Loretto Heights was originally established in 1891 as a school for women. The historic Administration Building at the heart of the Loretto Heights Campus in southwest Denver could become rent-to-own housing under a new plan. The Denver Business Journal reports the goal of the Loretto Heights project is to help families build generational wealth by building equity through renting, then eventually purchasing their units.
Nonprofit Commun aims to turn the top floors of the orange brick building into about 50 apartments ranging from one to five bedrooms. The group anticipates that renovating the Administration Building and building the parking garage will cost $70 million to $100 million.
They’ll activate the first two floors for community programming, including a business incubator, and outfitting the rest as affordable housing. A historic chapel that is part of the building will remain as a wedding and event venue.
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