DENVER (KDVR) A vacant hotel that Denver bought 18 months ago to house the unhoused, could be sold for $10.

The hotel was bought by the city 18 months ago for around $9 million.

The city began looking for new ownership of the former Stay Inn off Peoria Street near Interstate 70 in the fall of 2024. A buyer would pay the low fee and then be responsible for renovating the boarded-up building and converting it into supportive housing for people experiencing homelessness.

Supportive housing is intended for those who make up to 30% of the area’s median income, are already homeless or are facing homelessness.

Derek Woodbury, a spokesperson for the Denver Department of Housing Stability, said procurement is already in motion to select a development partner, and applicant review is currently underway. Then, that proposed developer agreement would go before the city council to be approved.

“We are hopeful that the procurement will result in a path forward for delivering supportive housing at the site,” Woodbury said in an email to FOX31.

According to the city’s request for proposals, the building will be sold as is. It also states that it would be sold with a covenant requiring it to operate as income-restricted housing for 99 years.

“Any resulting proposed purchase and sale agreement would go to Denver City Council for approval,” Woodbury wrote. “We are hopeful to bring such an agreement to Council later this year.”