The Denver Downtown Development Authority (DDA) has announced that the Petroleum Building was awarded a loan commitment to assist with funding the conversion of the vintage 1950s office building into residential apartments. This adaptive reuse project will help provide critical housing in downtown Denver through the creation of 178 market-rate rental apartments with studio, one, two, and three-bedroom options.
Located at the corner of 16th Street and Broadway, the Petroleum Building is a 200,000-square-foot, 14-story office building that has seen an increase in vacancies following the pandemic, along with a number of other buildings downtown. The conversion is being led by developer Tim Borst on behalf of the ownership group, which includes Borst & Company and DellaCava Holdings, who purchased the building in 2005. The owners engaged the architecture firm Gensler and PCL Construction, who bring a depth of expertise in office-to-residential conversions to help navigate the challenges of design, engineering, and constructability for this type of project.
“Converting underutilized office buildings in upper downtown is a critical component of revitalizing the heart of Denver,” said Tim Borst, president of Borst & Company. “With the help of DDA funding, state and federal historic tax credits, and our own investment, as well as strong support from the mayor’s office, we are thrilled to bring this mid-century modern icon back to life.”
The office-to-residential conversion of the Petroleum Building will contribute to the renewal of downtown Denver, providing signature amenity spaces like a penthouse dog park and lounge, workspaces, and on-site electric car sharing. The building sits half a block from Civic Center Park, which is slated for a major upgrade, and is walkable to downtown attractions such as museums and restaurants.
“We are excited to be part of reimagining a storied piece of Denver’s architectural heritage,” said Jon Gambrill, co-managing director of Gensler’s Denver office. “The design will celebrate Denver’s rich history, breathe new life into the building through its conversion to residential units, and energize this part of our urban core. The historic façade of the Petroleum Building will be restored close to its original form as a gateway into 16th Street, contributing to the revitalization of the district.”
The DDA funding is subject to final approval by the Denver City Council. The project is finalizing federal historic tax credits and has already secured a commitment for state historic tax credits. It is in the final stages of permitting and expects to break ground in late spring 2026 with completion in the summer of 2027.
“Denver is turning an important corner, and this project is a culmination of a huge amount of effort on the part of everyone who cares about Denver,” said Borst. “That effort is translating into momentum that will help reshape the city, and we are thrilled to be a catalyst for creating a safe, vibrant, and thriving downtown.”
Boulder-based Borst & Company has been a leader in urban redevelopment for more than 30 years. With numerous awards for design excellence, Borst and Company specializes in mixed use, urban infill and new urbanism projects focused on premier locations, timeless design and intelligent use of materials.
