A hotel in Denver, Colorado, valued at more than $ 9 million (RS 75 million rupees), is sold for only $ 10 (RS 875). But the only condition behind this extremely low price is that the buyer must accept to renew the entire building and turn it into a residence for homeless, according to Fox31.
In 2023, the city of Denver bought the former Stay Inn Motel for $ 9 million. Although the city made some minor repairs, the building remains largely intact. Its objective is to provide relief to the problem of the lack of housing in the city, which forces the new owner to make the motel “support housing.”
The single agreement has caught the headlines worldwide, attracting curious minds that wish to know who will assume the challenge of rehabilitating the motel and lending it to those who need this necessary assistance for the community.
Derek Woodbury, spokesman for the Denver Housing Stability Department, said the acquisitions are already in motion to select a development partner, and the applicant’s review is currently in progress. Then, that proposed developer agreement would go before the City Council to be approved.
“We hope that the acquisition will result in a way to the delivery of support housing on the site,” Woodbury said in an email to Fox31.
According to the city’s proposals, the building will be sold as it is. It also establishes that it would be sold with a pact that requires that it operates as income restricted by income for 99 years.
“Any resulting purchase and sale agreement would go to the Denver City Council for approval,” Woodbury wrote. “We hope to bring such agreement to the Council at the end of this year.”
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