DENVER (CBS4) – After abruptly closing in late 2018, a developer has big plans for the old Art Institute building at 1200 Lincoln Street. The Nichols Partnership has purchased the building and plans on converting it into roughly 130 micro-units.
“It’s just a way to really economically use space. We had to rethink all of the things you’re doing on the interior,” said Randy Nichols.READ MORE: Mom Fights With Insurance Company To Get Disabled Daughter Wheelchair
The units will range from 300 to 425 square feet. This isn’t the first time the Nichols Partnership has taken on a project like this. The company is responsible for turning the old hotel next to Mile High Stadium into micro-units, now called Turntable Studios.
Nichols says micro-units are the perfect option for someone who wants to live in the city, but can’t afford traditional apartment complexes.READ MORE: MSU Denver Offers COVID Vaccine Incentive With Scholarship Drawing
“We shoot for several hundred dollars below the cheapest conventional apartment. So if a studio apartment in a bigger building is $1500-$1700, we want to be at $1100-$1200,” Nichols told CBS4’s Dominic Garcia.
The company is currently in the design phase of the project, and the renovation should take a year and a half to complete.MORE NEWS: COVID Vaccine: Denver Moves Focus From Quantity To Localized, Targeted Population
“It’s a way to make an affordable place to stay for people who are priced out of this very expensive apartment market,” he told CBS4’s Dominic Garcia.