it’s back on the market for the low, low price of just $10.
The city purchased the property in 2023 and planned to use it as a shelter for people experiencing homelessness. But over the years, the boarded-up 96-unit hotel has sat untouched.
Photo via Google Maps“That building has been there for so long,” Amy Beck, with homeless advocacy group Together Denver, told Denver7.
According to Denver’s Department of Housing Stability, a “necessary environmental review process which took longer than anticipated” led to the delays.
So, to get things moving, the shocking price tag has been set at $10. Of course, there are conditions.
The building will be sold-as is, meaning the buyer would be responsible for renovating the building and transforming it into “supportive housing” for homeless Denverites.
And the deal comes with a covenant that requires a 99-year commitment to providing income-restricted housing on the property.
The city estimates renovations and maintenance will cost a minimum of $5 million, so the initial sticker price is intended to help offset the expected costs, according to Denver7.
Shuttered hotels and motels are an emerging solution to the mounting homelessness crisis across the country, providing both interim and permanent housing for those who are unsheltered.
As of 2023, the city of Denver had bought or leased four hotels intended for this purpose.
But progress has wavered, especially at the Stay Inn location.
Housing advocates hope this $10 listing will finally rebuild some momentum.
According to FOX31, the procurement of the building is already in motion, as the city reportedly already has interested parties willing to take on the mantle.
“We are hopeful that the procurement will result in a path forward for delivering supportive housing at the site,” Derek Woodbury, a spokesperson for the city’s Department of Housing Stability, told FOX31.
After reviewing applicants, the city council will have the final say on the developer selected for the project. The hope is to have a buyer selected by the council later this year.
For Beck, and all of the other advocates working to get homeless people in safe, stable housing, time is of the essence.
“Please, just get it up and running because we have so many families that could fill that building right now that are living on the street, in their cars,” Beck told Denver7.
“We need that space immediately.”
Header image via Google Maps