The first phase of Westside Investment Partners’ master plan that will transform the historic Loretto Heights campus into a vibrant new community, is now underway. The historic Pancratia Hall, located at 3001 S. Federal Blvd, will be converted into 72 units of affordable housing to be known as Pancratia Hall Lofts.
The project is being developed through the partnership of Hartman Ely Investments, Proximity Green, PNC Real Estate and the Denver Housing Authority—collectively Pancratia Hall Partners—and is the culmination of over two years of efforts by the team to create the restoration concept, assemble the entitlements and secure financing for this complex project. The general contractor is Denver-based I-KOTA and the architect of record is William Brummett Architects.
“Denver is proud to be a partner on this affordable housing project and historic restoration, one that aims to house families in our community and keep them housed,” said Mayor Hancock. “We are thrilled to be working with our partners to ensure these units are kept affordable for Denver families for decades to come.”
The majority of the 72 units will be large apartments for families, including two 4-bedroom and fifteen 3-bedroom units. Unique layouts will create a 3-bedroom apartment in the prior chapel with a restored, vaulted wood ceiling as well as 2-story apartments with basketball hoops and spiral stairs in the converted gym.
The City and County of Denver, through the Department of Housing Stability, provided a $3.3 million cash flow loan toward the restoration. Additional financing includes 4 percent Federal low-income housing tax credits (LIHTCs), Private Activity Bonds, Federal and State historic tax credits, loans from Colorado Housing and Finance Authority, Colorado Division of Housing, Denver’s Department of Housing Stability, ANB Bank, Westside Investment Partners, Denver Housing Authority and a State historic tax credit investment by Commerce Bank.
To help fight climate change, Pancratia Hall Lofts will also have several unique sustainability features. It will be an all-electric building, with improved indoor air quality from no burning of fossil fuels on-site for space heating or water heating. All apartments will have large operable windows for natural ventilation and LED lighting for energy efficiency. Free electric vehicle chargers will provide an additional level of affordability for residents. Site irrigation systems will use treated water from Loretto’s agricultural ditch system, rather than City water.
“We are honored that Pancratia Hall Lofts is the first phase of Westside Investment Partners’ master plan that will transform the historic Loretto Heights campus into a vibrant new community. This redevelopment will respect the historic character of Pancratia Hall and create truly special affordable apartments for the citizens of Denver. We applaud our entire public/private partnership team for their commitment to overcome many obstacles and bring us to this important day.” said Jim Hartman, co-owner of HEI.
“The people of southwest Denver and the larger Loretto community have a strong emotional attachment to this campus, not only to the iconic architectural significance of the site, but more importantly to the spirit of Loretto and the thousands of lives that were shaped here,” said City Councilman Kevin Flynn. “The transformation of Pancratia Hall into housing for the hard-working families of southwest Denver perfectly embodies that spirit and gives permanence to Mother Pancratia’s vision for this prominent hilltop.”
A total of 1,659 affordable units that have received city financing are currently under construction at 22 sites throughout Denver. An additional 1,055 income-restricted units are in the planning stage.
Photo courtesy of Denver Community Planning & Development
