DENVER — The historic Denver Dry Goods Company building, a downtown landmark since the late 1800s, is on its way to a new chapter as part of a $67 million redevelopment project aimed at addressing the growing need for affordable housing in the area.
Developed by Jonathan Rose Companies, the Denver Dry Building has evolved over the years from a popular department store to a mix of apartments, commercial space and offices. With goals set on revitalizing downtown Denver, the company is reimagining the space to create affordable living options and enhance the neighborhood's foot traffic.
Since the early 1990s, the building has served various purposes, including ground floor retail, two floors of office space and affordable apartment units.
The redevelopment will renovate 51 existing affordable units and introduce 55 new units, all income-restricted based on the area’s median income.
"This building has been part of our portfolio for a long time, since the early 1990s, and our real goal is to create housing for residents across the income spectrum," Hayley Jordahl, director of development at Perry Rose LLC — the firm partnered with Jonathan Rose Companies — said.
The project marks an opportunity to reactivate downtown Denver, especially in light of the challenges faced since 2020 when the city — like many others — experienced a decline in retail and office occupancy. The pandemic has left many storefronts vacant, prompting this plan to enhance the area by attracting more residents and potentially increasing foot traffic for local businesses.
"We’re hoping that our work of historic preservation, creation of new affordable housing, and greening of this building will contribute to the next steps for downtown Denver," Jordahl said.
As part of the renovation, developers plan to restore the building's historic exterior, focusing on its brickwork and windows. Renovations for the interior housing units will align existing units with upgrades seen in the newly constructed apartments, installing energy-efficient appliances and a modern heating system.
"The interior renovation will take about 13 months, with completion expected in early fall of next year," Jordahl stated.
Leasing information for the new apartments will become available by late summer 2026.
This redevelopment is part of a broader effort to create a thriving, diverse environment that meets the needs of those who work, live and visit the area.
