FOX31 reports that a Denver, Colorado, hotel valued over $9 million (Rs 75 crore) is being offered for just $10 (Rs 875) but with one major stipulation: the purchaser must agree to restore the property and repurpose it into homeless housing.
The former Stay Inn motel was bought by Denver for $9 million in 2023. Even if some small fixes were made, the construction is mostly untouched and the city intends to turn it into “supportive housing” to help solve the homelessness problem of the city.
Many around the world are excited to discover who will accept the task of renovating the motel and offering a necessary service to the society, hence this excellent offer has caught global attention. With an applicant review now ongoing, Derek Woodbury, a Denver Department of Housing Stability representative, verified that the selection of a development partner is in progress. The intended pact will be submitted to the city council for their endorsement once bargaining is finished.
Woodbury said in an email to FOX31, “We are optimistic the procurement would provide a way forward for supplying supportive housing at the site.” The building will be sold as is per the request for proposals from the city, and the transaction will have a covenant compelling it to serve as income-restricted housing for the next 99 years.
Woodbury went on, “Any resulting suggested purchase and sales agreement would have to be accepted by Denver City Council.” Hopefuliy later this year we will present Council such an agreement.