Ribbon Cutting Takes Place For New Loretto Heights Affordable Housing Project In Denver

(CBS4) - Denver is celebrating a major milestone; more than 70 new affordable housing units are opening in a former dormitory on the Loretto Heights campus. The Pancratia Hall Lofts building in southwest Denver is full of intricate designs and is listed on the National Register of Historic Places.

This week's opening is only the first phase of the project. Some of the units are spoken for, and the Denver Housing Authority is now going through a very detailed qualification process for the remaining applicants.

The renovated 1930s building offers newer technology like FOB key access, car charging stations and updated appliances. It also has accents from the past like old wood cabinets and stained glass.

The units have different income ranges to qualify and half of the apartments will have multiple bedrooms -- up to 4 beds -- for larger families.

Jim Hartman co-owner of Hartman Ely Investments, described it as a "huge" development.

"Affordable housing of any kind is really, really a deep need in any community, and Denver especially," Hartman said. "But affordable housing that is unique, nicely-designed apartments that are large enough for a family with two, three and four kids -- that's almost unheard of."

There's an open house scheduled after the ribbon cutting Thursday afternoon so people can check out the housing.

The Loretto Heights property dates back 130 years when it was purchased by the Sisters of Loretto in 1888. It served as the Loretto Heights Academy, a Catholic boarding school for girls. One hundred years later, it was sold to Teikyo University and then to an investment group.