Shea Properties plans to convert a DTC office building to affordable housing

BY FREDA MIKLIN
GOVERNMENTAL REPORTER

Shea Properties is a nationwide builder of commercial, mixed-use, and residential property ranging from single-family homes to multifamily development. In Colorado, they began with the acquisition of 22,000 acres in Highlands Ranch in 1997 and have since developed approximately seven million square feet of commercial space and over 3,000 apartments. In Arizona, Nevada California, Florida, and four other states, Shea is well known for their 55-and-over communities with countless amenities.

4340 S. Monaco Street, with next-door Tangent Apartments on the left side of the photo. Photo by Freda Miklin

Business Den reports that Shea has taken steps to purchase and convert a four-story, 124,000-square-foot office building in the Denver Tech Center to 143 income-restricted apartments, ranging in size from studios to four-bedroom units that would rent “from 30% to 70% of area median income.” The building, located at 4340 S. Monaco Street, was built in 2001 and has been empty for at least five years. It is next door to the 140-unit Tangent Apartments, built by Shea Properties in 2019.

Shea Executive Vice-President Peter Culshaw explained, “What we’re trying to do here is create an environment where there is affordable housing in proximity to where folks work,” which he pointed out is lacking in the DTC area.

Front view of Tangent Apartments at 4300 S. Monaco Street.

To make it economically feasible, Shea will need public funding and tax breaks from state and local government, which they are currently working to get into place. 

This project would complement Shea’s other developments in the area, including the former Marina Square shopping plaza at 8101 E. Belleview Avenue.  adjacent to Shea’s Colorado headquarters. That property was recently razed to begin construction of a mixed-use development at the location that will include 40,000 square feet of retail, 450 apartments, and an office building. 

Said Culshaw, “Over the last 20 to 30 years, we’ve actually made a conscious effort to introduce more residential housing into the Denver Tech Center… I’m really excited to see if we can pull (this) off.”

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